Facts About Generic Drugs
Generic Drugs: What Seniors Should Know
Today, there are a great number of medications available to ease the conditions that ail us. This fact is particularly fortunate for seniors, because four out of five older adults live with one or more chronic conditions. In fact, older adults comprise 13 percent of the population, but account for 34 percent of all prescription medicine use and 30 percent of all over-the-counter (OTC) drug use.
However, purchasing medications can be expensive and many seniors take multiple medicines at the same time. A recent survey of 17,000 Medicare beneficiaries found that two out of five patients reported taking five or more prescription medicines. That can add up. Fortunately, we have choices when purchasing medications. We can purchase the brand name version of the medication or we can purchase a generic version, which can be much less expensive, than the brand name (not to mention the co-pay can often be less expensive too). That said, it’s no wonder that almost 80% of prescription drug sales are generics. But what’s the difference between brand name and generic? The U.S. Food and Drug Administration (FDA) offers the following facts.
Facts About generic Drugs
· Generic drugs are required to have the same active ingredient, strength, dosage form, and route of administration as the brand name product. Generic drugs do not need to contain the same inactive ingredients as the brand name product.
· All generic manufacturing, packaging, and testing sites must pass the same quality standards as those of brand name drugs, and the generic products must meet the same exacting specifications as any brand name product. In fact, many generic drugs are made in the same manufacturing plants as brand name drug products.
· Research shows that generics work just as well as brand name drugs.
· When it comes to price, there is a big difference between generic and brand name drugs.
On average, the cost of a generic drug is 80 to 85 percent lower than the brand name product.
· Cheaper does not mean lower quality. Generic manufacturers are able to sell their products for lower prices because they are not required to repeat the costly clinical trials of new drugs and generally do not pay for costly advertising, marketing, and promotion. In addition, multiple generic companies are often approved to market a single product; this creates competition in the market place, often resulting in lower prices.
· The monitoring of adverse events for all drug products, including generic drugs, is one aspect of the overall FDA effort to evaluate the safety of drugs after approval. Many times, reports of adverse events describe a known reaction to the active drug ingredient.
So, when it comes to choosing your medications for purchase, it’s good to know the facts about generic drugs versus brand name drugs. Ultimately, the generics can save you 30% to 80% in cost, they’re made to be just as safe as brand name, and they can work just as well.
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BLOG Date: Tuesday, July 21, 2015
Writer: Ryan Allen