Cost for Generic Drugs
Many people hear about generic drugs, but don't know what they do, or if their quality is comparable to a brand-name medication. The Food and Drug Administration, which handles drug quality in the United States, has strict rules regulating these cheaper drug options.
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Benefits
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Generic drugs usually cost less than their brand-name counterparts due lack of overhead from marketing and promotion.
Average Savings from Generic Drugs
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The Food and Drug Administration estimates that drug costs per day can fall by 14 to 16 percent if patients use generics instead of branded drugs, depending on their medical needs. Patients with needs can be fully satisfied with generics could enjoy reductions of 52 percent in the daily costs of their medications.
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Quality and Cost
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FDA standards dictate that generics must be made with the same quality ingredients as brand-name drugs. Generics are produced with comparable quality control, as well.
Patents and Cost
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As a brand-name drug reaches patent expiration, companies apply to produce a generic version for less. The patent being on the market introduces competition between makers, which makes things very cheap for consumers in the end.
Generic Drugs and Pharmacies
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Many pharmacies offer discount programs for generic prescriptions that charge consumers around $4 a bottle for a 30-day supply. Some of these programs, however, require a nominal yearly membership.
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Resources
- Photo Credit 2008 newtype2011 / Creative Commons
