Designer or name-brand prescription drugs can be a significant expense for many consumers, yet some hesitate to switch to generic drugs due to common misconceptions and beliefs. To clear up any confusion, we turned to the U.S. Food and Drug Administration (FDA).
Myth #1: Generic prescription drugs aren’t as effective as brand-name or designer drugs.
Fact: The FDA uses a rigorous approval process to greenlight all generic drugs before they are put on the market. Generic medicines must have the same dosage, safety, effectiveness, strength, stability and quality as their name-brand counterparts. The generic also must be administered in the same way.
Myth #2: I won’t save much by buying a generic drug over a brand-name drug anyway, so why bother?
Fact: The savings can be significant. For example, if there’s one generic drug to compete with the designer drug, the price for the generic can be as much as 30% lower.
If the competition bumps up to include five generics, for instance, the price can drop by nearly 85%.
The reason for the huge price drop for generics is that the up-front research on the drug has already been done. Safety and effectiveness of the drug has already been proven.
Myth #3: The generic drug doesn’t look the same as the brand-name drug, so it must not work the same way.
Fact: Generics and designer drugs might have a different look based on the manufacturer using different inactive ingredients, such as coloring, flavoring and preservatives.
Those ingredients might change the size, color and shape of the drug, but they will not impact the active ingredients. The drug’s effectiveness and the way it interacts with your body do not change.
Myth #4: Brand-name drugs are made in modern, high-quality facilities; generic drugs are not.
Fact: The FDA does not allow drugs to be manufactured in substandard plants. The organization conducts the same inspections and has the same standards for all locations where drugs are made.
Myth #5: Generic drugs have more adverse effects than designer drugs.
Fact: No drug goes to market without the approval of the FDA, which monitors the drug for any harmful reactions. The same adverse effects are found in generic drugs as its name-brand predecessor.
Consult a physician before taking any medication, whether generic or brand-name.
The experienced team at RCM&D can help you find the right Pharmacy Benefit Manager to suit the needs of your employees, while also working with you to determine how to save money on prescription drugs.