Generic Drugs
Wouldn’t you love to cut back on your medical expenses in 2008? Purchasing generic drugs is a sure step in the right direction. By definition of the US Food and Drug Administration, a generic drug is a copy that is the same as a brand-name drug in dosage, safety, strength, how it is taken, quality, performance, and intended use. So why are generic drugs less expensive?
It has been estimated that when a company develops a new drug, it may cost up to $800 million dollars before the product reaches your medicine cabinet. Research, development, marketing, and promotion of the drug all factor into this enormous cost. That is quite an investment! A patent protects this investment by granting the company the sole right to sell the drug for as long as the patent remains in effect, which is typically 20 years from submission.
When a patent on a brand-name drug expires, other companies can introduce competitive generic versions of the drug. These generic drugs are only released to the market after thorough testing by the manufacturer and FDA approval. So while the end product is the same as the original brand-name drug, the new manufacturer is able to sell the generic version for less because they don’t have to invest as much money into research and development.
What Steps Can You Take?
Regarding brand-name prescription drugs, ask your doctor to recommend a generic alternative if one is available. Wal-Mart offers a $4 30-day prescription-drug program primarily featuring generic drugs. You can even get a 90-day supply of generic prescription drugs for only $10. In the first year of their program, Wal-Mart has reported saving costumers over $610 million in medical costs.
While you may be comfortable with your current prescription, generic drugs are just as safe and effective as brand names and are generally one-half to one-third of the price. And since Highmark members never have to pay more than full-price for their medication, you can present your card at Wal-Mart or other pharmacies and take advantage of the lower costs of their generic drugs. All generic drugs are first-tier, which means they cost less at retail stores and offer the lowest co-pay through your mail-order program. So don’t spend more on medical expenses in 2008 than you have to! Talk with your doctor about generic drugs.
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