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Friday, June 7, 2013
The day before I left for college after winter break, I stopped at Rite Aid to pick up a prescription that I had just been issued. I pulled up to the drive through window and gave the pharmacist my name and date of birth. The pharmacist then said the worst thing a young college student wants to hear, “Your total comes to $400; your insurance covered the rest.” That was more than I had in my bank account! I eventually researched a generic drug that only cost me $17. It worked exactly the same and was so much more affordable for my tight budget.
There are many myths about generic drugs and many people are misled to think that they are not as effective as brand name drugs. The FDA says that all generic drugs must be as effective and be of the same quality as brand names. The body’s blood must be able to absorb generics as efficiently as brand names. Each generic drug is regulated and evaluated for its quality.
The difference between generic and brand name drugs is that drug-makers do not need to research and create generic medications! This is because generic drugs have matching name brand drugs that have already been made. There are no investment costs. This means that no money is needed for funding on research, marketing, or drug development. This also allows generics to be sold at a cheaper price. The price does not need to be increased to allow drug companies to make a profit. According to the Food and Drug Administration, the average price of a generic drug in 2004 was $28.74. The average price of a brand-name drug in 2004 was $96.01. That is a huge difference and a great saving! The average overall savings range from 30%-50%!
Generics are indeed safe and effective just like their name brand alternative. Generics are a great way for everyone to save money!
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