What is the difference between brand name and generic drugs?

Prescription medications may be an expensive part of your health care, particularly if you take more than one. You may be able to save substantially if you are able to use generic medications instead of name brands. Many health insurance providers provide coverage at a greater level for generic drugs than for name brand drugs, allowing you to save even more.

When you receive a prescription, you can ask your health care provider about whether or not you might be able to use generic prescriptions instead of name brands. Prescriptions can be expensive, and name brand medications may cost as much as 80 to 85 percent more than a generic drug.

Brand-name medications and their generic counterparts are required by law to have the same active ingredient, dosage form and route of administration, and strength. Additionally, generic drugs must meet the same standards set by the Food and Drug Administration, or FDA, when it comes to purity and quality, potency, and strength. According to the FDA, as many as 70 percent of prescriptions that are filled in the United States are for generic drugs.

Not all brand name drugs have generic counterparts, however. Pharmaceutical companies are granted 20-year patents on the drugs they develop. If you are on a new drug, you may need to talk to your doctor about other ways you can save. You might be able to switch to another similar drug that is listed on your HMO or PPO Health Insurance plan’s formulary, or list of covered drugs.

You can get the most out of your health coverage by learning about all the benefits it offers and learning about your options when it comes to using generic medications. If you are interested in learning more about generic medications, talk to your health care provider or contact your PPO or HMO Health Insurance plan.

 

Source: Los Angeles Health Coverage

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