Generic drugs can save money
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Generic drugs save consumers an estimated $8 billion to $10 billion a year at retail pharmacies, according to the Congressional Budget Office.
What is generic medication? A generic medication is a copy of a brand name drug whose patent has expired.
When a new drug is patented, that patent lasts 20 years. The original manufacturer receives a patent and is the only one that can produce and sell the drug during this patent period.
Once the patent expires, other manufacturers may produce and sell the drug. The price of the brand name drug is meant to recoup the costs of research and development, pay for marketing, make money for the company, and pay for future drug research and development.
Generic medications save money because a large portion of the cost of brand name drugs covers the high cost of research and development. Manufacturers of generic medicines do not have to duplicate the cost of research and marketing conducted by the original manufacturer. Thus, the cost of the generic medicine is less, often dramatically so.
Manufacturers of generic drugs begin to make their versions once the patent on the brand name drug has expired. All drugs considered to be generically equivalent to a brand name drug must meet strict manufacturing requirements set by the U.S. Food and Drug Administration (FDA).
These requirements include tests that ensure the drug is bioequivalent to the brand name drug. Bioequivalent means that the same amount of active ingredient is delivered to the body at the same time, and used by the body, in the same way as the brand name drug. Generic medications contain the same active ingredient and are the same strength and the same dosage as the brand name drug.
Large pharmaceutical companies may preempt the expiration of their patent by producing their own generic product, or license their own product to be branded by a generic company. So, in some cases, the generic drug is actually the brand drug but inside a different box.
Do generic medications work for everyone? Some individuals are more sensitive to medications than others and the slight difference in the inactive ingredients may affect them. These sensitivities are not common and most people find generic medications just as effective as the name brand.
If name brand drugs and generic drugs have the same active ingredients, why do they look different? In the U.S., trademark laws do not allow a generic drug to look exactly like the name brand drug. While a generic drug must duplicate the active ingredient of the brand name, colors, flavors and certain other inactive ingredients may be different.
Some brand name drugs that will offer generic versions in the near future include Altace, Ambien, Lamisil, Norvasc, Pravachol, Proscar, Zocor and Zoloft.
Your pharmacist is your best source for information on the availability of generic medications. Ask your doctor to write your prescription for generics, if available.
Please send your questions or concerns on issues of aging to Prime Time, The Union Observer, 132 S. Main St., Monroe, NC 28112. E-mail to unionobs@charlotteobserver.com or send faxes to 704-289-4669. Or you can call Council on Aging in Union County at 704-289-1797.
Source: Dr. Christian Dolder, Wingate University School of Pharmacy, Internet '); '); '); '); } '); NewsThis is cache, read story here