Generic vs. Name Brand Drugs
July 28, 2016, 1:50 am
With prescriptions, you have the choice between generic and name brand drugs. Some plans offer better coverage for generic drugs, whereas others offer coinsurance, copayments or coverage that only applies after your deductible is met. You’ll want to evaluate at what level your prescriptions are covered, and how expensive they are, to determine if you need better coverage for prescriptions.
Generic medications work like the equivalent brand name drug in dosage, strength, performance and use. All generic medications are reviewed and approved by the Food and Drug
Administration to perform in the same manner.
Please discuss with your Physician what Generic alternatives may
be available to start saving money on your out of pocket prescription costs.
Today, nearly 8 in 10 prescriptions filled in the United States are for generic drugs. The use of generic drugs is expected to grow over the next few years as a number of popular drugs come off patent through 2015. Research also shows that generics work just as well as brand name drugs and when it comes to price, there is a big difference between generic and brand name drugs. On average, the cost of a generic drug is 80 to 85 percent lower than the brand name product.
Generic manufacturers are able to sell their products for lower prices because they are not required to repeat the costly clinical trials of new drugs and generally do not pay for costly advertising, marketing, and promotion. In addition, multiple generic companies are often approved to market a single product; this creates competition in the market place, often resulting in lower prices.
You can view your prescription formulary at: https://www.coxhealthplans.com/providers-prescription-information