Are generic medications as good as their brand-name counterparts?

When taking your script to your local pharmacy, you’ve likely been asked if you would like to have the generic version of the medication if available. Generic versions of drugs are known to be cheaper than brand names, but are they just as good? Let’s take a closer look.

What are the facts?

According to the Food & Drug Administration (FDA), generic medicines approved by the FDA work the same way and have the same benefits and risks as brand-name medicines. A generic medicine must be the same in dosage, safety, effectiveness, strength, stability, quality and how it is taken as a brand-name medicine.

Generic drugs are subject to the same standards and testing as brand-name drugs. Drug companies must demonstrate that generic drugs produce the same benefits as their brand-name counterparts in the following ways:

• Active ingredients must be the same
• Generic alternatives must have the same strength and dosage form (injectables, liquid, shots, etc.)
• Generic drugs are subject to the same manufacturing standards as brand-names
• Labeling information is the same as brand-names

How much money can you save with generic drugs?

Generic alternatives to brand-name drugs are produced more economically than brand-name drugs, and often there are several generic alternatives for the same drug. This competition brings the price down. The IMS Health Institute reports that drugs with one generic alternative can lead to price reductions of up to 30 percent, while five or more competitors can increase the savings on prescription drugs by up to 85 percent.

Saving money on prescriptions is huge for those living on a budget. For some people, paying for expensive medications means sacrificing other necessities. According to a Harvard Health report, some states even require that pharmacists provide you with a generic version of your prescription.

Other Ways to Save on Prescriptions

Not all drugs have a generic alternative. However, there may be other ways you can save:

• Drug coupons: Major drug manufacturers often offer discounts such as coupons if you meet specific eligibility requirements. A simple website search for the manufacturer’s coupons could save you hundreds on your prescriptions.
• Prescription savings cards: Several programs offer discounts. You’ll have to check and see if your pharmacy accepts these cards and if a discount is offered for the medication you need. However, if you use a prescription savings card, you won’t be able to turn the prescription in on your health insurance.
• Prescriptions by mail: Online pharmacies are often much cheaper than buying drugs at a local pharmacy. Your health insurer may have a mail-order prescription service where you can buy your scripts at a discounted price. However, the drugs may take a little longer to reach you, and you may have to purchase a larger amount, a 90-day supply, for example.

What’s the verdict?

The bottom line is that, in most cases, generic drugs are safe and less expensive than brand-name drugs. If you have questions, consult your physician, who can provide important information about your prescription, its side-effects and the availability of generic options. If you experience problems with a generic alternative, be sure to contact your doctor immediately.