Switch to Generic and Save

For many people, medications are one of their largest monthly expenses. People who buy several prescriptions each month can save hundreds of dollars per month when switching to generics. However, even people who only buy a few types of over the counter medications can still positively impact their budget by switching to generics.

Regardless of how much you spend on medications each month, you can still save a considerable amount of money by switching to generics. Generics are off-brand versions of medicine that are chemically identical to their name brand counterparts. The possible money savings vary, but according to the Congressional Budget Offices, consumers save a total of $8 to $10 billion per year by using generic drugs instead of name brand drugs. To help you lower the burden on your wallet, PaydayLoansCashAdvance has compiled a few tips for you.

How to Find Generic Alternatives to Name Brand Medications

If you are buying over the counter (OTC) medication for headaches or pain relief, it is easy to spot the generic equivalent to your favorite brand name remedy. In most stores, these items are grouped together, and you can easily read the label to verify that the active ingredients are the same regardless of the brand name on the bottle. In most cases, you will save at least a few dollars each time you reach for the generic OTC option.

If you are searching for generics to use as alternatives to your prescription medication, you can consult with your doctor or pharmacist. Alternatively, you can use the FDA’s (Food and Drug Administration) online database. There, you can determine whether or not there is a generic alternative to the drugs you use.

Unfortunately, not all drugs have off-brand alternatives. Many new drugs may still be covered by patents that make it impossible for other companies to copy them. Typically, these patents only last for about twenty years, and after that time, the FDA will allow other companies to make generic versions. However, the FDA requires that the generic versions are exactly like the brand name versions in regard to strength and efficacy.

There is No Need to Worry about Using Generics

Many people shy away from generics because they think that the lower price is equivalent to a lesser quality product. They feel that if their wallet is not empty that the drug may be ineffective. Luckily, that is simply not true.

Generics are exactly the same as their brand name equivalents in dosage, strength, and quality. Although they are made with the same ingredients as brand name drugs, they are cheaper to make. They are cheaper to make because the company who makes the generic drug simply needs to copy the recipe from the company who created the drug. The generic manufacturer does not have to pay for the cost of creating and testing the drug, and they can pass those money savings on to their clients.

Some consumers fear that generics may take longer to work or be less effective than their brand name counterparts. Luckily, this fear is also unfounded. The FDA strictly controls the manufacturing of all drugs, and they require generics to have the same efficacy as their brand name counterparts. There may be a few small differences between brand name and off-brand drugs. However, these differences are usually only cosmetic or related to taste. These differences may include things like color, shape, size, and taste. None of these differences affect how the drugs actually work.

The Availability of Generics

Roughly half of all prescription drugs have generic equivalents. This makes finding generics a relatively easy exercise. If you are worried about the differences between generics and brand name drugs, you can speak with your doctor about your concerns. They will assure you that there is no difference between the two, and they may be able to explain any small differences. If your doctor has already written your prescription, you may want to speak with your pharmacist. Even if your doctor has written a prescription for the name brand drug, your pharmacist can still give you the generic equivalent.

Switching to generics is a simple exercise that has the potential to save you a lot of money. Just by giving up the brand name on your drugs, you could save tens if not hundreds or thousands of dollars a year. Your wallet will thank you, and you will love that you can get the same effect for less money.

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