The average cost of a
brand-name drug was 18.6 times higher than its generic equivalent in 2017, and the size of that gap has more than tripled since 2013, according to a report from the AARP Public Policy Institute.
A generic drug is a medication created to be the same as an already marketed
brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use.
24, 2018 (HealthDay News) -- Promoting generic substitution and therapeutic interchange can save money compared with spending on
brand-name combination medications, according to a study published in the Aug.
(MGI), an international discount
brand-name medication facilitator, has partnered with National Benefit Builders Inc.
Curiously, many patients and doctors continue to overlook or ignore this aspect of cost cutting, and health care providers frequently prescribe patients more expensive
brand-name medications--even when equally effective, well proven, and less expensive generic therapies are available.
Gagne and colleagues also reported that patients who were on generics saw an 8% reduction in cardiovascular events (as measured by a composite outcome of hospitalization for an acute coronary syndrome, stroke, or all-cause mortality), compared with patients who were on
brand-name medications (hazard ratio, 0.92; 95"/o confidence interval, 0.86-0.99).
Also, while 87% of shoppers said they would buy more
brand-name products if they were offered at the same price as the comparable store brand, more than half (51%) said that it would take a permanent price reduction of the brand name product--to the same price as the store brand--to persuade them to return to purchasing the brand name product.
Slightly more than half (51%) said that it would take a permanent price reduction of the
brand-name product--to the same price as the store-brand--to persuade them to return to purchasing the brand name product.
The choice of
brand-name drugs rather than generics accounts for approximately 76% of this variation.