Some people believe that they are better off taking a brand-name medicine (which is more expensive) instead of a comparable generic. However, generic medicines contain the same active ingredients as their brand-name equivalents and must meet the same standards for quality and safety. So don’t worry about saving money and taking a generic – your body won’t notice the difference.
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Then why to physicians prescribe Name Brands instead of generics? I understand that drug companies need to make back their research and development costs, but many drugs are exceedingly expensive and fewer and fewer are covered by insurance.
Margaret,
Keep in mind that not all brand-name drugs have a generic equivalent. If you would prefer taking a generic drug, just talk to your medical provider. Your insurance company can also provide information on which generic medications are available and covered by your insurance.
OMG, being a speed reader, I thought this last statement above said…”note that generic drug manufacturers are not allowed to sell a drug until the PATIENT expires…””Risie. oh boy!! Speed reading not so hot sometimes!!
If both brand name and generic are exactly the same why is one priced high and the other priced low?
Thanks…
Karen,
Brand-name drugs are more expensive because they reflect the development and marketing costs of the drugs. It can take years to bring a new drug to market and promoting the drug among doctors and the public is also costly. Generic drug manufacturers don’t have these concerns, so the price is cheaper. Note that generic drug manufacturers are not allowed to sell a drug until the patent expires.
That’s odd, my post seems to have been deleted. Let me try again.
Brand-name drugs are more expensive simply because companies feel they can charge more. It has nothing to do with development costs, but rather, it’s a pure marketing decision. Any time any company prices a product, there are lots of things to consider.
– what is the competition pricing?
– should we price cut and go for volume?
– should we go for premium pricing?
etc.Development costs have no bearing on the cost of a generic drug. The generic drug makers are going to determine the price after the patent runs out and they are able to produce the drug. Please don’t mislead your readers with inaccurate information.
