By Zafeira S. Paradis, PharmD, MedCost Clinical Consultant
Did You Know? Generic drugs work the same as their brand-name counterparts.
Generic drugs are tested and approved by the U.S. Food and Drug Administration (FDA) so we know they are safe and effective, just like the brand name. Most of the time, generic drugs cost less for you and your health plan. The average cost of a 30-day supply of a brand-name drug is $300, while a generic drug is $30.
Not all brand-name drugs have a generic version available on the market, but many do. For example, these commonly used drugs are available as lower-cost generics (see table below).
Talk with your doctor and pharmacist about the drugs you are taking. Always ask if there are lower-cost options available—especially generic versions.
Prescription Drugs: 12 Ways to Save
Did You Know? Generic drugs work the same as their brand-name counterpa
Increases Due to Rising Prices and Prescriptions Filled
U.S. spending on prescription drugs rose 8.5 percent last year, slightly less than in 2014, driven mainly by growing use of ultra-expensive new drugs and price hikes on other medicines.
A report from data firm IMS Health estimates patients, insurers, government programs and other payers spent a combined $309.5 billion last year on prescription medicines.
The IMS Institute for Healthcare Informatics is forecasting that annual increases in U.S. prescription drug spending will slow to 4 to 7 percent through 2020, after rising around 10 percent in each of the past three years. It predicts spending will reach $370 billion to $400 billion in 2020.