You can save up to 80 percent off the cost of a prescription drug when you opt to get the generic version instead of the name brand version. Minimally, you should save at least 30 percent with a generic drug.
Why Do Generic Drugs Cost Less
Most, but not all, common prescription medication has a generic counterpart available for you that is much less expensive. The reason behind the lower cost is mostly because the maker of the generic drug did not have to develop the drug from scratch, do the testing and bring the drug to the market. The original manufacturer needs to recoup those costs. Eventually, a generic version of the drug is approved, and other manufacturers are allowed to make it, opening up some competition.
Check with Your Doctor First
While generic drugs are supposed to have the same active ingredients as the name brand drugs, the truth is that many patients and doctors will swear that there is sometimes a different in effectiveness between generic drugs and name brand drugs. A quick question to your doctor should answer this question for you. Some types of generic drugs appear to have more issues than others. These issues may include effectiveness and side effects.
Have Insurance? You Can Still Save
Insurance companies and drug prescription plans use a formulary that determines which drugs they are willing to pay for and how much of the cost they will cover. The patient (or responsible party) must pay the difference, or the co-pay for the drug. Different tiers of drugs have different co-pays, and generic drugs usually have the least out-of-pocket cost for the patients, even those who have insurance drug coverage.
You may save even more money, even on generics, if you shop around. Drug costs, may have different prices at different pharmacies.