In 2004, over $20 billion could have been saved if more people had selected generic drugs over their more costly brand name cousins.
Why are brand-name drugs more expensive?
Extensive drug testing and marketing costs are built into the price of brand-name drugs, and that cost is passed onto the consumer. Since generics aren’t developed from scratch (they’re based on the brand-name versions) they are cheaper.
The FDA approves all generic drugs and holds them to the same high standards as the brand-name versions. Ask your doctor if there is a generic version of the brand-name prescription you are taking. Your medicine will have the same effect, and you’ll save on the prescription co-pay at your next trip to the pharmacy.
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