Survey finds More Americans Buying Generic Drugs

A survey conducted by Thompson Reuters in May looked at American consumers feelings about generic medication. The FDA’s Office of Generic Drugs defines a generic drug as:

Identical, or bioequivalent to a brand name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Although generic drugs are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price. According to the Congressional Budget Office, generic drugs save consumers an estimated $8 to $10 billion a year at retail pharmacies. Even more billions are saved when hospitals use generics.

At Canada Drugs Canadian Pharmacy we are committed to providing you with high quality affordable medication. To help you save, we offer the option of choosing a generic version of the drug you need. When a new drug is developed, the company that discovered it has a patent on it that gives them the exclusive production rights for this medication. Once the patent expires, other companies can bring the product to market under their own name.

Generic drugs are carefully regulated medications that have the same medicinal ingredients as the original brand name drug. They are generally cheaper in price. Nearly 1 in 3 drugs dispensed are “generic” and once drugs like Lipitor start being more readily available in generic version over the next year, it is estimated that 3 in 4 US prescriptions will be filled as generic medication. They undergo comparative testing to ensure that they are equal to their “brand” counterparts in active ingredient, dosage, strength, quality, performance, and intended use. What this means is that “generic” medications can be used as a substitute of their brand equivalents with the same therapeutic results.

The Thompson Reuters survey of 3000 Americans found that 70% of their last prescription filled was a generic version, and for younger Americans it was over 85%. As well, despite big pharmaceuticals that benefit from longer patents to drive up the cost of medication, over 85% of Americans feel that generics are just as safe as brand name version and 90% of people are willing to buy generic when a version of their prescription medication is available.

The full version of the study is available as a PDF by clicking here.

Tags:

Comments are closed.