The average cost of a brand-name
drug was 18.6 times higher than its generic equivalent in 2017, and the size of that gap has more than tripled since 2013, according to a report from the AARP Public Policy Institute.
A generic drug is a medication created to be the same as an already marketed brand-name
drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use.
24, 2018 (HealthDay News) -- Promoting generic substitution and therapeutic interchange can save money compared with spending on brand-name
combination medications, according to a study published in the Aug.
(MGI), an international discount brand-name
medication facilitator, has partnered with National Benefit Builders Inc.
It would also ensure that brand-name
and generic manufacturers alike have the proper incentives to develop life-saving medications.
Curiously, many patients and doctors continue to overlook or ignore this aspect of cost cutting, and health care providers frequently prescribe patients more expensive brand-name
medications--even when equally effective, well proven, and less expensive generic therapies are available.
Gagne and colleagues also reported that patients who were on generics saw an 8% reduction in cardiovascular events (as measured by a composite outcome of hospitalization for an acute coronary syndrome, stroke, or all-cause mortality), compared with patients who were on brand-name
medications (hazard ratio, 0.92; 95"/o confidence interval, 0.86-0.99).
The battle between generic and brand-name
drug companies has escalated.
25, 2012, THE 5TH CIRCUIT declined to hold brand-name
drug manufacturers liable for harm the generic versions of their products cause.
Also, while 87% of shoppers said they would buy more brand-name
products if they were offered at the same price as the comparable store brand, more than half (51%) said that it would take a permanent price reduction of the brand name product--to the same price as the store brand--to persuade them to return to purchasing the brand name product.
Slightly more than half (51%) said that it would take a permanent price reduction of the brand-name
product--to the same price as the store-brand--to persuade them to return to purchasing the brand name product.
The choice of brand-name
drugs rather than generics accounts for approximately 76% of this variation.