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.
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.