Calculate potential savings by switching from brand-name prescription drugs to generic equivalents over time.
Medication Costs
Compare the monthly cost of brand-name vs. generic medication
Understanding the Inputs
Detailed explanations for each input parameter
Brand Name Cost
The monthly out-of-pocket cost for the brand-name medication. This is typically higher due to research and marketing costs incurred by the manufacturer.
Generic Cost
The monthly cost for the generic equivalent. Generics have the same active ingredients and effectiveness but are usually much cheaper.
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. These similarities help to demonstrate bioequivalence, which means that a generic medicine works in the same way and provides the same clinical benefit as its brand-name version.
Are Generics Safe and Effective?
Yes. The FDA requires that generic drugs be as safe and effective as brand-name drugs. They must measure up to the same rigid standards of quality, strength, and purity. In fact, generic drugs use the same active ingredients as brand-name medicines.
Why are Generics Cheaper?
Generic drugs are cheaper because the manufacturers have not had the expenses of developing and marketing a new drug. When a company brings a new drug to market, the firm has already spent substantial money on research, development, marketing, and promotion of the drug. A patent is granted that gives the company that developed the drug an exclusive right to sell the drug as long as the patent is in effect.
How to Switch to Generics
If you are interested in saving money on your prescriptions, talk to your doctor or pharmacist. They can tell you if there is a generic equivalent for your brand-name medication. In some states, pharmacists are allowed to substitute a generic drug for a brand-name drug unless the doctor specifies "dispense as written."
Frequently Asked Questions
Common questions about generic medications
Do generic drugs take longer to work?
No. Generic drugs work in the same way and in the same amount of time as brand-name drugs.
Why do generic drugs look different?
Trademark laws do not allow a generic drug or medicine to look exactly like other drugs already on the market. Generic medicines and brand-name medicines share the same active ingredient, but other characteristics, such as colors and flavorings, that do not affect the performance, safety, or effectiveness of the generic medicine, may be different.
Is a generic drug made in the same factory?
Generic firms have facilities that are comparable to those of brand-name firms. In fact, brand-name firms make about 50% of generic drugs.
Summary
This tool estimates potential savings from switching to generic medications by comparing monthly brand-name vs. generic costs.
Recommendations, guide content, and FAQs provide context on safety, efficacy, and how to discuss options with healthcare providers.
Use this calculator to identify cost-saving opportunities and plan for long-term healthcare expenses.
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Calculate potential savings by switching from brand-name prescription drugs to generic equivalents over time.
How to use Prescription Generic Savings Calculator
Step-by-step guide to using the Prescription Generic Savings Calculator:
Enter your values. Input the required values in the calculator form
Calculate. The calculator will automatically compute and display your results
Review results. Review the calculated results and any additional information provided
Frequently asked questions
How do I use the Prescription Generic Savings Calculator?
Simply enter your values in the input fields and the calculator will automatically compute the results. The Prescription Generic Savings Calculator is designed to be user-friendly and provide instant calculations.
Is the Prescription Generic Savings Calculator free to use?
Yes, the Prescription Generic Savings Calculator is completely free to use. No registration or payment is required.
Can I use this calculator on mobile devices?
Yes, the Prescription Generic Savings Calculator is fully responsive and works perfectly on mobile phones, tablets, and desktop computers.
Are the results from Prescription Generic Savings Calculator accurate?
Yes, our calculators use standard formulas and are regularly tested for accuracy. However, results should be used for informational purposes and not as a substitute for professional advice.