Ignorance Reigns on Generics

Employee Benefits News
June 23, 2009

New research highlights the need for continued education on the value of generic drugs. Prescription Solutions recently surveyed 1,000 adults, age 18 and older. The findings show that many still don’t understand the cost benefits or efficacy of generic alternatives.

* Nearly 33% of those polled either do not know or do not believe that generics have the same active ingredients and effectiveness of brand name drugs.

* Less than 33% correctly indicated that a brand name drug costs 50% to 70% more on average than its generic counterpart.

What’s more, the tightening economy has prompted many to skip or ration needed medication. The survey shows that 27% have either delayed filling, not filled or not taken as directed a prescription drug in order to save money.

There is some promising news, however. While 71% of respondents admitted to being concerned about drug costs, 21% reported talking with their doctor recently about switching to a lower cost alternative.

Prescription Solutions points to industry data showing that generic drugs have helped save $734 billion over the last decade. The new survey shows there is more savings to be had, according to company CEO Jacqueline Kosecoff.

“Using generics helps make health care more affordable without compromising results,” Kosecoff says. “Many Americans erroneously believe that the most expensive drug is always the most effective drug, so by helping to change perceptions, we can help people save money and still get the best treatment available.”