So, you can also save money by purchasing generic brands instead of brand name medications.  According to Food and Drug Administration [...]]]>

Last week, I discussed how you could save money on your prescriptions by cutting your tablets in half (see previous post for more details), now this week I have another money-saving tip.

So, you can also save money by purchasing generic brands instead of brand name medications.  According to Food and Drug Administration (FDA), a generic drug product (generic brand) is one that is comparable to an innovator drug product (brand name) in dosage form, strength, route of administration, quality, performance characteristics and intended use.”  This means that the generic brand has the same active ingredient, as well as the same amount being absorbed into body in the same amount of time, as the innovator drug product (brand name).  The only slight difference between a generic brand and the brand itself may be the inactive or non-medicinal ingredients, such as binders that make tablets or fillers for capsules etc.

The table below includes the costs of a 90-day supply of the two strengths of the popular cholesterol lowering medication, Zocor (simvastatin) and its generic brand.
Note: Costs for 90-day supply includes $8.60 dispensing fee and are based on Canadian 2010 pharmacy prices

So, from the table above, if your doctor prescribed you Zocor 10mg once daily for 90 days and you ask your pharmacist to dispense the generic version instead of the brand name, then your cost will be $109.53 (instead of $192.26), a significant savings of 43% ($82.73). This means an annual savings of $330.94.

Note: Costs for 90-day supply includes $8.60 dispensing fee and are based on Canadian 2010 pharmacy prices

If you also apply my last health-savings tip and ask your pharmacist to fill the generic 20mg tablet and take half of the tablet (to get 10mg) once daily, then your cost will be $66.67, an additional saving of 39% ($42.86).  This means an annual savings of $171.42.  Overall, by choosing a generic version and cutting your tablets in half, you will save $502.36 ($330.94+$171.42) annually!

Please consult your pharmacist if a generic version of your medication if available and if you can cut the tablets in half.

For more money savings tips, visit consultpharmacist.com!