How can you reduce your health budget through generic medicines?

Tips for Reducing Healthcare Costs with Generic Medicines: The healthcare budget in India is constantly increasing, due to which it has become necessary for patients to find ways to save money without compromising on quality. One effective strategy is to choose generic medicines instead of branded medicines to reduce the burden on your pocket. 

What are generic medicines called?

Generic drugs are essentially the same as brand-name drugs, with the same dosage, safety, strength, quality, and intended use. They contain the same active ingredients and must meet standards set by the Food and Drug Administration (FDA). The biggest difference is in the price, as generic drugs are much cheaper than brand-name medicines.

Why are generic drugs cheaper?

Generic drugs are cheaper primarily because they incur much lower research and development costs than brand-name medicines. According to Dr. Sujit Paul, low marketing costs and increasing competition also reduce prices. Regulatory efficiency in approving generic drugs accelerates their market entry, while low manufacturing costs further reduce their price. Overall, these factors make generic drugs a more affordable option than their branded counterparts while ensuring the quality of the drug.

How to save money while buying medicines?

1. Ask your doctor or pharmacist

Always ask your healthcare provider or pharmacist if there is a generic version of the medicine you are prescribed. They can provide information about the efficacy and availability of generic options.

2. Compare prices

The price of the same generic drug may vary from pharmacy to pharmacy. Use online tools and apps to compare the best deals at pharmacies near you.

3. Use a prescription rewards program

Many pharmacies offer prescription rewards programs that can help you save even more on generic drugs. Joining these programs is often free and can be beneficial at times.

4. Buy in bulk

If you take medicines regularly, buying in bulk can save a lot. Check if your pharmacy offers a discount for buying a 90-day supply of medicines rather than a 30-day supply.

5. Look for manufacturer coupons

Some generic drug manufacturers offer coupons or savings programs. Check the manufacturer's website or ask your pharmacist if any discounts are available.