Brand Name Prices Soar, More and More Patients Purchasing Prescription Drug Generics
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Cheaper prescription drug generics widely being sought out by seniors, as the price of popular brand name drugs has risen by 8.3% since 2009, according to the AARP. The survey examined over 217 brand name medications and found that despite overall consumer price drops, the price of brand name prescription drugs rose by 7% in 2008 alone.
In fact, the price of brand name prescription drugs rose over 41.5% between 2004 and 2009, forcing many people to look for generic alternatives. The inflation rate only jumped by 13.3% in the same period, making drug costs disproportionately high and unaffordable for most patients, especially seniors who are on the Medicare prescription drug plan, which leaves coverage gaps.
To exacerbate the situation, 217 brand names were examined, and suitable generic alternatives were not available for most, since the brand names were generally patented.
Generic Prescription Drugs - Statistics
The drug prescriptions Vs. brand name debate is an ongoing one. While some patients and medical professionals believe that generic names are less effective than brand names, wherever possible, 75% of prescriptions currently written are for generic alternatives, which contain the same active ingredients as brand names but are less expensive due to the lack of a recognizable label.
Generic medication can be as much as 90% less expensive than brand name alternatives. The FDA notes that while effective, prescription drug generics can have narrower therapeutic windows, leading to possible toxicity in larger doses and ineffectiveness in small amounts.
