Hints for Saving on Brand Name and Generic Drugs

The high cost of prescriptions puts a big strain on many people’s finances. Choosing discount drugs is one option for saving money. Both brand name and generic medication are available at lower prices for consumers who know where to look.

Shop Around

Different retailers may offer the same medication at vastly different prices. The American Society of Health-System Pharmacists has noted that substantial price jumps may result from product shortages as well as insurance coverage. For this reason, wise consumers gather information about general product costs.

Simple phone calls should provide the information needed to choose the lowest price for a prescription, be it name brand or generic. In fact, drugs can cost as much as 10 times more at one retailer than another, all within the same zip code. It's advised to call or visit at least three pharmacies including one large discount store such as Wal-Mart for price comparisons. In fact, Wal-Mart and Target sell a 30-day supply of most generic alternatives for around $4 and a 90-day supply for $10.

Ask for a Discount

Sometimes it’s as simple as asking for a lower price. Before completing a transaction, savvy consumers will ask the pharmacist for a discount to get the best price. This technique will often result in savings.

Shop Online

Internet retailers often offer better prices for discount drugs. Visit several reputable online retailers to save money. Always verify the validity of a website by looking for the Verified Internet Pharmacy Practice Site seal.

Most consumers choose to save money on generic prescriptions because these medications are the same as the brand name alternatives, just without the high price tags.

Understanding the FDA Approval Process

Although many Americans don’t realize it, the Food and Drug Administration (FDA) plays a major role in determining what products citizens can purchase. The agency regulates more than just prescription drugs and generic discount medicine. In fact, over-the-counter medications, sunscreen, toothpaste, shampoo, and many other health and beauty items also have to be approved by the FDA.

The Significance of FDA Approval

FDA approval means that the agency’s doctors and scientists have reviewed a drug's New Drug Application (NDA) and determined that it is suitable for public consumption. The Center for Drug Evaluation and Research (CDER) is the largest of the FDA's six centers. The scientists at the CDER are responsible for confirming that all prescription and nonprescription drugs are safe and effective. Before any drug is marketed in the United States, it must have FDA approval.

Testing

Manufacturers are responsible for submitting thorough research proving that their new drug is safe and effective. They test the product in a lab on animals and, eventually, on humans. The manufacturer submits all test results, manufacturing information, and the proposed drug label, which must show uses, side effects, and other information. In 2014, all of this research and development meant an average $2.87 billion investment from drug developers.

Consumer Ready

If the FDA officials determine that the product’s benefits and effectiveness do indeed outweigh the risks and side effects, the product is approved to be marketed to the American public. Then the consumers can buy it at full price or as a discount medicine.