Cost-saving Strategy: Generic Drugs

Generic drugs can sometimes be misunderstood as subpar or not up to the same quality standards as name-brand prescription drugs. This is unfortunate because generic drugs are not only of the same high quality as name-brand prescriptions, but they usually cost much less (80-85 percent less).

According to the Food and Drug Administration (FDA), generic medications save $3 billion every week and more than $150 billion annually.

Boosting the use of generic medications by educating employees about generic drugs can potentially save you and your employees significant money.

To maximize generic use, keep employees up to date on the newest approved generic medications through this FDA resource or by utilizing the FDA’s Orange Book, which allows you to search for generic drugs based on a variety of characteristics.

 

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The information provided is for informational purposes only and does not constitute legal advice. The information above contains only a summary of the applicable legal provisions and does not purport to cover every aspect of any particular law, regulation or requirement. Depending on the specific facts of any situation, there may be additional or different requirements. This is to be used only as a guide and not as a definitive description of your compliance obligations.