According to the Centers for Disease Control and Prevention (CDC), 70% of Americans over 40 are on at least one medication, which slowly rises as we age. So, answering the question, "are generics right for me?" can amount to significant savings. By understanding what makes them different and how they’re similar, you can make an informed choice that’s right for your health— and your wallet.

What Are Generic Drugs?

Generic drugs are created to be just as effective as the brand name drugs but without the name recognition or higher price tag. Generics of a specific medication only become available 20 years after that brand-name drug hits the market.

This gives drug companies 20 years to recoup their research and development costs before others can use their formula. The need to make their money back is balanced with the necessity of competition, which leads to lower drug prices for consumers.

To be a generic, a drug must have the same active ingredients, strength, dosage, form, and method of use. But generics may look different in shape, color, or packaging.

The Federal Drug Administration (FDA) requires generic drug manufacturers to meet strict guidelines and undergo regular testing to ensure quality, efficacy, and safety.

Are Generics as Effective as Brand-Name Drugs?

Yes, generics are just as effective as the brand name at the same dosage. They must pass the test to become a "generic version" of a branded drug. They must prove that it interacts with the body in the same way the name brand drug does.

Testers can measure this objectively by drawing the blood of people divided into brand name or generic groups and measuring how much of the drug reaches the drug stream and how long it takes to break down.

So, what's the big difference that some are worried about? While the active ingredient is identical, generics may use different fillers or dyes. These differences rarely affect the drug’s performance but can cause reactions in people with sensitivities. This may explain why the brand name sometimes—however rare— works better for some people.

Why Are Generics Cheaper?

Generic drugs cost less because the company producing them didn't have to invest millions or billions into research, development, and marketing. All they had to do was make something with the same active ingredient and prove it was just as effective.

Although, little-known secret....sometimes the company that owns the branded drug also makes a generic version for people who need the drug at a lower price point. Sometimes, they don't even change how it looks. They drop the pills into the generic package—and Bam! It's generic.

Regardless, generic drugs are usually 80-85% less than the brand name version of that drug. So, why would anyone buy a brand name then?

Some people are not very price-sensitive. So, they simply always buy brand names. Others do it because they assume the brand name drug is automatically better.

And yet others end up buying brand names because they didn't ask their doctor if there's a generic version. You see, depending on how your doctor writes the prescription, the pharmacist may only be able to give you a name brand, even if a much cheaper generic was available.

How to Talk to Your Doctor About Switching to Generics

Your doctor is more than happy to have this conversation with you. They want you to comply with doctors' orders, and saving 80-85% of drugs would certainly make that easier. Here's what we recommend:

1. Get your costs together. Look at your pharmacy records to see what you've been paying for each drug and whether it is brand-name or generic. Narrow it down to the list of brand-name drugs and bring this list into your next appointment.

Let your doctor know that you're trying to get your drug costs down and wonder if any of these drugs have a generic version. Show them your list.

1. Ask questions. If you're worried about the effectiveness of generics, ask what your doctor thinks. Nine times out of 10 they're probably going to agree with us on this one.
2. Discuss any allergies you have to certain preservatives or fillers. Your doctor can double-check that the generics don't have them.
3. Talk to your pharmacist. They're also a doctor, just not a medical one. Ask them if they have any additional advice about generics or saving on drugs.
4. See how much you save. If you're taking several drugs, it could be a lot, so consider wise ways you could use that money.

Making the Right Choice for You

Generic drugs may seem inferior. But in most cases, they are just as safe and effective as the branded medications. By considering the cost-benefits and speaking with your doctor, you can choose whether generics are right for you.