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Cost-saving Strategy: Generic Drugs

May 3, 2017

Generic drugs can sometimes be misunderstood as sub-par 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 employee's 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.

 

This Corkill Insurance Compliance Bulletin article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. Readers should contact a health professional for appropriate advice. Content provided by © 2017 Zywave, Inc. All rights reserved.