Should We Use Generic Drugs?
For many years now, I do not buy brand name drugs. It turns out, I'm in the minority.
It is estimated that 46% of the people take at least one prescription drug in North America. Nearly 4 billion prescriptions per year. In the US, brand-named drugs average 2 to 3 times more than generic ones. In Canada the discrepancy is a bit less. But let's talk about over the counter goodies. While the ratio of generic purchases vs. brand name purchases varies depending on the drug category and drug itself, let's analyze the basics: headache meds - drugs that have been around for a long time. The market for headache drugs is estimated at nearly $4 billion.
In a recent study, 71% of households buy generics names whereas physicians and nurses buy generics over 90% of the time. Ok, so that doesn't seem so bad. But if we analyze those stats we see 3 things:
people 'in the know' such as nurses use generics far more
we're still talking about the most common over the counter drugs, those generics we trust most. But when we're talking about kids medicine or less common drugs, the 71% stat drops off quickly.
29% of purchases for headache medications are still brand names. That means $1.16 billion spent on brands instead of generics.
There is no mystery...everyone knows brands cost more. We pay more for a Nike t-shirt than a Walmart t-shirt, even if the quality is the same. But in this case, we're not pimping the brand, we're swallowing a pill. We can't show it off.
In the case of drugs, it comes down to trust. We care for our bodies, we care for our kids. We trust brands more than no-names. That is just as true in the supermarket. But the more trust required, the more we're willing to pay to acquire the branded label over the generic ones. Groceries are not a big deal (though I likely would not buy no-name Fruit Loops), but drugs are. Drugs can be dangerous.
Let's compare Advil to Life brand (Shopper's Drugmart in-house brand). They are identical in every way except price:
Size of the box (though one is prettier)
"Ibuprofen" is the active ingredient
Advil is 40% more expensive. Price elasticity plays a part. If Advil was $25/box, more people would consider buying generic ibuprofen. But for $4, a lot of people simply tell themselves "why risk it for $4?"
We can trust these drugs. All drugs, regardless if generic, must pass the same government regulations and tests as the brands. Further, it is not like Shopper's Drugmart or any other large chain is going to mess around with cheap alternatives. And finally, the drug is manufactured either by the branded company (yes, you heard correct...the brands often produce white label drugs to be sold cheaper under other names), or by one of the big generic manufacturers in North America. These are tried and tested facilities.
I should mention that I have been guilty of buying brand names at times. Two examples:
If the price is identical, I'll go with the brand, why? It's like praying...what's the harm? Better to go with what you know, all things being equal. Makes no sense, I know.
When I first had kids, I put more trust into brand names. That lasted a few months after which I started comparing prices, formats and active ingredients. Then realized I was being a chump.
Next time at the pharmacy, take a few moments, read the packaging carefully and you'll convince yourself. Usually the generics are located right beside the brand names (this is no accident).
So save your money. Use it to take your better half on better dates or buy gifts for your kids. Brand name drugs, like many brand name items, make little sense to this consumer.
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