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Many people are confused over the difference of brand name drugs and generics. Some are skeptical of generic’s low prices and fear it will not give them the same treatment as brand name.
The truth is brand name and generic drugs are the same. They may look different but they both have the same active ingredient, which is what makes it work for you.
Every drug manufacturer who places a drug on the market has a 20-year patent protection. This protection allows the manufacturer to sell the drug only under their name for that amount of time to recoup the money they used to develop the drug. Once 20 years is up, drug companies can create a copy of the brand name drug, resulting in ‘generic’.
Generics have the same active ingredient as the brand name drug. The only difference in the generic is the name, color, shape, and size of the pill. The only other difference is the inactive ingredients, which has no effect on treatment.
The FDA places regulations on generic to ensure they are the same as brand name drugs. They also require the generics to have a similar bioavailability, which means it takes almost the same amount of time for it to enter your system and start working.
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The benefit of using generic drugs is it costs much less. Many insurance companies prefer you use generic and will sometimes require it.
There are no risks in using generic drugs since they are the same as brand name. The only issue that some people have is they are allergic to the inactive ingredient in the drug. This means the person needs to switch to brand name or use a different generic.
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Living longer means paying more for health care.
A woman who retires at 65 can expect to maintain her health until the age of 84, on average.2
Men who expect high health costs after they turn 65 end up retiring – on average – 13 months later than those who don't.3