Four Key Aspects of Generic Drugs

As Americans continue looking for ways to tighten their belts in the face of rising costs across the board, switching from a brand name medication to a generic one may not be at the top of their to-do list – but why? With many generic drugs having a potential cost of just 15% of a branded drug, choosing a generic alternative seems to be an appropriate move in some cases, yet many people hesitate to make the jump to generics. Oftentimes, it comes down to something as simple as perception, which may not reflect the reality of the value and efficacy of generics. The reality is that these drugs are bioequivalent to their branded counterparts and can help improve adherence, expand access, lower prescription costs, and more – positives for everyone from the patient and provider to the hospital itself. And few people know that reality better than the health system pharmacist – who is uniquely positioned at the intersection of clinical knowledge, operational strategy, and patient trust in rebranding this critical category of drugs for a collective benefit that can be felt throughout the healthcare ecosystem.

Beyond perception, there are four other important “P’s” to consider in the case of advocating for a wider adoption of generics in health systems and more broadly: Performance, Positioning, Price, and Partnership. Learn more.