New York Life Insurance Company
The Company You Keep
Life Insurance | Lifetime Income | Investment Annuities | Long-Term Care Insurance | Mutual Funds | Other Products & Services     
 
Consult An Agent 
 
Account Login 
About New York Life 
Fund Values 
Planning Tools 
Business Solutions 
Sales Careers 
Corporate Careers 
Life Events 
Financial Goals 
Security Center 
Contact Us 
  
 
Click here to speak with a local agent / registered rep.
 
 
 Medicine Chest: Generic Medications -- Why Bother?
 
 
 

What are they?
A generic drug is a former brand-name drug whose patent has expired. When a drug is first developed, its manufacturer is given patent protection and the right to use a brand name for marketing. When the patent expires, other companies can sell the equivalent drug under the chemical (generic) name.

Do they work?
The Federal Drug Administration (FDA) assures that the generic version contains the same active ingredient, has the same strength and dosage, and has the same action in your body (?bio-equivalence?) as the brand name.

Are they safe?
The Federal Drug Administration (FDA) establishes strict manufacturing standards and assures drug purity and quality, as well as safety and efficacy.

Who makes them?
There are many manufacturers; generic drug industry sales exceed $11 billion annually. In addition, several major drug companies make generic versions of their own brand-name drug once the patent has expired.

Are there differences?
No difference is permitted in the active ingredient, the strength or the dosage. There may be differences in the inactive ingredients (binder); the shape and color of the pill are usually different than the brand name.

Why do they cost less?
It is less expensive to develop a generic version of an established drug than it is to develop an entirely new drug from among the many attempts that fail. Moreover, generic drug companies spend very little on advertising since the drugs are already very well known. Mostly, aggressive price competition among several manufacturers produces lower costs once the original developer no longer ?owns the market?.

Why bother?
There are only two reasons, the first of which is the opportunity to obtain FDA-assured quality drugs at a much lower price (often less than half). High quality and low cost add up to real value.

The second is safety. Generic drugs, on the market (under the brand name) during years of patent protection, have been taken by millions of patients, and have not been removed from the market. Newer brand-name drugs, as reported in your newspaper, are not infrequently recalled because of adverse reactions including death. These side-effects do not show up in the several thousands of patients taking the drug during clinical trials but become obvious when prescribed for millions of patients after release.)

 Rate This
Rating: 0/0 (0 votes cast)

 Be the first to Comment

Consult a Life Insurance Agent
At no charge to you, a New York Life agent — professionally trained and experienced — can help you analyze your needs and recommend appropriate solutions through insurance and financial products and concepts. Request a no obligation review with a New York Life agent.

This material is being provided for informational purposes only. Neither New York Life nor its agents provide legal, tax or accounting advice. Please contact your own advisors for legal, tax and accounting advice.

Sign up for our What's New Email:
html
text

 
Chronic Conditions: Syndrome X -- Do You Have It?
Doctor's Mailbox: Battling Bulge
Doctor's Mailbox: Keep Fat at Bay When Summer's Gone Away
Doctor's Mailbox: Total Body Scans
Medical News: Blood Pressure Guidelines
Medical News: Female Hormones
Medical News: Flossing to Longevity
Medical News: Men Can Huff and Puff Away 30 Years Spent as Slugs
Medicine Chest: Generic Medications -- Why Bother?
Medicine Chest: How to Take Drugs
Medicine Chest: When the Well Runs Dry


Share this Article:
Bookmarks
Digg this
Save on Del.icio.us
Reddit

 
 
 
To Top
 
Medicine Chest: Generic Medications -- Why Bother?
   
 
   
     
 
Home   FAQ   Site Map   Agent/Office Locators   Glossary   Companion Sites   News Room   Employee Intranet   

= external link that opens in new window...more

© 2008 New York Life Insurance Company. All rights reserved.  Privacy Policy  Site Help/Disclosures