Did you know that you can save up to 50% on the cost of your drugs?LinkedIn
There, in black and white
NB Bulletin Vol. 14 N. 9, September 2011
Do not hesitate to send this bulletin to your group benefits plan members!
To save on the cost of your drugs, ask your pharmacist if there is a generic version, or copy, of the brand name drug. Once the patent on a brand name drug expires, generic versions of this drug are produced.
Generic drugs have the same active ingredients as, are administered in the same way as and are just as effective as brand name drugs. Generic drugs are approved by Health Canada which ensures their quality and effectiveness.
The difference between generic and brand name drugs is limited to their non-medicinal ingredients. These ingredients account for the drug’s colour and shape. Some patients may have an allergic reaction to the drug casing. These reactions can occur with both the generic drug and the brand name drug.
You are no doubt familiar with many generic drugs and may already be using them. Pharmacy chain house brands offer generic versions of several brand name drugs, including Tylenol and Advil.
The difference in price between a brand name drug and its generic equivalent can be significant. Let’s take the example of the drug most commonly used in group benefits plans, Lipitor, a drug used to control cholesterol. The generic version costs $37 per month on average, whereas the brand name version costs $85 per month. If your plan reimburses 80% of the cost of drugs, you will save around $115 a year by opting for the generic version. In addition, $460 will not be included in your group benefits plan claims. Because premiums and taxable benefits for your group benefits plan are based on claims for all employees, choosing the generic version can help reduce plan costs. You will save on paid premiums and your taxable benefit will be lower.
Do you want to save? Ask your pharmacist for generic drugs!
Please feel free to contact us for additional information.
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