Perhaps the greatest savings on generic brands comes in the pharmaceutical industry. According to the National Association of Chain Drug Stores, in 2006 the average retail price of a generic prescription drug purchase was $32.23, while brand-name drugs went for an average of $111.02.
“The price is the only significant difference,” said Charlie Mayr, spokesman for the Generic Pharmaceuticals Association. “In terms of the way that it is absorbed by the body and the way it works, it is exactly the same.”
About 67 percent of all prescriptions filled in the United States are generic drugs. There are at least 8,730 generic equivalents to the 11,487 prescription drugs approved by the Food and Drug Administration.
“Particularly now with the economy in the condition it is in and people looking for ways to meet their current bills, some people are considering whether or not to continue their medications,” Mayr said. “Generic brands offer them the ability to do both - to continue the medication they need and to have extra money for the bills that they have.”
Rashiv Lal, a marketing professor at Harvard Busine
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