In the next year or two, some of the most popular medications in the country are going to lose their patent. What does this mean? It means that these medications will be available as generics — which can save you money.
When a new drug is approved by the FDA, the drug has a patent — most drug patents last about 20 years. The patent is there so no other company can make the medication. Once the patent expires, other companies can start to produce generic versions. These companies submit an application, which must be approved by the FDA, to show that the generic medication performs in the same way as the brand name medication. According to the FDA a generic medication is the same as the brand name medication in safety, dose, strength, and quality, and also in the way it is taken, and how it is used.
Generic medications are much more affordable, up to 80% less expensive, than their brand name counterparts. One of the reasons for this is the generic manufacturer does not have the up-front costs of creating and developing a new drug – which can be extremely expensive.
Here are some of the medications that may lose their patents in 2011 and 2012:
- Lipitor (atorvastatin), used for high cholesterol
- Zyprexa (olanzapine), used for schizophrenia, bipolar disorder, and treatment resistant depression
- Concerta (methylphenidate), used for ADHD
- Singular (montelukast), used for asthma and allergies
- Seroquel (quetiapine), used for schizophrenia and bipolar disorder
- Plavix (clopidogrel), used to prevent strokes and heart attacks
Generic medications are safe options that can help save you money. As these widely used medications become available as generics, many people will see a difference in their monthly prescription co-pays.
