“Come on down!” Those are awfully familiar words to any “Price is Right” guru. Ever notice how the items being bid on are all brand names? It’s part of “branding,” and it works well if you’re targeting a fan of the CBS hit television show, even post-Bob Barker!
There’s a time and a place for brand names. I choose Kraft Macaroni and Cheese over the store brand, it’s my personal preference. Why? In my opinion, Kraft has a better product, and the difference is definitely noticeable. (Yes, it is the cheesiest!) I could save about $25 a year by choosing the store brand, which adds up to about $1,250 over my lifetime.
Now, this is crazy. The average person has one prescription per month, and the cost of the brand name prescription, on average, is $100.00. Let’s say from age 45 to age 68, a person spends this amount per month on the same brand name prescription. That’s $27,600! What? $27,600! Sorry, it was just SO worth repeating!
Now, let’s take this same person and imagine the same prescription is available in a generic form (which is an exact replica of the brand name) for only $4.00 per month. Now we’re talking! That’s just $1,104.00 over 23 years. While I’m sure you can do the math, basically the difference is, well, a new Honda Civic Hybrid, or two Kia Rios!
The truth is that generic prescriptions are the exact same make-up of the brand-name prescription. They carry the same dosage amounts, label the same intended use, side effects, and warnings, they are distributed the same, and are produced with the same risks, safety, and strength as the brand name drug. I assure you if the store brand mac ‘n cheese had the exact same ingredients, directions, label and quality as Kraft, and the only difference is a huge savings for me, I’d buy the store brand! Wouldn’t you?
So you see, we’re not talking mac’n cheese any more. While “The Price is Right” for some purchases, it’s better to “come on down” on prescription drug spending.