MANILA, Philippines - Six out of 10 Filipinos are opting for generic medicines over more expensive branded counterparts paving the way for healthy competition in the local pharmaceutical industry, according to Health secretary Francisco Duque III. Duque said more Filipinos are buying generic-branded medicines that are up to 80 percent cheaper.
Generic drugs are always less expensive, it cost about thirty percent to eighty percent less than the brand name drug. Generic drugs mean more cost-savings to the consumers. Its use can save patients and even insurance companies thousands of dollars without compromising the quality of health care. According to the U.S. Congressional Budget Office, generic drugs save consumers an estimated $8 to $10 billion a year at retail pharmacies. Even more billions are saved when hospitals use generics.
“It’s amazing that many of our countrymen do not know that what they are really using are generic drugs. For example, the generic medicine paracetamol can be bought as Biogesic, Tempra, Calpol or as generic—only the brands and price differ but they have the same quality,” said Duque.
“If more doctors prescribe generic medicines and more people use them, these will further drive down medicine prices and make medicine more accessible especially for the poor,” Duque added.
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