Generic and Brand Name Drugs
You will find that both generic and brand-name drugs are covered on the drug formulary. However, you will probably also notice that generic drugs usually cost less than brand-name drugs.
Generic Drugs: Generic drugs have the same active ingredients as their brand-name drug counterparts. They usually cost less than brand-name drugs and are rated by the U.S. Food and Drug Administration (FDA) to be as safe and effective as brand-name drugs. For individuals who must take several medications regularly, generic drugs offer the advantages of being comparable to brand-name drugs at a more affordable cost.
Brand-Name Drugs: A brand-name drug is a patented, FDA-approved drug usually produced by a single manufacturer with a product name under which the drug is advertised and sold. Newer drugs are usually available only as brand-name drugs. A brand-name drug may have a generic equivalent after the original patent expires.
Website last updated: 09/30/2012
Y0041_HM_13_3639 Approved 11/09/12