Mylan Pharmaceuticals has launced a new online resource, called ChoosingGenerics.ca, to help Canadians learn about generic drugs.
The website, available in both English and French, provides facts about generic drugs, discusses the cost savings associated with choosing generic drugs, offers tools for talking to physicians and pharmacists about prescription medications, and provides a list of frequently asked questions and “myths and facts” about generics.
“One of the biggest misconceptions when it comes to pharmaceutical products is that if it costs more, then it must be of better quality,” said Richard Guest, president of Mylan Inc. in Canada.
Generic manufacturers must demonstrate that a drug is bioequivalent to the brand version, meaning that it is equal in dosage, safety, strength, quality, the way it works in the body and the way it is taken, says Mylan. However, many Canadians are unaware of the efficacy of generic drugs and, as a result, end up spending more on brand drugs when they don’t need to.
In Canada, generic drugs cost consumers an average of 60% less than their brand name counterparts.
“In 2011, generic drugs filled more than 60% of all prescriptions dispensed in Canada and helped save consumers, governments and employers nearly $8.5 billion,” said Jim Keon, president of the Canadian Generic Pharmaceutical Association.
Canadian companies spend an average of $200 million per week on prescription drugs, according to Mylan.