However, while you wouldn’t expect to get ripped off at the drugstore, there is one product category that is extremely marked up: brand-name medications. Sure, maybe you already knew this was true for both prescription and non-prescription drugs, but do you know exactly how much you overspend when you buy brand-name drugs that are just as effective as the generic version?
In 2007, the National Association of Chain Drug Stores found that the average price of a brand-name prescription drug was $119.51 compared to $34.34 for generic. Yes, this was almost 10 years ago, but pharmacies still upcharge you a ton. At your next doctor’s appointment, ask about a generic version of any medication you are prescribed. You can also talk to your pharmacist about generic options.
When it comes to over the counter meds, Consumer Reports estimates that you are likely to pay 30 to 40 percent more for brand-name medications compared to generics. I am totally guilty of buying Advil just because the name is familiar, but, if you compare the active ingredients and dosages with the generic version, you will find that they are most likely exactly the same. If they are, then definitely opt for the generic version to save money!