Categories: Investing

How to Save Money on Prescription Medications!

How to Save Money on Prescription Medications!

Generic Drugs May Save You Money

Generic drugs offer the same effectiveness at about one third of the price of brand-name drugs As the cost of medical care, including drugs, continues to grow, many members are looking for ways to save money on health care costs.

The price disparities between brand name and generic prescriptions can sometimes be unbelievable. For example, a common brand name drug prescribed to lower temperature and pain Crocin (10 pills, 500mg) sells at pharmacy for Rs.16 At the same quantity and dose, its generic Patmin can be obtained for just Rs 2.

The best source for getting generic name for drugs sold in India is

http://www.medguideindia.com

The website provides the information on the followings:
1. DRUGS
2. IMMUNIZATION
3. HEALTH INSURANCE

Click on the image of drugs, immunization or Health Insurance on the home page,
OR
You can reach to the respective pages by using the following URL’s

For Drugs: medguideindia.com/
For Immunization: medguideindia.com/immunization/
For Health Insurance: medguideindia.com/medicalinsurance/

OR
CAN ALSO REACH BACK ON MAIN PAGE OF DRUG / IMMUNISATION / HEALTH INSURANCE SECTION BY CLICKING ON LOGO

THERE ARE SEVERAL WAYS TO SEARCH FOR DRUG INFORMATION

RAPID SEARCH BY BRAND NAME
1. Go to Home Page/Drug page
2. Look for ‘RAPID SEARCH BY BRAND NAME’
3. Enter the brand name in the search box, then click on ‘SUBMIT’
4. Follow the steps sequentially as mentioned below.

FOR DETAILED SEARCH
It can be done by clicking on the image of Manufacturer, Brand or Generic on the drug page.

MANUFACTURER
1. Click on MANUFACTURER IMAGE on drug page
2. Page will show manufacturer’s list in alphabetical order
3. Enter the desired name in the search box
4. A drop out appears showing the names of various similar companies
5. Click on the exact company’s name
6. Then click on SEARCH
7. Page displays the relevant details of the manufacturer and a yellow button { } at the end of the column
8. Click on the yellow button{ } and page displays the relevant details of brands manufactured or marketed by the company
9. To know the composition of the drug click on ‘ACTIVE INGREDIENTS’
10. Composition details of the particular brand appears
11. To know about the drugs of similar composition being manufactured or marketed by other companies click on ‘ MATCHED BRANDS WITH ABOVE CONSTITUENTS’

BRAND

1. Click on BRAND IMAGE on drug page
2. Page will show brand’s list in alphabetical order
3. Enter the desired name of the brand in the search box
4. Click on SEARCH
5. Page displays the relevant brands
6. Click on ‘ACTIVE INGREDIENT’ for knowing the composition of the drug
7. Composition details of the particular brand appears
8. To know about the drugs of similar composition being manufactured by other companies click on ‘ MATCHED BRANDS WITH ABOVE CONSTITUENTS’

GENERIC

1. Click on GENERIC IMAGE on drug page
2. Page will show generic list in alphabetical order
3. There are yellow buttons under two columns
a. For single generic
b. For more than one generic
4. On clicking on yellow button under the column of single generic, page appears showing the desired information.
5. On clicking on yellow button under the column of more than one generic, page appears showing various combinations of the desired generic.
6. Click on the yellow button of the desired combination of generics, page appears showing the list of brands having similar generics
7. For finding out the information about the specific generic, follow the steps as below:

i) There are two search boxes at top of the table.
ii) Enter the name of the desired generic in one of the search boxes as below.

  • Single Generic
  • Combination of Generics

iii)A search box appears showing the name of similar generics
iv) Click on the exact name of the generic
v) Then click on “SEARCH/FIND”
vi) In the case of single generic, page appears showing the desired information.
vii) In the case of more than one generic, page appears showing various combinations of the desired generic.
viii) Click on the yellow button of the desired combination of generics, page appears showing the list of brands having similar generics

ADDITIONAL FEATURES

On the left hand side of drug page there is a box where following headings are shown.
1. Indications, contraindications, caution and side effects
2. Banned drugs
3. Import of drugs for Personal Use
4. Recently Launched Brands
5. Essential Medicines
6. Classified Group

1. ON CLICKING ON 1st COLUMN, page opens which shows the list of generics in alphabetical order. Enter the desired name in the search box, page showing the relevant generic appears. NOW CLICK ON SHOW, relevant page appears showing indications, contraindications, caution and side effects of the respective generic.
One can also find the desired information by clicking on the “Show”.
2. Once one CLICKS ON 2nd, 3rd, 4th, and 5th COLUMN, respective pages appear which provide the desired information.
3. On clicking on last column, another page appears which shows drugs classified under fifteen sub groups.
a. To know about the list of the drugs particular category click on “Click Here”.
b. Page opens which shows the list of brands of specific group.
c. There is a search box on the top of each table, you enter the name of the desired brand.
d. A drop out appears showing the name of similar brands
e. Click on the exact brand
f. Then click on the “Search”.
g. Page appears showing the information about the desired brand.
h. Follow the steps sequentially as mentioned above.

Since generic drug companies do not have to develop a medication from scratch, it costs significantly less to bring the drug to the market. Once a generic medication is approved, several companies can produce and sell the drug. This competition helps lower prices. In addition, many generic drugs are well-established, frequently used medications that do not require expensive advertising. Be wise, buy generic drugs and save money.

 

assuredgain

Promoter & Certified Personal Financial Advisor(CPFA) at AssuredGain Wealth and Financial Planners (P) Ltd, a financial planning and wealth management company in Chennai. I hold certification from “The Options Institute” (Chicago Board Options Exchange). I have also completed NSE’s Certification in Financial Markets (Options Trading Strategies Module) and CMP(Certified Market Professional) from NSE.

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Tags: medicine

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