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President Bush Signs Two Bills to Improve
Health Care
Radio Address by the President to the Nation
October 26, 2002
"Earlier this week, I also announced action to bring
lower cost generic drugs to market more quickly. Right now,
some brand name drug companies are using legal maneuvers to
delay the approval of generic drugs, sometimes for years.
We're setting new limits on those delays. By reducing the
public's wait for quality generic drugs, we will reduce the
cost of prescriptions in this country by more than $3 billion
each year. These savings will help employer health plans,
state Medicaid programs, and seniors who buy medicines on
their own."
Read the full text of President Bush's speech on WhiteHouse.gov  |
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:: Generic vs Brand Name Medications |
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Generic medications are non-branded versions of drugs that
were originally sold under a brand name. A generic drug has
the same ingredients, composition and strength as the brand
drug. It is used the same way, affects the body the same way,
and has the exact same side effects (or lack thereof) as the
brand drug.
The only differences between generic and brand name medications
have to do with marketing decisions: the pills might be a
different shape and color, the package will probably look
different, etc.
Generic pharmaceuticals contain exactly the same active ingredients
as their branded counterparts. These products are created
once a brand company's patent on a branded product expires.
The generic product is able to be manufactured at a fraction
of the cost, as there is little or no cost associated with
research and development. Many insurance plans encourage you
to accept the generic version of a drug whenever it's medically
safe.
So, whether you buy brand or buy generic medications,
you get exactly the same ingredient. The real difference is
in the lowest price of generic drugs. The drug inside is identical!
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