Understanding the differences between certain types of drugs can help ensure you choose the best and most affordable option. Here’s a breakdown of some of the most common categories of medications from the team at Schauer Group.
Prescription vs. over-the-counter drugs
Prescriptions require a script from a provider to receive, while OTC medications can be purchased
wherever drugs are sold without outside approval. You may find some common OTC drugs can be
prescribed, but despite being more accessible, the OTC version might not actually be cheaper. Prescriptions are generally covered by health insurance, so it’s best to check with your insurance provider and pharmacy to determine which option is more cost-effective and best meets your medical needs.
Brand name versus generic brand drugs
There is almost no difference between most brand name drugs and their and generic counterparts. Generic drugs must be formulated similarly to the brand name drug and achieve the same treatment goals, but the
way they are composed and distributed can differ slightly. They exist as a more accessible and affordable option.
That said, there are some instances where the brand name version may be better for you – for example, if
there is no generic equivalent, the generic version doesn’t work for you, or you have a negative reaction to the generic version.
Specialty versus traditional drugs
Specialty drugs are less common medications that are made with more complex formulas. They treat chronic, rare, or specific medical conditions, like cancer or multiple sclerosis. These medications will always require a prescription from your provider and may only be available at specialty pharmacies, but they can be brand name or generic.
In contrast, traditional medications are more common, are made with less complex formulas, and can refer to prescribed, OTC, brand name, or generic drugs.
When seeking medical care and treatment, it is important that you and your provider discuss what kind of medications will give you the best quality of life and treat your specific medical conditions. Best practice is to research what benefits your insurance provides for you as well as what deals you may qualify for when faced with high-cost drugs.
Drug discounts are also available, offered through companies like GoodRx, which allows you to search for coupons for specific medications. There are also prescription assistance programs you may qualify for depending on your situation – options include federal or state benefits.
If you have additional questions about pharmacy costs, please contact your Schauer Group representative.
