Brand name or generic? This is the subject of a recent study conducted by The University of Chicago Booth School of Business. The study shows overwhelmingly informed consumers in their specific fields purchase the generic items, saving a significant amount of money. Chefs bought generic baking soda over name brand. Pharmacists purchased store brand headache remedies over the name brand.
The reasoning is simple. Chefs, pharmacists and doctors both know there is no reason to spend more to get the same active ingredient.
Lynn Eschenbacher, a pharmacist and manager on Raleigh Campus, explains the logic behind purchasing generic medications.
“Health care is highly regulated and all drugs in the U.S. must be approved by the U.S. Food & Drug Administration, including generic medications. For a generic medicine, the FDA reviews the product and deems it to be AB rated, which means the generic is equivalent to its brand-name counterpart. The FDA requires generics to have the same active ingredients, although the products might have different secondary ingredients. Basically, the generic is the same drug and will deliver the same result without paying for advertising the brand name product.”
Now that just makes cents!
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