Tips to reduce Medical bills expanses

1.Intro

Medical expenses in India are rising rapidly, with many families falling into poverty just trying to pay their medical bills. But there is a simple way to slash your medical costs by 80% to 85% — by using affordable generic medicines instead of expensive branded drugs. In this short article, I’ll tell you what you need to know about generic drugs and why they can be a lifesaver for your wallet. By becoming aware of this option, you can take control over your medical spending.

Firstly talking about report:

• A recent report found that yearly medical spending per person in India averages around Rs 2,500. Of this, 67% goes towards buying medicines.
• Another report stated that in the years 2011–2012, 5 crore Indians fell below the poverty line due to unaffordable medical bills. Out of these, 3.8 crore people became poor specifically due to high medicine costs.

2.The Solution — Generic Medicines

But there is a simple and effective solution available that can reduce your medical bills by a massive 80–85% — generic medicines. Generic medicines contain the same chemical ingredients and provide the same treatment as more expensive brand name drugs. By choosing quality generics over branded medicines, you can bring down your medical spending dramatically and make healthcare affordable even for low-income families.

This establishes generics as the solution and highlights their cost-saving benefits right at the outset before going into more details later in the video. Let me know if you would like me to modify this introduction of the concept in any way!

Benefits:

benefits of generic medicines that could be highlighted:

• Cost savings of 80–85% compared to branded drugs — This is the major benefit that makes healthcare more affordable and accessible.
• Same quality & treatment — Generics contain the same active ingredients as branded drugs and provide equivalent treatment. They go through strict bioequivalence testing.
• Increased access to medicines — Lower prices enable poorer sections of society to get treated.
• Savings for healthcare system — Wider use of generics can save billions in public healthcare spending, enabling better facilities.
• Encourages competition — Availability of generics opens up the market and ends brand monopolies.
• Easier to scale up production — Generics can be manufactured by multiple companies unlike patented drugs. This improves availability.

3.Difference Between Branded and Generic Medicines

What exactly is the difference between branded and generic medicines? Branded medicines are sold under a patented brand name by a pharmaceutical company. Generics contain the same active ingredients and provide the same treatment as branded drugs. The only difference is generics don’t have a brand name attached and hence don’t require expensive marketing or promotions. This makes quality generic medicines on average 80–85% cheaper than branded equivalents.

So generics can save you huge amounts on healthcare costs without compromising on treatment — simply by avoiding paying for the brand name. Keep this crucial difference in mind next time you buy medicines.

4.Why doctors prescribe only Branded drug?

why doctors often prescribe branded drugs rather than generics:

• Doctors get commissions and gifts from pharmaceutical companies to prescribe their branded medicines. The more they prescribe a brand, the greater benefits they get.
• Pharma companies ensure stock availability of their brands at pharmacies near doctors’ clinics. So it’s easier for doctors to prescribe those medicines.
• There is a lack of widespread availability of generics at local pharmacies currently. So doctors prescribe what is easily available.
• Doctors sometimes claim the quality of generics is inferior and less reliable.
• Patients are also more familiar with recognizing brands than generic drug names.
• Prescription by brand name is a prevalent practice and habit among doctors.

5. Global Example — USA’s Shift to Generic Medicines

the global example of USA’s increased adoption of generic medicines:

• The US provides a great example of how drastically generics can reduce healthcare costs when widely adopted. Doctors in the US prescribe generics for 9 out of 10 medicines on average.
• This has led to huge savings — in 2021 alone, the use of generics saved US patients a total of $373 billion in costs!
• The US government has actively promoted use of generics through various laws and policies. This has helped change perceptions and increase acceptance among doctors and patients.
• India can learn from these global best practices on how to drive generic medicine usage through regulatory reforms and awareness campaigns. This can make quality healthcare affordable to all Indians.

6.India’s Challenge

India faces a unique challenge when it comes to generics. Despite being a major global producer of generic medicines, generics account for only 1% of medicines used in India! This is because:

• Doctors continue prescribing branded medicines out of habit and incentives from pharma firms.
• Pharmacies prefer to sell brands giving higher profits.
• Patients lack awareness about generics and find it easier to recognize brands.
• Accessibility of generics is still low, especially in rural areas.
• There are concerns among some about quality of generics compared to established brands.

7.Indian government initiative

Indian government initiatives to promote generic drug usage:

• The Indian government has recently taken steps to drive greater use of generics.
• One major initiative made it mandatory for doctors to prescribe generic medicines from 2022.
• Strict penalties including license suspension have now been proposed for doctors not complying with generic prescription rules.
• The government is also setting up dedicated generic medicine stores like Jan Aushadhi Kendras to improve access across India.
• Awareness campaigns to educate citizens about the benefits of generics have also been launched.

8.Awareness

While government efforts to promote generics are important, individual awareness also plays a huge role in driving adoption.

As a patient or caregiver, you can help reduce your medical expenses by:

• Asking your doctor if generic alternatives are available and suitable, instead of branded drugs.
• Checking if prescribed medicines contain brand names and asking for generic versions.
• Comparing prices of same drugs from different brands and choosing the most affordable.
• Finding pharmacies near you that stock quality generics.
• Spreading awareness in your family and community about the benefits of generics.

So be an informed and empowered patient — your awareness about generic medicines can truly make healthcare more accessible and affordable for you and your loved ones.

“Save on your medical expenses and invest the saved money in your health insurance."

Thank you