I grew up in a, “brand name,” household. There were certain products that had to be purchased in the brand name variety versus the generic version.
For example, my family loved Pepsi. In the 1980s, it was a manner of pride in the pop culture soda wars to pick a favorite: Pepsi or Coca-Cola.
However, there were studies and even TV commercials which showed that people couldn’t tell the difference between the two in a blindfolded taste test.
It’s called the, “placebo effect.” You don’t have to be a scientist to understand it or how it affects your mind – and then in turn your financial bottom line.
When I drink Pepsi, my mind and body believes it is refreshing and is conditioned to derive a satisfactory feeling from consuming it.
Its why double-blind research studies exist. Your mind and body will make a headache go away if a doctor, or fancy TV commercial paid for by a pharmaceutical conglomerate, tells you a specific pill will do the trick.
I have tried my best to cut soda out of diet, with varying degrees of success.
But I always make it a point to keep Excedrin Extra Strength meds well stocked in my bathroom cabinet.
Well, I don’t know why, but I can always hear Fate’s condescendingly karmic laugh being directed at me in such situations, (even if I can’t discern the exact direction its coming from).
In late January 2020, the producers of Excedrin Extra Strength and Excedrin Migraine announced they were discontinuing production and recalling current supplies of the drug.
No readily comprehensible reason was given by the company.
I am thankful for the move.
It forced me to confront an uncomfortable financial truth.
I am wasting about $300 to $400 annually on brand name headache medicine.
Generics Equate to Savings
The active ingredients in Excedrin are acetaminophen, aspirin, and caffeine, with acetaminophen being the main ingredient.
Depending on where I shop, or if I buy online, I am paying anywhere from $25 to $40 for a 200 or 300 tablet bottle.
It cost billions, tens of billions, or more, for a pharmaceutical company to develop a drug, test it, and get it on the open market.
That is why brand name products cost so much. Some company must make their ROI back.
Not every medication has a generic version, but it can save you a lot of money to check it out.
Equate Extra Strength is a generic version of Excedrin which even aesthetically resembles the Excedrin packaging.
It costs $8.50 to $12 online for 100 and 200 tablet bottles.
It’s probably cheaper in some brick and mortar stores.
That’s the difference between paying $500 to $100 annually for a brand name or generic medication, respectfully.
Excedrin and Equate feature the exact same ingredients. It’s like taking a blindfolded taste test between Pepsi and Coca-Cola.
I am flushing $400 down the drain annually for brand name loyalty.
No more.
You can save 30% buying the generic version over the brand name when it comes to medications.
For example, I am regularly prescribed blood pressure regulating medications, like Losartan, by my doctor.
I have enough bills to deal with, the brand name and generic version have the same ingredient list, so why should I pay more?
Consumers can save about $10 billion annually if they regularly reached for generic instead of brand name meds.
I am going to specifically start reaching for generics now.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.