Generic veterinary medical products: Bright ideas in an era of change
The way your clients obtain medical products is in a state of flux. Can you keep your practice's light lit? Of course you can.
Chances are, at some point you've gone to your physician, come away with a prescription, gone to the pharmacy to have the script filled, and been delighted when the medication rang up for less than $10. Turns out there was a generic drug available for your ailment.
In an era when consumers are bombarded by ads urging them to ask their doctors about “the little purple pill” and other brand-name drugs, those same consumers are becoming more and more savvy about generics. For one thing, most insurance providers require policyholders to use generics when available. For another, consumers feel the benefit directly when the product costs less than their co-pay or if they're paying against a deductible.
More in this package:
Does your practice prescribe generic veterinary drugs for patients?
Where the generics money comes from
Has the availability of new generic and OTC flea-tick products affected your practice product sales?
What is the top reason you offer clients the option of generic drugs?
What is the top reason your practice does not prescribe generic drugs?
Veterinary medicine is feeling the effects of consumers' growing awareness, especially as the patents expire on key veterinary products. For reference, a drug patent expires 20 years after the date of filing. Manufacturers file before clinical trials begin, so by the time a drug is approved by the FDA, its patented life in the market is much shorter-anywhere from seven to 12 years, on average, unless the government grants an extension.
Once the patent expires, generic competitors jump into the fray, usually resulting in a price drop for both generic and brand-name versions of the product-much to consumers' delight (and, often, manufacturers' chagrin). Underlying this system is the idea that the manufacturer has had time to recoup its research and development investment by charging a high price, and now it's time to move on and innovate. The next generation of drugs is waiting to be discovered.
More in this package:
Does your practice prescribe generic veterinary drugs for patients?
Where the generics money comes from
Has the availability of new generic and OTC flea-tick products affected your practice product sales?
What is the top reason you offer clients the option of generic drugs?
What is the top reason your practice does not prescribe generic drugs?
The financial implications for veterinary practices are significant. How a clinic handles generic options can affect revenue, compliance, client service, inventory, its relationship with manufacturers and distributors, and much more. Of course, a veterinarian can prescribe any medication (including a human drug) for any reason in an off-label usage. So competition from human pharmacies with their $4 options-not to mention Internet pharmacies such as 1800PetMeds and the practice down the street-only makes the issue more complex.
We asked veterinarians if they offered generic drugs and, overwhelmingly, they said yes. Their reasons why are enlightening-as are the comments of those who don't.
More in this package:
Does your practice prescribe generic veterinary drugs for patients?
Where the generics money comes from
Has the availability of new generic and OTC flea-tick products affected your practice product sales?
What is the top reason you offer clients the option of generic drugs?
What is the top reason your practice does not prescribe generic drugs?
What is the top reason you offer clients the option of generic drugs?
“Lower cost often leads to better compliance in regard to medications.”
“If you don't have cheaper alternatives, clients will get them elsewhere.”
“We try to keep people from going to 1800PetMeds.”
“Local pharmacies carry the same meds and clients want the same price. Our competitors also use generics.”
“Clients have asked for them.”
“If a client can't afford what we have, it's more important that our patients get the treatment they need.”
“When efficacy is the same and price is the only difference, we prescribe generics. In the rare cases where brand names have an advantage, we recommend them.”
“Clients expect it because they use generics themselves and price-check online.”
“We carry a few because they're less expensive. But I prefer veterinary drugs that I know are animal-approved rather than human generics.”
“With generics, the client has more money to spend on more profitable services, and we have less inventory cost.”
More in this package:
Does your practice prescribe generic veterinary drugs for patients?
Where the generics money comes from
Has the availability of new generic and OTC flea-tick products affected your practice product sales?
What is the top reason you offer clients the option of generic drugs?
What is the top reason your practice does not prescribe generic drugs?
What is the top reason your practice does not prescribe generic drugs?
“Shelf space.”
“Support from the company name brand.”
“Name recognition for clients makes them more comfortable.”
“To keep the money in the practice.”
“Consistent quality of nongenerics.”
“Convenience for clients to take the medication home that day from the clinic.”
“I have always trusted the name brand; there's no history yet on generic performance.”
“I believe we need to support the companies willing to invest in new drugs for veterinary medicine.”
More in this package:
Does your practice prescribe generic veterinary drugs for patients?
Where the generics money comes from
Has the availability of new generic and OTC flea-tick products affected your practice product sales?
What is the top reason you offer clients the option of generic drugs?
What is the top reason your practice does not prescribe generic drugs?
