Encourage use of generic drugs by waiving co-pay — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Encourage use of generic drugs by waiving co-pay

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in Human Resources

To persuade employees to switch from expensive brand-name prescription drugs to generics, some employers are eliminating co-payments for generic drugs. Others are waiving the first two or three months of generic co-pays. Example: The University of Iowa will eliminate generic co-pays next year. Its average cost for generic prescriptions is $19 and its average for brand-name drugs is $69. That $50 difference allows the university to waive the $10 to $25 co-pays on generics and still realize savings. Note: While the cost of brand-name drugs has increased rapidly in the past year, prices for generic drugs have stayed flat, says a new AARP study.

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