Same drugs, better prices

"Despite all the evidence of the past 20 years that there is no difference between brand and off-brand OTC medications, consumers continue to buy the more expensive drugs, even though they could save considerable amounts of money by purchasing less-expensive versions of the same drug," Findlay says.

Read the label

With so many versions of over-the-counter medications -- there are more than 20 versions of Tylenol for pain relief, colds and allergies, for example -- it can be difficult to compare brand names to each other and to off-brands to make sure that you're getting exactly the medication that you need. But armed with some knowledge about a drug's active ingredients, a few minutes and help from your local pharmacist, it is possible to save a significant amount of money when shopping for drugs.

You can find out from the back of the box whether a brand-name OTC drug is identical to another medication, says Sean Karbowicz, a clinical-pharmacy manager for Regence Blue Cross Blue Shield.

"The labels on all OTC drugs have a standard format, and it is fairly easy to tell if two drugs are the same," he says.

In 2002, the FDA introduced a standardized label, which you can find an example of on the FDA site. When you compare medications across brands, focus on the drug's active ingredients and the amount in each dosage unit, which will tell you if two medications are identical.

For example, two medications that contain 500 milligrams of acetaminophen, a pain reliever, are identical and should produce the same result in terms of relieving pain.

If you're confused by the labels, bring your questions to the store pharmacist, who "will be happy to step out from behind the counter and show you which medicines are comparable and will be the most helpful given your needs," Karbowicz says.

Pharmacists can also help you pinpoint which medications will be best for you given your particular symptoms, Jenkins says, and can also counsel you about potential interactions between your OTC and prescription drugs.

A drug's packaging doesn't make a difference in terms of its effectiveness, but is a matter of preference for the individual consumer, who may prefer gel caps over tablets or RediTabs over caplets.

"Gel caps may be easier for you to swallow, but the form really doesn't make a difference in terms of how fast a pill will work or in terms of how it works," says Karbowicz.

Where to shop

Unlike prescription drugs, where online outlets have exerted downward pricing pressures on all retailers, shopping for OTC drugs is best done in person in a local pharmacy; grocery store; big-box store such as Wal-Mart, Kmart or Target; or even warehouse store such as Costco Wholesale or Sam's Club, says Findlay.

You can shop for OTC drugs online, but any cost savings are likely to be small even when buying off-brand medications, given the difficulty in comparing medications online and extra shipping costs.

Some products have several off-brand versions, including a store version -- like Rite Aid or CVS brands -- and a more "generic" off-brand version, Findlay notes. The store brand may receive product placement next to the brand name, while the more obscure "generic" off-brand may be on a lower shelf.

It can take persistence and some time to hunt down the lowest-price product, but the hunt can be worth it, as prices can differ by 50% to 60%, or even more in the case of an OTC drug such as aspirin, where pricing, competition and consumer awareness have driven prices down considerably during the past few years.

For other products, especially products that combine several medications in one package, price differences aren't so large. Findlay terms this "shadow pricing," where one product is priced only 10 percent or 15 percent lower than a competing product. Where the pricing difference isn't significant, many consumers will opt for the brand name over the slightly less expensive off-brand name.

Comparison pricing can really reap benefits for consumers.

"The advice we give to consumers is that it pays to go to several pharmacies and price the various alternatives, because in most cases you'll be able to save more money as some pharmacies will price the off-brands more cheaply than others," Findlay says.

Combination medications

Drug companies have invested millions of dollars in creating and marketing versions of their products that combine several different active ingredients in one medication. Such combination medications are aimed at dealing with illnesses and conditions with multiple symptoms.

From the standpoint of the pharmacist, combination medications aren't always the best alternatives for treating ailments, although consumers tend to prefer them.

"Many consumers are overmedicating themselves because in many cases they don't need all those different active ingredients that are in a combination medication," says Karbowicz. "This is another case where the pharmacist can help you find the best medication."

Jenkins agrees, saying that consumer convenience and savvy marketing are behind the trend toward more combination medications.

"It's funny because I actually bought the Neosporin the other day that contains pain-relieving ingredients, even though as a pharmacist I know the pain relieving-properties aren't that significant for something like a skinned knee. But as a parent I'm thinking it might be more palatable to my child," she says.

This article was reported and written by Amy Buttell Crane for Bankrate.com.

Updated Sept. 2, 2008

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