What does “generic” mean?: Generic medications are medications with the same active ingredient as the original branded product. Generics are generally sold by manufacturers other than the pharmaceutical companies who develop the drugs. For example, Lipitor was the name of the original branded drug created by Pfizer, and now it is manufactured under the generic name Atorvastatin by a number of companies. The drugs have to be proven by the FDA to perform the same clinical function safely before being approved for production and distribution. Drugs usually have a 20-year patent and generics emerge after the patent expires.

Why does it matter to us?: Generic drugs are usually much cheaper than the branded product. This has to do with many factors, one of them being generic makers do not have to pay for the drug development costs.

List of notable drugs going off patent in 2023: Humira (adalimumab), Trokendi XR (topiramate), Latuda (lurasidone), Victoza (liraglutide), Livalo (pitavastatin), Myrbetriq (mirabegeron), Entresto (Sacubitril/Valsartan), Toviaz (fesoterodine), Vyvanse (lisdexamphetamine)

When will generics be available?: New generic availability is dependent on approvals and manufacturing and will likely be delayed. However, when they do come out, they have historically been much cheaper than the branded products. If you regularly take one of these medications, they may become cheaper this year as generic products emerge.