Popular prescription medications now offering coupons

Some major pharmaceutical companies are now offering coupons to retain customers when their key brands start getting competition from generics.

The drug makers typically post links announcing the coupons on their websites. Once you sign up, you get a downloadable coupon that offers a greatly reduced co-payment at your favorite pharmacy.

Now, this won’t work if you get your health care from the government or if you participate in a pharmacy benefit manager (PBM) program at work. You have to go to the pharmacy and have your script filled.

Know that this is not for every brand name, just for those that face generic competition. Among the popular big-name drugs offering coupons are Lipitor, Plavix, and Diovan.

A word about buying generics: Many pharmacies price generics at around 30% below the brand name. They may pay 2% of the cost, but they price it based on the discount from the brand name. That’s why they push the generic version of drugs so much.

What you need to know is that price varies wildly from pharmacy to pharmacy. You might pay $6 for a generic at one place and $125 for the same generic at another place. Shop around to get the best deal.