Over the next year and a half, patents for seven of the 20 most-purchased prescription medications will expire, opening the door for a host of much cheaper generics, according to ABC News.
Among the drugs set to go generic soon are Lipitor, Zyprexa and Plavix.
While this mass expiration will slash the profits of the pharmaceutical companies who hold the patents, patients and their caregivers could see big savings. Some generic drugs cost as little as one-fifth of the price of their brand-name counterparts.
The Food and Drug Administration requires generic drugs to have the same quality, strength, purity and stability as brand-name drugs. When a drug's patent expires, generally after 20 years, other companies can start selling a generic version, but first they must test it and the FDA must approve it.
Still, some physicians are reluctant to prescribe generics and are "reluctant to trust them," ABC News reported.
On its website, Senior Citizens Magazine suggests that consumers should talk to their doctors before switching to generics. It notes that generics may have different binders, flavorings and colorings than the brand-name drugs they imitate, and in some cases, this could negatively affect how the drug is absorbed by the body.