(BPT) - Have you ever gone to fill a prescription and the pharmacist asks if you’d like the generic version of the medication, perhaps reminding you that it is at a considerable cost savings over the brand-named drug? Or you’re told that your insurance will only cover the generic equivalent of what your doctor has prescribed?
The first time this happens, you undoubtedly have many questions: Is there a difference between branded and generic medicines? Will the generic be just as safe and effective? Do insurance companies prefer generics? If you have, you’re not alone in asking these questions.
 It’s no secret that the rising costs of health care services and medications have been affecting millions of Americans – indeed, our economy – and will undoubtedly continue to do so in the future. However, generic alternatives have proven to be a critical factor in slowing down national health care spending. In fact, generic drug use has saved America’s health care system approximately $1.07 trillion over the past decade, with $192.8 billion in savings achieved in 2011 alone, according to a 2012 study by the IMS Institute for Healthcare Informatics.
However, while consumers recognize the cost advantage of generic drugs, they are reminded, from time to time, of the question of quality and efficacy of generic medications versus name-brand equivalents. Consumers should know that the U.S. Food and Drug Administration, the federal agency responsible for protecting and promoting public health, requires that generic drugs must be identical or “bioequivalent” to brand name drugs in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use.
“The U.S. FDA tests generic medicines just as rigorously as their branded counterparts,” explains Venkat Krishnan, senior vice president and regional director at Ranbaxy Inc. “Generic drugs must meet rigid qualifying criteria before they can be made available to the general public. At Ranbaxy, we have stringent protocols in place to ensure that our products are both safe and effective, and we stand behind that, focused on our philosophy of ‘Quality and Patients First.’”
People are choosing generics in increasing numbers, out of economic necessity and because they are increasingly better informed.Of the 4 billion prescriptions written in 2011, nearly 80 percent were dispensed using generic versions of their brand name counterpart. With generics, consumers have the option of paying a price that is as much as 85 percent lower than name-brand drugs.
If you have questions about switching to a generic prescription, have a conversation with your doctor or pharmacist, or visit www.gphaonline.org for more information and the facts about generic drugs.

(BPT) - Are you feeling overwhelmed by your monthly bills? Do you only pay the minimum on your credit cards each month, or use several credit cards to spread out your debt? These are all warning signs that your habits may be keeping you from reaching your financial goals. The good news is, you can take steps to manage your debt and gradually reduce it over time.
Before you take any action, however, you need to know exactly where you stand financially. Look over all your outstanding debt – credit cards, car payments, mortgage or rent, student loans – to help you determine where you are and which obligations have priority. These tips from Wells Fargo can help you responsibly manage your debt and strengthen your credit situation.
* Organizing debt: Not all types of debt affect your finances equally. Collect recent statements from all your creditors. Write down the creditor, amount owed, monthly payment and interest rate on your account. Knowing which debts have the highest minimum monthly payments and interest rates will help you determine which debt is costing you the most.
* Prioritizing payments:  Examine where you can cut back on expenses, and put that money toward your debts. Try paying off your debts with the highest interest rates as quickly as you can, while continuing to pay at least the minimum due on all of your other debts each month. Once you’ve paid off the credit card with the highest interest rate, put that money toward the next highest.
* Calling creditors: If you can’t make a payment or need to make a partial payment, talk to your creditors about setting up a payment plan you can afford. You may be surprised – many creditors will be willing to work with you to find a solution.
* Refinancing your mortgage: If interest rates have dropped since you took out your mortgage loan, consider refinancing to lower your monthly payments. If refinancing isn’t an option, consider other options to repay your loan more quickly. For example, sending additional principal payments with your regular payments decreases the loan balance and reduces the overall interest owed.
* Seeing a credit counselor: These professionals will need to see all your financial material so that they can help you explore your options and make a plan to get you out of debt. To find a reputable credit counselor, visit the website for the nonprofit National Foundation for Credit Counseling, www.nfcc.org.
* Consolidating your debt: You might want to consider combining all of your debts into a single loan. This allows you to pay off your debt with one monthly payment, which could be lower than all of your previous monthly payments combined. It will also make it easier to keep track of your debt. Keep in mind that a debt consolidation loan simply transfers the debt to a new lender – you’ll still have debt. Additionally, if your consolidation loan has a longer repayment period, it could increase the total amount you repay. You can pay the loan off faster, of course, by making more than a minimum payment each month. 
There is hope if you are in debt. Creating a manageable plan to chart a path out of debt can give you confidence in knowing that you are in control of your finances and improving your credit health. For more information, visit the Wells Fargo Smarter Credit Center, www.WellsFargo.com/smarter_credit.