Saving money with generic groceries and medicationsPosted: Updated:
PHOENIX -- Whether it's medication for someone's cold or cereal for a quick breakfast fix, there are a number of generic options in drug stores and supermarkets. Some might think that brand names are the way to go, but a study is saying that the smart move is actually generic.
The University of Chicago partnered with Tilburg University in the Netherlands for a study on generic alternatives for groceries and medicine. They found that most people by brand names, but that store or generic versions cost half as much as the big label options.
The study went on to discover that the least informed consumers reach for the big brands out of fear that they'll lose quality going generic. However, pharmacists and doctors are among the groups more likely to go generic on medication -- it seems like they should know best.
3TV's Heidi Goitia made her way to a CVS in north Phoenix this morning, a store that sells many generic alternatives to name-brand medicines. The study showed that CVS' aspirin contains the exact same dosage and ingredients as Bayer aspirin, but for a lower price.
As a whole, $44 billion could be saved every year if everyone opted to buy generic instead of name-brand products.