News to Use for Agents in the Senior Market
A Publication of Senior Marketing Specialists
Week of March 20, 2017
Generic prescription drugs are lower-cost alternatives to brand name drugs. They use the same active ingredients as their brand name counterparts and work the same way. According to the FDA, generic drugs are the same as brand name drugs in safety, strength, quality, the way they work, how they’re taken and the way they should be used.
Some key drugs set to lose their patent in 2017:
Invanz, Vytorin, Cancidas, Cubicin, Somavert, Relpax, Viagra, Sandostatin LAR, Reyatz, Strattera, Copaxone, Effient, Velcade, Sustiva, Norditropin SimpleXx, Viread, Pristiq and Cialis.
Upon loss of a patent a company losses exclusivity and you’ll often find them in court, fighting to block the arrival of generics and to prolong the period of exclusivity.
FDA New and Generic Drug Approvals:
Anticipated Availability of First-Time Generics – Pharmacist’s Letter: http://pharmacistsletter.therapeuticresearch.com/pl/ArticlePDF.aspx?s=PL&DetailID=280401
FDA – Understanding Generic Drugs: https://www.fda.gov/Drugs/ResourcesForYou/Consumers/BuyingUsingMedicineSafely/UnderstandingGenericDrugs/ucm167991.htm
Medicare Publication – “How Medicare Prescription Drug Plans & Medicare Advantage Plans with Prescription Drug Coverage (MA-PDs) Use Pharmacies, Formularies, & Common Coverage Rules” https://www.medicare.gov/Pubs/pdf/11136-Pharmacies-Formularies-Coverage-Rules.pdf
Why is this important? Often your clients might not even know they have a generic option available. Generic drugs can save hundreds if not thousands of dollars. Among other things many of these funds can be redirected into building more comprehensive benefit packages for your clients.
Join us for the largest agent focused event in the country. The Senior Marketing Specialists Sales Summit. Now a 2 day event. Find out more here: https://www.smssalessummit.com/
Why is this important? Activities will include numerous breakout sessions, product workshops, and business strategy sessions as well as give agents a chance to visit with the top carriers and vendors in the industry’s biggest trade show event.
Senior Marketing Specialists offers free strategy consultations to help you build a successful insurance practice. Items that will be covered include:
Sales and Marketing: From Sales Basics to Branding Yourself
Education: From Compliance to Using Medicare
Agency Structure: From Setting Up Your Insurance Business to Making a Profit
Agency Administration: From Setting Up an Office to Office Staff Training
Why is this important? No matter how long you have been in the insurance business getting new ideas and perspectives can mean increased profits and improved client satisfaction. Call 1-800-689-2800 to set an appointment with one of our directors.
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