By Louis DeNicola, Cheapism.com
Could knowing when to buy generic save American consumers more than $1 billion a year? That's the estimate of a recent study by economists at the University of Chicago Booth School of Business and a colleague at Tilburg University in the Netherlands. The researchers found, for instance, that healthcare professionals are more likely than other consumers to buy cheaper private-label headache remedies. The study suggests that if everyone knew as much as doctors and pharmacists do about things like active ingredients, headache sufferers would spend $410 million less on brand-name medication.
That begs the question: What else are consumers buying brand-name when generic will do just as well? Cheapism looked into supermarket merchandise ranging from food to batteries to find out when it's best to go generic to save money.
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