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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Generic vs. Brand Name Drugs

When it comes to spending on over the counter drugs, Americans are wasting big bucks on brand names. That's according to a new paper by economists from Tilburg University in the Netherlands, and the University of Chicago.

Their research estimates Americans waste about $44 billion a year on brand names, when they could be buying the exact same products by switching to cheaper store brands. Those generic versions typically costs about half the price of national brands.

So why are people willing to spend so much more? The paper suggests ads are more likely to mislead all but the most knowledgeable customers.


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