For veterinarians in private practice, there are a lot of stressors from a financial standpoint. From controlling inventory to competing with low-cost clinics that seem to be sprouting up everywhere across the country, there are a lot of factors that go into managing your bottom line. Your primary goal is to provide care and expertise to pets in need. But sometimes, that’s easier said than done. With missed appointments, staff overhead, and rising costs, it can be difficult to maintain strong profitability.
In fact, the overall cost of veterinary treatment continues to rise by approximately 12% every year. Furthermore, according to the Society for Practicing Veterinary Surgeons who surveyed its members about climbing costs, 76% of small animal veterinary practices had increased their own fees over the past year.
The rise in costs also means being passed on to clients. Increased costs may force pet parents to think twice about returning when Spot is feeling sick, cutting into your bottom line. This is especially true when you consider that only about 10% of dogs (and 5% of cats) are covered by medical insurance according to the American Pet Products Association.
And it’s not always a physical malady that requires a visit to the vet.
Generic Alternative to Dog Anxiety Medication
Common reasons for dog owners to schedule a visit to the veterinarian are oftentimes related to behavioral disorders. Anxiety in dogs, for example, affects up to 40% of those experiencing such disorders, according to the College of Veterinary Medicine at the University of Illinois at Urbana-Champaign. Furthermore, some of the most common breeds of dogs are also the most likely to suffer from anxiety such as Chihuahuas, Dachshunds, Malteses and Yorkshire Terriers.
Fortunately for pet parents and veterinarians alike, a new generic version of Elanco’s Clomicalm, (Clomipramine Hydrochloride Tablets), has recently been approved by the US FDA. This generic medication will cost a fraction of what its name brand counterpart can be found online for (up to $156 for a 20mg 90 day supply) while being just as safe and effective.
“In the majority of cases, I do think generics are safe and have comparable efficacy”, says Dr. Dale Paley, DVM, ABVP (Canines and Felines). “I would often prescribe the generic equivalent as there can be significant cost savings to our clients”, she continues. And anti-anxiety medication won’t be the only new generic medication to hit the market.
Bob Edwards, Chief Executive Officer of Mizner Bioscience, the maker of the generic clomipramine hydrochloride tablets commented, “We are excited to launch our first of many generic drugs for the animal space. Generic drugs have been part of the human health system for decades, helping to lower costs of treatment significantly. FDA approved generic alternatives offer animal health professionals alternatives to costly medications making it more affordable for pet parents.”
Benefits of Generic Dog Medications for Veterinarians
If veterinarians can prescribe medications that cost less and are proven to be just as safe and effective, it will go a long way in maintaining client retention and increasing profitability for private practices. “If veterinary medicine can be cost prohibitive for some owners and if I can utilize a comparable generic to alleviate a component of overall costs, I believe this will have a positive influence on overall treatment success”, claims Dr. Paley.
Mizner Bioscience is a specialty pharmaceutical committed to the development and distribution of generic drugs for the animal health market. For more information on product availability, email firstname.lastname@example.org.