Martin Lewis has revealed a simple way shoppers could avoid paying significantly more than necessary for everyday medication.
Speaking on his BBC podcast, Mr Lewis urged consumers to check the product licence, or PL code, on packaging when comparing medicines.
The advice emerged after he asked listeners to share tips from their professions that could help others save money.
One listener working in pharmaceutical research highlighted that generic medicines are often identical to more expensive branded versions.
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By comparing PL codes printed on packaging, shoppers can identify when a lower-cost own-brand product contains exactly the same medicine as a pricier branded alternative.
The example of Panadol was cited, with branded paracetamol tablets often costing more than supermarket equivalents despite containing the same active ingredient.
Mr Lewis said: "Quite right, it's the active ingredient that does the job. So if it has the same active ingredient, it's doing the same job."
The active ingredient refers to the component in a medicine responsible for producing its therapeutic effect, such as paracetamol or aspirin.
Martin Lewis tip: How checking PL codes can help you save money on medicines and prescriptions
|Martin Lewis/GETTY
However, Mr Lewis noted that medicines with the same active ingredient may still differ in how they work.
He said variations such as slow-release or fast-acting formulas can affect how the medication is absorbed by the body.
Checking the PL code allows consumers to confirm whether two products are not only similar, but identical.
Mr Lewis said: "You can find in some pharmacies, different pharmaceuticals, like hay fever tablets, one might be an own brand at half the price of the branded one, but they have the same PL code."
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Additional advice shared during the discussion highlighted potential savings for those who regularly pay for prescriptions
|GETTY
He added: "Then it's not just the same active ingredient, it's absolutely the same stuff. It's the same tablet inside."
The tip means shoppers comparing products in pharmacies or supermarkets may be able to make direct like-for-like comparisons and opt for the cheaper option.
A worker from a GP practice pointed out that patients collecting repeat hormone replacement therapy prescriptions could benefit from a prepayment certificate.
Mr Lewis said: "Quite right, couldn't support that any more. There are many women missing out on that one and it is a big way to save."
A prescription prepayment certificate allows patients in England to pay a fixed upfront cost to cover all NHS prescriptions over a set period.
A three-month certificate costs £32.05, while a 12-month certificate is priced at £114.50.
With the standard prescription charge currently £9.90 per item in England, the certificate can offer savings for those requiring multiple prescriptions.
Patients needing more than three items over three months, or more than 11 items over 12 months, would typically pay less overall by using the scheme.