text: WASHINGTON, May 28— Pharmacists are virtually ignoring laws p ermitting the substitution of less expensive generic formulations f or brand-name drugs, according to a comprehensive study recently r eleased by the National Center for Health Services Research, an arm o f the Department of Health and Human Services.
  
  Although pharmacists could have passed on to consumers savings of about 25 percent, or an average of $1.25, for each prescription, they rarely did so, according to a six-year, four-state survey sponsored by the center.
  
  ''Although the potential for substitution appears great in each state studied, the actual experience has been disappointing,'' said Dr. Theodore Goldberg, a professor at Wayne State University School of Medicine and director of the study. He found that the percentage of substituting generic for brand-name drugs was consistently low: 8.6 percent in Vermont, 7.4 percent in Michigan, 5.1 percent in Wisconsin and 2.6 percent in Rhode Island.
  
  The statistics did not surprise Richard Penna, a spokesman for at the American Pharmaceutical Association. ''Pharmacists do not have any financial incentive to dispense generic drugs,'' he said. Over the next five to 10 years, though, there will be substantial increases in generic sales as state laws are simplified and pharmacists become accustomed to handling generic drugs, he added.
  
  Sales of generic drugs are already rising. While sales of all drugs are increasing at an annual rate of 12 percent, the $4.5 billion generic drug market is moving ahead at 14 percent a year, according to Dee Fensterer, spokesman for the Generic Pharmaceutical Association.
  
  A ttic ventilators can save on cooling bills, but one brand sold by Sears, Roebuck & Company may set the roof on fire, according to the Consumer Product Safety Commission. The commission, in cooperation with the manufacturer, Emerson Electric Company, recently announced a recall of 11,500 electric motors housed inside the roof-mounted ventilators.
  
  Consumers have been complaining since last September that the ventilator's motor was causing fires, according to Emerson. No injuries have been reported.
  
  The $70 ventilators, sold through Sears stores and catalogues in 1980 and 1981, have a light-gray molded polyvinyl hood and an identification plate on the electric motor. The model number is 758.648360.
  
  Emerson will arrange for a serviceman to replace the motor free of charge. For details, call 1-800-325-4130 or the commission at 800-638-8326.
  
  I F you are shopping for insurance, or if someone is trying to sell you insurance, expert and impartial help is necessary. The National Insurance Consumer Organization has just published a 1982 edition of its ''Taking the Bite Out of Insurance: How to Save Money on Life Insurance.'' It is available for $6.25 from NICO, 344 Commerce Street, Alexandria, Va. 22314. The 44-page book offers simple, straightforward recommendations by its author, James H. Hunt, a former State Insurance Commissioner of Vermont, and has a forward by Ralph Nader, who helped found the research and lobbying group two years ago.
  
  Medicare is another convoluted topic. To make things easier, the State of New York Insurance Deptment has recently issued a guide for older persons who want to buy supplemental coverage. ''Medicare Supplemental Insurance in New York State'' is free from the Publications Unit, New York State Insurance Department, Agency Building One, Empire State Plaza, Albany, N.Y. 12257. The book, which is printed in large type, explains the gaps in Medicare coverage, suggests supplemental coverage and gives comparative information on policies offered by insurance companies within the state. YOU may never have been tempted by the national advertisements o ffering diamond pendants for $12 or emerald earrings for $5, but youm ight have wondered how the companies could be so generous.
  
  The Federal Trade Commission was also curious and has issued a bulletin stating that consumers get pretty much what they pay for. One advertisement described a diamond as ''17 facet round, weighing .25 points.'' Sure enough, the technical description was correct, but the commission noted few consumers probably realized that a .25-carat diamond is only the size of a pinhead. Likewise, the gold chains may be so fragile that they are liable to break under normal use and probably are impossible to repair.
  
  The commission bulletin also defined a few jewelry terms that companies legitimately use to enhance products. ''Solid gold,'' for instance, means only that the object is not hollow. ''Gold plated'' may mean that the jewelry has a seven-millionths-of-an-inch layer of 10-karat gold, the lowest-quality gold that can be offered for sale in this country.
  
  Susanne Patch, a spokesman for the Federal regulatory agency, could not divulge whether the commission was investigating the mail-order gem business, but she said no complaints have been issued yet. Michael deCourcy Hinds
summary: Pharmacists are virtually ignoring laws p ermitting the substitution of less expensive generic formulations f or brand-name drugs, according to a comprehensive study recently r eleased by the National Center for Health Services Research, an arm o f the Department of Health and Human Services.   Although pharmacists could have passed on to consumers savings of about 25 percent, or an average of $1.25, for each prescription, they rarely did so, according to a six-year, four-state survey sponsored by the center.   ''Although the potential for substitution appears great in each state studied, the actual experience has been disappointing,'' said Dr. Theodore Goldberg, a professor at Wayne State University School of Medicine and director of the study. He found that the percentage of substituting generic for brand-name drugs was consistently low: 8.6 percent in Vermont, 7.4 percent in Michigan, 5.1 percent in Wisconsin and 2.6 percent in Rhode Island.