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Yes, it is OK to take the metformin as 500 mg four times per day, as long as you can remember to take it regularly. Taking it four times per day will not decrease the effectiveness of the drug, and if you find that you tolerate it better, that would be be fine.
However, there are multiple studies that show that people are more likely to forget to take doses when chronic medicines are taken multiple times per day. People do quite well at remembering drugs that are once daily and almost as good at remembering drugs that are twice daily. But when chronic drugs are to be taken more often, then the percentage of pills that are forgotten get higher, and the rate increases in direct proportion to the number of pills taken per day. It is for this reason that doctors much prefer to use chronic drugs that are once or twice daily than drugs that must be given three or four times daily.
It is also true, though, that different people may be able to arrange their daily activities to better accommodate pills being taken multiple times per day. And with today's technology, it may be easier to create reminders, such as alarms that can be created on cell phones or smart phones. If you can arrange it so that you will consistently take the medicine four times per day, then it would be fine to do so.
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