What is it Generic drug?
A generic drug is identical, or bioequivalent to a brand name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Although generic drugs are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price. According to the Congressional Budget Office, generic drugs save consumers an estimated $8 to $10 billion a year at retail pharmacies. Even more billions are saved when hospitals use generics...
Economics
The principal reason for the relatively low price of generic medicines is that these companies incur fewer costs in creating the generic drug, and are therefore able to maintain profitability while offering the drug at a lower cost to consumers. The costs of these generic drugs are so low that many developing countries can easily afford. For example Thailand is going to import millions of generic version pills of Plavix, a blood-thinning treatment to prevent heart attacks, costs just 3 US cents per pill from India, the leading manufacturer of generic drugs...
Patent issues
When a pharmaceutical company first markets a drug, it is usually under a patent that allows only the pharmaceutical company that developed the drug to sell it. Generic drugs can be legally produced for drugs where...
Approval and regulation
Most nations require generic drug manufacturers to prove that their formulation exhibits bioequivalence to the innovator product. Over the past several years there have been studies that have shown the effectiveness and safety of some generic drugs. Generic drugs are always less expensive and can save patients and insurance companies thousands of dollars supposedly without compromising the quality of care...
Generic brand
Generic brands of consumer products (often supermarket goods) are distinguished by the absence of a brand name.
They may be manufactured by less prominent companies, or manufactured on the same production line as a 'named' brand. Generics brands are usually priced below those products sold by supermarkets under their own brand (frequently referred to as "store brands" or "own brands")...
The naming process
When a pharmaceutical company discovers a new generic drug to treat or prevent a condition, they put it through a series of clinical trials in order to gain approval for marketing from the Medicines and Healthcare products Regulatory Agency (MHRA)...
How does this affect me?
When a doctor is writing a prescription, or a consumer is buying an over-the-counter medicine, they may have a choice between a branded medicine and the generic version of that medicine. Generic medicines are sometimes cheaper than brand-name medicines, but the active ingredient (the ingredient that produces the therapeutic effect of the medicine) is the same in both...
Why are Generic Medicines cheaper?
Generic medicine is defined as a substitute or a bioequivalent of a branded medicine with respect to pharmacokinetic and pharmacodynamic properties. Why is it sold cheaper than the brand name medicines? Let's find it out...
Facts About Generic Drugs
Millions of people take prescription and over-the-counter medications everyday, paying top dollar for the brand-name when they can get the same safe and effective drug in the generic form. Why? It is because many people still believe that generic drugs are not as "good" as brand-name drugs...
Frequently Asked Questions About Generic Drugs
What are generic drugs? Are generic drugs as safe as brand-name drugs? Are generic drugs as strong as brand-name drugs? Do generic drugs take longer to work in the body? Why are generic drugs less expensive? Are brand-name drugs made in more modern facilities than generic drugs? If brand-name drugs and generic drugs have the same active ingredients, why do they look different?
Does every brand-name drug have a generic counterpart?
What is the best source of information about generic drugs? What is Generic Initiative for Value and Efficiency (GIVE)? |