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Generic Drugs-Counterpart to branded drugs!
by jenifer D'souza
Many of us might have heard and have been using the term "Generic Drugs" in our daily lives but do we know what these are actually?
Generic Drugs are medications that are not a brand name medication, but by law must have the same active ingredients as the brand name medication and are subject to the same standards of their brand name counterpart. Generic drugs usually cost less.
FDA Rules for Generic Drugs
When the patent has expired on a brand name drug, the FDA permits manufacturers other than the original developer to create a bioequivalent of the brand name drug and make it available to the public. Generally, more than one manufacturer will create the generic version, although in many cases the same pharmaceutical firm that produces the brand name drug also makes the generic version.
The Federal Drug Administration requires all drugs to be safe and effective. So since generic drugs use the same active ingredients and work the same way in the body as brand-name drugs, they have the same benefits and risks as their brand-name counterparts.
Doctor's opinion about Generic Drugs
Doctors say a generic drug is the same as a brand-name drug in quality, performance, dosage, safety and strength, and they work in the same amount of time.
According to medical experts, most patients are attracted to generic drugs because they are less expensive than the brand-name versions. Generic Drugs Cost less because generic manufacturers don't have the various investment costs that the developer of a new drug has. Consequently, almost 50 percent of all prescriptions are filled today with generic drugs.
The Price Factor
Generic drugs are less expensive because generic manufacturers don't have the investment costs of the developer of a new drug. New drugs are developed under patent protection. The patent protects the investment--including research, development, marketing, and promotion--by giving the company the sole right to sell the drug while it is in effect. As patents near expiration, other manufacturers can apply to the FDA to sell generic versions. Because those manufacturers don't have the same development costs, they can sell their product at substantial discounts. Also, once generic drugs are approved, there is greater competition, which keeps the price down. Today, almost half of all prescriptions are filled with generic drugs.
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