WHY GENERIC DRUGS ARE CHEAPER
A pharmaceutical company's brand name is the name assigned to a drug that it discovers, manufactures, and markets. The manufacturer of a newly discovered medication or medicine gives it a brand name, which is unique to that manufacturer. A newly discovered drug has two names: a generic name, which is the drug's standard scientific name, and a brand name, which reflects the drug in the market and serves as an identification for the general public.
A patent is given to a pharmaceutical company when it develops and launches a new drug. The patent lasts for a predetermined amount of time, typically 17–20 years, depending on the molecule of the drug, to allow the corresponding company to recoup its discovery and first-time production costs. Furthermore, the patent term begins long before clinical trials have started to evaluate the medicine's protection and efficacy. A generic version of the drug may become available after the patent expires. The generic version of the medication can be manufactured by the same or a different company than the brand-name drug.
A generic medication has a chemical structure or drug formulation that is identical to that of its brand-name counterpart and works on the body with the same intensity and absorption mechanism. So, a generic version of a drug is the bioequivalent of its brand-name counterpart, which means there is either no substantial difference in the rate and degree of absorption between the two products, or if there is, it is either intended or medically negligible. You can buy generic medicine online on further reduced rates by using coupon codes from sites like Askmeoffers & CouponsABC.
The generic medication must be able to differentiate itself from its brand-name equivalent in the following ways:-
- It must have the same active ingredients as the original (active ingredients are the chemical substances that make the drug work).
- It must have the same dosage type as the branded drug (that is, it must be available in the same form as the branded drug—for example, as a tablet, syrup, capsule, or other form).
- The dose intensity must be the same (the quantity of active ingredients, for example 10 mg or 20 mg).
- It must follow the same administrative procedure (the way the medication is introduced into the body).
- It must deliver the same amount of medication to the bloodstream every time (that is, it needs to deliver an equivalent amount of the drug into the bloodstream within a similar time period as the brand name drug).
The generic medication and its marketed counterpart can also have the following differences:-
They can appear to be different in terms of scale, shape, colour, or markings.
Active and inactive ingredients are used in drugs. It's possible that they contain different inactive ingredients. Some individuals may also be allergic to inactive ingredients. Some dyes or flavours used in some medications, for example, can cause allergic reactions in some people.
Generic medications are less expensive than their brand-name counterparts.
Generic drugs differ by manufacturer, so we can obtain different versions depending on where we buy our prescriptions and what kind of generic they have.
WHY ARE GENERIC Medications LESS EXPENSIVE THAN THEIR BRAND NAME COMPETITORS?
The following are the most common reasons why generic drugs are less costly than their brand-name counterparts:-
One of the key factors is the high cost of research and development. Generic drug manufacturers have much lower operating costs than branded drug manufacturers. This is due to the fact that drug discovery is expensive and the manufacturing of a drug will take years—costs that generic manufacturers do not have. After a company develops a medication, it must conduct costly clinical trials to ensure that the drug is both safe and effective. As a result, by the time the FDA approves a brand-name medication, the drug manufacturer has already invested millions. The risks associated with producing a new medication are not borne by generic drug producers. The drug's formula is known, the clinical trials are complete, and generic drug manufacturers are only investing in the manufacturing of the medicine, enabling them to market it at low prices.
Another important factor is publicity. Brand-name pharmaceutical firms expend a lot of money to sell new products to physicians and the general public. They use a variety of strategies in order to secure a demand for their medicine. Brand-name pharmaceutical firms send representatives to meet physicians in their clinics and hospitals, and they also participate in hosting conferences where doctors can discuss their medications with one another. Generic manufacturers seldom invest in promotions and advertisement. Generic drug distributors also profit from the brand-name drug company's prior marketing campaigns, such as television ads, drug representative presentations, and the distribution of free samples. Most of the medications released by generic manufacturers have been on the market for a decade or more (the era during which the patent was valid), and patients and caregivers may already be familiar with them.
Costs are also held down by rivalry among generic drug manufacturers. Multiple companies begin manufacturing and selling generic drugs after they have been licensed. As a result, competition rises, allowing the price to stay stable.
Despite the fact that generic drugs are less costly than brand-name drugs and have the same protection, efficacy, and active ingredient, people prefer to use brand-name drugs. This scene was produced for the following reasons:-
Essentially, it's a marketing tactic. The general public is aware of branded medications. Generic medicines are marketed under their scientific names, which are mostly unknown to the general public. In addition, once a patient has found a medication that works, he may be unable to turn to the generic version for fear of losing the drug's influence. Patients can be influenced by advertisements to take more costly, newer medications when lower-cost generics will suffice.
Inactive ingredients in generic drugs can vary from those found in their brand-name equivalents. They have little effect on how the medication works, but they can change the way it looks and tastes, making consumers wonder if the cheaper drug is missing anything.
Another explanation is that doctors do not recommend generic medications. Just 35% of prescriptions medicines stated drugs by their generic names. The rest recommended more expensive, labelled models. In the United States, almost 80% of prescriptions are for generic medications. The rate of generic prescriptions in the United Kingdom is 82 percent.
The perception that generic drugs are made in low-quality facilities or are of lower quality than brand-name drugs decreases people's acceptance of them. The FDA holds all drug production facilities to the same requirements, and several companies produce both brand-name and generic drugs under the same conditions. In reality, according to the FDA, brand-name companies produce 50% of generic drug production.
Another common misconception is that generic medications take longer to function than brand-name drugs. However, since the chemical structure or active ingredient of both medications is the same, generic drugs perform as quickly and efficiently as the initial brand-name products.
As a result, it is important that generic drug manufacturers raise awareness and encourage the use of generic medications among the general public, as well as that people open their minds to the use of generic medicines.