DRUG POLICY
What are generic drugs?
Generic drug products are medications that are designed to be functionally comparable to brand-name drugs in terms of active components, potency, dosage form, route of administration, and intended purpose. Generic medications are often introduced to the market after the patent protection of the original brand name drug has expired. They have the same therapeutic effects as their brand-name counterparts but are often sold at a much lower price.
Why are generic medications less expensive than their brand-name counterparts?
Because of the following factors, brand-name pharmaceuticals are significantly more expensive than generic prescriptions:
Research and development:
Brand name drugs require substantial investment in research, development, and clinical trials, driving up costs.
Patent protection:
Manufacturers have exclusive rights to brand name drugs for a certain period, allowing them to set higher prices to recoup R&D expenses.
Marketing and promotion:
Extensive advertising and promotional efforts contribute to higher costs for brand name drugs.
Limited competition:
Patents prevent competition, allowing brand name manufacturers to maintain higher prices without alternatives.
But that is not the case with generic drugs
Limited R and D costs:
Generic manufacturers do not bear the extensive research and development costs associated with certain new drugs, allowing them to offer lower prices.
No patent protection:
Generic drugs can be produced once the patent protection for a brand name drug expires, enabling multiple manufacturers to enter the market and compete, driving prices down.
Lower marketing expenses:
Generic drugs do not require the same level of marketing and promotional investment as brand name drugs, reducing their overall cost.
Increased competition:
Multiple manufacturers producing generic versions create competition, leading to price reductions in the market.
Quicker availability:
Once the patent expires, generic versions can become available sooner, offering cost-effective alternatives to patients.
Generic medications are also less expensive for the following reasons:
There is no need for any new manufacturing techniques to create new medications.
There is no need for a new formula to be employed in the creation of generic medications.
Generic medicine manufacturers do not need to go through the difficulty of showing the efficacy and safety of their drugs through clinical trials because the big brand name drug manufacturers have already done so.
This is why generic medicines are significantly less expensive and far more popular than their equivalents created by big drug corporations. Since they are less expensive, more people will be able to afford them, and they are just as safe and effective as the alternatives
