About Generic Medicines
What are generics and why they are comparatively cheaper than their brand names equivalents?
What are the Generic medicines?
Generic medicine is a pharmaceutical drug that has the same active ingredients as the drug that was originally developed, patented and innovated. Generic drugs are allowed for sale after the expiry of the patent of the original drugs.
The generic medicine has the same Active Pharmaceutical Ingredient (API) as the original, but it may differ in characteristics such as the process of manufacturing, excipients, color, taste, and packaging.
Why are generics comparatively much cheaper than their original brands?
- Innovative brand-name pills require significant amounts of money and time to discover. (nearly 10-15 years).
- Marketing techniques and Advertising are quite costly as well.
This expense has to compensate by the manufacturer. This is why the price for patented medicines is so high.
It has estimated, that an average cost of discovering and testing a new innovative drug(molecule) with a new chemical entity may be costly to about $ 700-800 million.
- The production of generics doesn't require a new formula or production technology (existing ones are used instead by reverse-engineer known drug compounds).
- Generic pills are bio-equivalents of the brand drugs, and therefore they don't need the additional advertising. They receive the benefit of the previous marketing efforts of the brand-name drug company, including media advertising, presentations by drug representatives, and distribution of free samples.
- Generic manufacturers also do not bear the burden of proving the safety and efficacy of the drugs through clinical trials, since the brand name company has already conducted these trials.