Why Is Generic Drugs Less Expensive?
Generic drugs are cheaper for a few reasons. The expiration of a patent will help free up competition, which will immediately lower the price.
Many different companies will produce the drug and compete to sell it. This will help to get the production and costs down as low as possible so that they can turn a profit.
The patent holders on the other side have a lot of expense that goes into making new drugs. This means that the huge profit margins are replaced in order to make this money back before the patent runs out. They do not need to lower the price of the produce because they do not have any competition due to the fact that they are the only ones allowed to make the drug.
Usually there are lower costs in making and testing the drug for manufacture of generics because of all the hard work that has been done by the original company.
They will also get many benefits from the last patent holders marketing and often times the drug is already well known by the medical profession making it so much easier to sell it. The lower price may also open up new markets that were priced out in the past.
The cheaper cost does not mean that the lower the quality in generic drugs. It just means that they are tightly regulated as name brand competitors.
Generic Drugs
The Regulations Of Generic Drugs
How Pharmaceutical Companies Stop Generics Being Made?
Is There A Difference Between Generic And The Name Brand Drug?
Generic Drugs
Is There A Difference Between Generic And The Name Brand Drug?
... Generics have a few advantages over the name brand pricier drugs. The name brand is often the first of it s type to be made and this is why the company spends a lot of money on making, testing and patenting the new drug and this is why they are more costly. Generic drugs will have a patent once that has ...
... name brand pill is often going to be patented. This means that the generic version has to look different in some way but the active ingredients are always the same. Most drugs are prescribed as generics. You should talk to your doctor about the medication that you are prescribed if you have any concerns ...
... by the generic name and this could be one way of getting them what they need. To make a solution the World Trade Organization or WTO made a legislation in 2003 that could allow the third world countries to let them know which medications require and allow companies licenses to produce generic versions ...
How Pharmaceutical Companies Stop Generics Being Made?
... new drugs to try and extend their exclusivity as long as they can in a process called ever greening. They can in some instances, apply for a five year extension to their patent to cover the time they spend on developing and testing the drug and not actually producing and then selling it. They may also ...
... GIVE is an initiative by the Food and Drug Association to bring in more generic drug products to the markets so that they can make cheaper drugs more wide spread to the public. Its purpose is to get higher numbers of applicants and give priority drugs because there are fewer generics available. In order ...