What are Generic Drugs?
Generic drugs are similar to existing approved brand-name drugs in dosage form, safety, strength, route of administration, quality, and performance characteristics.
There is no significant difference between the two drugs in terms of the extent they would be absorbed into your body. It can be as effective a substitute as a branded medicine.
Generic drugs may also refer to any drug marketed under its chemical name without advertising, unlike branded medicine. The Indian government initiated indigenous manufacturing of drugs by Indian companies in the early 1960s with the Patents Act in 1970. The Patents Act included the process patent, which was reduced to five to seven years and excluded the composition patents for foods and drugs. This resulted in the production of low-cost medicines. The code of ethics issued by the Medical Council of India in 2002 recommends physicians prescribe medications by their generic names only.
Are generic drugs always cheaper?
Mostly, the FDA will provide the initial generic manufacturer a “180-day exclusivity period” when a generic drug is first approved and marketed. Although costs may still be high during this time even though they are less than the brand-name drug for a period of six months. The generic producer who submits the ANDA first and takes extra steps to obtain the product on the market is given the “180-day exclusivity.”
This gives the company the right to be the first generic on the market, and maybe the only one for 6 months. Generic companies may raise prices during this time because there aren’t many or any other generic companies making the same thing.
Generic companies say that exclusivity lets them make up for the costs they had to pay to be the first ones to sell a generic. Quite often, this is bad for the customer, who has to buy the more expensive generic for the next 6 months.
The 180-day exclusivity would be split between the companies if multiple generic manufacturers submitted their ANDAs to the FDA on the same day. This could result in some price reductions during the 180-day window as a result of competition, though they might not be as significant as when several generics hit the market.
Does every brand name medicine have a generic counterpart?
Not initially. Patents are used to safeguard the development of new medications, and most drug patents are valid for 20 years following FDA submission. The brand-name medicine may, however, take many years to develop and promote. As the patent nears its end, additional pharmaceutical companies submit applications to the FDA seeking permission to begin dispensing the drug’s generic form.
The FDA has the ability to provide “tentative approval” to a generic version of a drug before the brand-name product’s patent is about to expire. Generic copies of the product with the same brand name might be manufactured and sold by more than one company. On the other hand, it’s possible that some medications will never have a generic equivalent. Because their original producers find them either too difficult or too unprofitable to produce.
What are “branded generics”?
The term “branded generics” refers to exactly what it sounds like: generic medicine that is sold under a brand name. After the original drug’s patent has expired, either a company that specialises in generic drugs or the company that made the original product will develop these medications. The company is the only one that can use the generic brand name.
The branded generic must be bioequivalent to the original brand product. This means the branded generic must have the same effect on the body as the original brand. Many companies produce the generic version of the birth control pill having various brand names.
Instead of only using the generic name, the makers offer birth control tablets or cough syrups or any antibiotic medicine with distinct “brand” names. Do you know why? That’s because their objective is to increase consumer brand identification and loyalty. While ensuring that they consistently use the same product. Additionally, many generic medicine names, such as Chlorpheniramine Maleate, levonorgestrel, and Ambroxol might be challenging for consumers to say and remember.
Do branded generics cost more than generic versions?
Generics with brand names aren’t always as cheap as the true generic medicine. Some customers might mistakenly believe that a branded generic is of higher quality than a genuine generic because it has the brand name, but that is typically not the case. Branded generics, however, could be less expensive than the name brand.
In addition, there may be numerous versions of a branded generic available on the market. An insurance company may favour one version of a branded generic over another, or they may choose not to cover any of them at all.
Conclusion:
Branded generics are cheaper than brand-name drugs but are slightly higher priced than generic drugs. Generic drugs without brand names are known by their chemical names. Brand names are given to generic drugs to help patients recognise them. Due to this patients use the same branded generic medicines over and over again.
Furthermore, Generic Medicine is not only available at pharmacies but they are also available online. We at Truemeds provide an online pharmacy that offers home delivery of a vast selection of prescription and over-the-counter pharmaceutical products. As well as other consumer healthcare items and teleconsultations. Truemeds India’s most reputable and reliable online generic pharmacy platform, we offer maximum savings of up to 72% off on your order.
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