A generic drug is a medication whose active ingredients, safety, dosage, quality and strength are identical to that of its brand-name counterpart. These drugs, called generic drugs, are usually less expensive than their brand-name counterparts. When a new medication becomes available, it is sold under a brand name chosen by its manufacturer and protected by a patent. After the drug's patent protection expires, other manufacturers can begin offering additional medications with the same active ingredients as the brand-name drug.
Generic drugs are same as brand name drugs with almost all it's properties in similar compositions, but is normally sold at a comparatively lower price. Generic drugs contain the same active ingredient at the same strength as the original brand. Generic Drugs are recognized by the absence of the well known Brand Drugs, manufactured by few pharmaceutical companies who market those drugs with the name, chosen by the company, which first develops the drug.
In comparison to the Brand Drugs, the generic drugs are exactly same in Effectiveness, Dose, Strength, Safety, Efficacy, Quality, Ingredients and Composition, Performance, Intended Use
The huge price difference sometimes makes buyers to think that the generic drugs are some fake or copy of other products. But this is not the right reason. Unlike Generic Drugs, a large part of the costs incurred by original manufacturers of brand name drugs are for research and development and advertising. The expense of obtaining FDA approval alone in the U.S. is enormous. Manufacturers of Generic Drugs do not have to absorb or recover these costs. Consequently, significant cost savings can be passed along to you.
It is cheaper to make and sell generic drugs, so these savings are reflected in a lower price. Unlike the manufacturers of brand-name products, the makers of generic drugs don't incur the costs of research and development, marketing, and advertising. Since drug manufacturers have begun advertising directly to consumers, this has become a huge cost of doing business that is passed along to the consumer in the form of higher priced brand-name drugs.
Generic drugs maintain the similar level of standard as that of branded drugs; The food and drug association does not allow manufacturers to produce drugs in imperfect conditions. Around 3,500 inspections a year are conducted by the FDA to ensure the demanded standards. Generic firms have facilities comparable to those of brand-name firms. 50% of the brand-name firms are linked generic drug production. They frequently make copies of their own or other brand-name drugs but sell them without the brand name.
FDA (Federal Food and Drug Administration) have set up a few manufacturing requirements and standards, similar to the brand drugs, and include a series of tests to ensure that the generic drug is exactly the same as the original drug.
The FDA ensures that the manufactured Generic Drugs are in compliant with the set of parameters defined by it. After the patent expiry of a certain drug, the manufacturers applies to the FDA to get those approved to sell generic versions of the drug, and once the generic drugs get approved, there is quite a healthy competition amongst their contemporaries, which again keeps the price down for the consumers. So, it's always an avantage for a consumers.
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