A generic drug is identical, or bioequivalent to a brand name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use.
Why are Generic drugs less expensive?
The generic drug manufacturers need not bear any investment costs unlike the new drug developer. There is hardly any money spent on research, advertising, promotion and development. So, they can afford to sell the products at a reasonable and much lower cost. Also, once the patent expires and the generic drugs are approved, the drug market becomes highly competitive. It naturally brings down the price. Today, almost half of all prescriptions are filled with generic drugs.
Health professionals and consumers can be assured that FDA approved generic drugs have met the same rigid standards as the innovator drug. To gain FDA approval, a generic drug must:
contain the same act
Why are Generic drugs less expensive?
The generic drug manufacturers need not bear any investment costs unlike the new drug developer. There is hardly any money spent on research, advertising, promotion and development. So, they can afford to sell the products at a reasonable and much lower cost. Also, once the patent expires and the generic drugs are approved, the drug market becomes highly competitive. It naturally brings down the price. Today, almost half of all prescriptions are filled with generic drugs.
Health professionals and consumers can be assured that FDA approved generic drugs have met the same rigid standards as the innovator drug. To gain FDA approval, a generic drug must:
contain the same act