Generic drugs are cheaper than the innovator drugs or their branded counterparts because they incur less overhead production cost. An innovator drug is created after years of research and monetary investment.
Generic drugs are the bioequivalent of branded drugs. They have the same ingredients, dosage, effectiveness and characteristics as their corresponding brands. They come with an added advantage of being available at cheaper prices.
What Qualifies Drugs as Generic Drugs?
For a drug to be classified as a generic drug, it must be:
constituted of the same active ingredients as their branded counterparts.
the bioequivalent of the innovator drug.
feature the same standards in terms of quality, strength and purity as the innovator drug.
manufactured under the same regulations as that of branded drugs.
Why are Generic Drugs Cheaper Than the Innovator Drugs?
Innovation is followed by laboratory experiments which incur further expenditure to the innovator drug manufacturers. Manufacturers of generic drugsdo not have to bear any such expenses. They simply manufacture the bioequivalent translation of the drug. No cost is incurred in ascertaining the safety of generic drugs as they already have the successful branded equivalents. Thus, generic drugs are cheaper because the only cost incurred is in their manufacturing.
In most cases, generic drug companies do not have to spend money on advertising either. Also, generic drugs are cheaply priced because when the patent expires, the competition that soars between different drug companies to outsell each other turns intense.
Generic Drugs and Patents
Unlike innovator drugs, generic drugs can be manufactured and sold without a patent protection of their active ingredients. They may or may not have a patent protection for their formulation. The whole idea behind having a patent protection is to get the sole right to sell a product or service. Since generic drugsare already a take off from innovator drugs, this question does not arise.
An innovator drug is patented when it is first conceived. However, with the expiration of the patent, the innovator company loses its exclusive rights. It is then that a drug’s generic version comes into being. It is mandatory for the generic versions to have the same formulation as the innovator drug.
Generic drugsmay differ in appearance from their branded counterparts because although they have the same active ingredients, their inactive ingredients may vary. To find accurate and up-to-date information on generic drugs, visit www.northwestpharmacy.com.
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