Before a specific drug is introduced on the market, the company that formulated it has to undergo different procedures that usually cost multimillion dollars. Such expensive procedures include the discovery of the medicine, testing procedures, and clinical trials. Needless to say, a single new medicine usually costs the manufacturer a great deal of time and money before it can be marketed. But have you ever heard of generic medicines or drugs already? You might have already heard or even tried some of them alright but do you know what exactly they are?
Generic drugs or medicines are usually manufactured the moment the patent has already reached its expiration. Generally, the FDA or Federal Drug Administration gives a limited time for a particular patent to stay active. Basically, the length of time given to a particular patent usually varies from one country to another. The moment the patent has already reached its expiration, the drug manufacturer is then given the authority to manufacture a generic type or version of the medicine.
The question is: Are generic brand medicines come with similar benefits like the patented ones? The answer is yes, as long as the generic drug contains the same active ingredients which are also found in the original drug. This is actually the most important requirement which has been imposed by the FDA. Drug manufacturers should see to it that the formulation of the generic medicines must be nearly similar or identical to the formulation of the expired brand name. So this gives you the idea that even when you have purchased generic medicines for a particular treatment, you still get the same medicinal value from them.
Another important benefit of generic medicines is the fact that they come with much lower cost. This simply means many people are capable of buying them because they are simply more affordable. There are actually two good reasons why generic drugs come with much lower costs:
– These drugs are being copied so the manufacturers or companies are being relieved from spending much on clinical trials, tests, and research.
– Another good reason is that these drugs can be generated by one or more companies at the same time.
The picture simply depicts a tight competition among manufacturers of generic drugs. And obviously, when competition is evident, the companies are triggered to set their prices at lower levels – prices that are more affordable and much lower than the price offers of others. Of course, a smart buyer would surely get the ones with the lowest price tags as long as he gets similar benefits.
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