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Why do generics cost less than original medications? |
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| Date Added: February 28, 2010 01:30:00 AM | |
| Author: anvgelica19 | |
| Category: Computers & Internet: Web Directories: Niche Directories: Health | |
According FDA (U.S. Food and Drug administration, to gain FDA approval, a generic medication must: comprise bioequivalent active ingredients as the trade name drug (inactive ingredients may differ), be bioequivalent in concentration, dosage form and mode of administration; meet the same batch requirements for identity, concentration, quality and purity; be manufactured under the same strict standards of FDA's Good Manufacturing Practice regulations mandatory for brand name products. To put it differently, their pharmacological effects are identical to those of their trade name counterparts. Though generic drugs are chemically identical to their brand name versions, they are typically sold at considerable discounts from the branded cost. It is estimated that generic drugs save customers $8 - &10 billion a year at retail drugstores. Even much more cash is saved when hospitals use generics. The key reason for the comparatively low price of generic medicines is that competition goes up among makers when medicines no longer are protected by patents. Manufacturers spend less money on creating a generic medication, and are, hence, able to sustain profitability at a lower cost to consumers. The costs of these generics are so low that many developing countries can easily afford them. For instance, Thailand is going to buy millions of doses of the generic version of Plavix, a blood-thinning medication to forestall heart attacks, at a price of 3 US cents per dose from India, the leading maker of generic medications. Producers of generic medicines do not incur the cost of medication discovery, and instead are able to reverse engineer known medication compositions to allow them to produce bioequivalent versions. Producers do not have to prove the safety and potency of the drugs through clinical tests, as these studies have already been conducted by the branded company. At times, generic versions of a drug have different colors, flavors, or combinations of inactive ingredients in comparison to brand name medicines. According to the U.S. Trademark law, generics are not allowed to look exactly like trade name medications. However, active ingredients in bothpreparations must be the same, insuring that both have the same medicinal effects. |
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