Everything about Generic Drugs
by: jadsn003
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Generic Medicines are the exact replica of the original branded Medicines. The only difference between the generic drug and the branded drug is the color and price of the drug. It has been made mandatory by the Food and Drug Administration that generic Medicines physical appearance should not be like the branded Medicines. The other most important difference between the generic drug and the branded drug is the pricing of the generic drug that is very less in comparison with the branded drug. The reasons why generic drug is very cheaper than the branded drug are
1. No investment is done by the generic drug manufacturer is the research of the generic drug as it manufactured in the similar way like the branded drug following the same formulation.
2. No cost in involved in the clinical trials as they are already carried out by the branded drug manufacturer.
3. Advertising is not required by the generic drug manufacturer as it is already done by the branded drug manufacturer.
4. No money is invested in the publicity of the generic drug as it gets the benefits of the marketing done by the branded drug manufacturer.
As every human being has got the past, present, and future; even generic Medicines have past, present, and future. Here, is the overview of the generic Medicines:
Past:
The first generic drug introduced in the market was the generic version of Aspirin. Sterling was the first company to introduce the generic drug to the world in 1920. The branded drug manufacturer of Aspirin, Bayer, filed a case against the generic drug manufacturer, Sterling. The generic drug manufacturer won the case and the generic drug industry became the part of the pharmacy market. The trend to sale the generic drug at a substantial lower cost was started by the Sterling and it is continued till today. Generic drug industry started flourishing after Hatch-Waxman Act i.e. Drug Price Competition and Patent Term Restoration Act in 1984. The FDA calls it “one of the most successful pieces of legislation ever passed.”
According to this act, generic drug producing companies merely had to prove that their drug had the same active ingredients and that they were absorbed into the body at a rate within 20 percent of the rate of the brand drug. The act also increased the amount of time a company could hold an exclusive patent on a new drug. Generic Medicines were known as the inferior quality Medicines or substandard Medicines in the past. Nobody was in favor of purchasing the generic drug. But, the things changed as the generic Medicines got the approval from the major scientific organizations (WHO, FDA, EU).
Present:
Generic Medicines are now the best selling Medicines in the pharmacy market. Generic Medicines are crossing all the sales records in the market because of their low prices. Generic Medicines are easily available in the market and they even do not require the prescription depending on the rules in the country in which you are buying them. Generic Medicines are in demand all over the world. At present the online sale of generic drug is making a lot of business. Online sale of generic drug saved the economy of the generic drug manufacturing companies considerably. Profits increased in a large amount. Generic drug industry then became the one of the most profit earning industry. Some customers really feel uncomfortable to buy the Medicines related to sexual medicines. Online pharmaceutical distributors proved to be the best solution for such customers. Online pharmaceutical distributors not only supplied the best quality generic Medicines but also maintain the privacy of the customer.
Presently, generic Medicines are also preferred by the customer because of the low costs and good quality. Competition is seen between the generic drug manufacturers and brand-name drug producers with similar therapeutic uses when generic Medicines are prescribed by the doctors while following the step therapy. At present, we can say generic Medicines are ruling the pharmacy market.
Future:
The future of the generic drug industry is very bright as the customer has now understood that generic Medicines are very good in quality. In future the demand for the generic drug will be increased as doctors will be prescribing only generic Medicines to the patients. Even the insurers will be making the lots of profits because of the usage of the generic Medicines. The government will also experience the profit because they will be requiring less amount of the investment in the pharmacy sector due to the prominent usage of the generic Medicines.
In future generic drug industry will be only able to survive in the market. The quality of the generic Medicines will be improved in the future because of the competition among the generic drug manufacturers. Even there are the chances that the prices of the generic Medicines will be reaching the lowest possible prices because of the competition from the branded drug manufacturer.
Thus, we can say that generic Medicines rocks the market and are very favorite choice of the customer.
Article Source: http://www.ArticleStreet.com/profile/jadsn003-6378.html
About the Author
Hi this is James Anderson,An Associated editor to different mens Health websites.Writing on issues like Impotence,Erectile Dysfunction,Premature Ejaculation ,Generic Remedies for these problems like Kamagra ,Edegra,Penegra,Silagra, Generic viagra etc is my profession.I write articles that are concerned with Mens Health.
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