Significance Of Generic Drugs
Significance Of Generic Drugs: The advancement of a pharmaceutical drug, beginning with the study of disease to the approval of the drug for human use by the concerned drug administration agency is a long and expensive undertaking. The process usually requires extensive funding and capacity support. Big pharmaceutical companies are able to fund the development of medications, these funding is considered a capital investment to be recouped from the production and sale of the formulated drugs.
The developers obtain a patent which gives them exclusive rights to produce and sell the drug. The drug formulation is given a brand name, by which it is subsequently identified. The companies set the price for their branded drugs and since they are the sole producers, the prices they set are usually high in consideration of their business and commercial targets.
Other companies can apply to the drug or pharmaceutical administration agency to manufacture the same drug using the exact formulation at the expiry of the patent protection period or under special circumstances, for example to provide access under humanitarian concerns. The drugs should be exactly similar as the approved brand drugs. These companies do not go undertake the lengthy process of drug development, thus they are able to price the drugs they produce at a much cheaper cost. The drugs they produce are termed as Generic drugs.
Generic drugs are usually more accessible and fairer priced than the brand drugs. Safe generic medications are affordable and widely available in local pharmacies and even online drug-stores like FairPriceRx.
What does Generic Mean in Drugs?
Pharmaceutical drugs that are produced with the formulations of already established brand drugs are termed as Generic Drugs. Thus generic drugs are identical copies of the original drugs also known as brand drugs. They are marketed under different names but still bear the same chemical formulation and chemical identification as the original drug.
The manufacturer of the generic drugs has to obtain approval from the drug or pharmaceutical administration agencies. They go through rigorous quality and safety inspection in their production process. The formulation and active ingredient have to be exactly the same as the original drug. The condition it treats, the mode of action, the dosage, the side effects, how it is administered for the generic drug is exactly the same as for its equivalent brand-name drug. The different manufacturer or market name does not influence how effective a generic drug is.
How Effective Are Generic Drugs?
Generic drugs have to strictly adhere to the original brand name drug formulation. The pharmacological action is similar to that of the brand drugs. They are prescribed for the same dosage and are just as strong as the original drugs. Generic drugs are just as effective as the original drugs.
Are Generic Drugs Safe?
All drug manufacturers have to adhere to strict regulations in the jurisdictions they operate. In the United States, the Food & Drug Administration (FDA) regulates all manufactures for new and generic drugs. The manufactures operate under the same code that defines the standard for new and generic drug manufacturers.
The FDA strictly monitors the companies to ensure they comply with the Current-Good Manufacturing-Practice (CGMP) regulations. The minimum requirements that ensures for proper facilities, safety and strength of ingredients apply for the manufacturing of Generic Drugs as for the Brand Drugs.
The comprehensive regulatory regime and strict inspection of production process ensures the safety of all generic drugs in the market.
Generic Vs Brand Drugs
Generic drugs are required to be similar to brand drugs of the same formulation. The main difference between the generic and brand drugs are usually the cost and accessibility of the medication. Brand drugs are usually more expensive. As more companies obtain the rights to manufacture generic versions of the original drug, the market price goes down and the drug becomes more available. The brand-name companies may also manufacture a generic version of their brand-name drug.
Facts about Generic Drugs
Generic drugs are just as effective as the brand-name drugs
Generic drugs go through the same rigorous requirements for quality and safety as the brand name drugs
Generic drugs are prescribed with the same dose as the brand name drugs
Generic drugs have the same strength, effects and side effects as the brand name drugs
Generic drugs are safe
Generic drugs are usually cheaper and cost effective than the brand-name drugs
Safe Generic medications are available in reputable pharmacies, drug stores and online drug- stores
The chemical formulation and scientific naming of generic drug is similar to the original drug
On packages, Generic drugs market names are not capitalized unlike the Brand names of the original drugs.