I recently come across the article below. It gives good insight as to why a generic drug is significantly cheaper than the brand name but is just as effective. As a part of a generic pharmaceutical company, I think educating people on generic versus brand drugs is very important. Check out this article to shine sine light on all the myths surrounding generic pharmaceuticals. Here are some takeaways:
- Generic drugs have the same dosage, intended use, effects, side effects, administration, risks, safety, and strength as brand name drugs. The only difference is the name.
- The FDA requires generic drugs to be as safe and effective as brand name drugs
- Generic drugs are cheaper because the manufacturers don’t have the expenses of developing and marketing a new drug
- Brand name drugs have patents for exclusive rights to sell that drug – when those patents are set to expire, manufacturers can apply to the FDA to make and sell the generic version of that drug
- Generic drugs do not differ in active ingredients from brand name drugs, but due to trademark laws, must not look like the brand name drug
- That means generic versions of drugs will have different colors, flavors, and inactive ingredient combinations