Generic versus brand name drugs

In the US, people spend more than 750 billion on prescription drugs. Nearly 87% of spending is on generic drugs; but branded meds take a lion’s share of more than 72% of total spend. This is chiefly due to higher costs of brand name drugs. Owing to this, most people living in the US are not happy with the prices of meds. Generic drugs helped save a substantial amount spent on drugs. In the last 10 years, savings have touched $ 950 billion – thanks to the comparatively lower costs of generic drugs. It can be helpful to know more about generic versus brand name drugs.

Foremost of all, you need to know that generic meds are copies of leading, brand name drugs. As generics do not have much of development costs i.e., R&D, they are way too cheaper than their branded equivalents. Research done on this topic indicates – on an average – generics being cheaper than brand name drugs by more than 83%.

US-based drug control authority – food & drug administration (FDA) – grants protection to innovators of new drugs. This protection is offered in the form of patents. This protection helps brand owners earn needful returns from their newly developed meds. Generic meds can never compete with branded counterparts when the patent protection is on.

Brand name versus generic drugs

Generic drugs gain access to markets via another FDA-process; this is of a shorter timeline. This access to granted only after the patent of the original innovation expires. However, manufacturers of generic meds must adhere to safety, efficacy and quality standards set forth for all drugs. In general, many of the generic drugs as well as active pharmaceutical ingredients i.e., APIs are made in countries like India, China, etc.

It is indeed safe to take generic drugs because they are made as per the standards stipulated by the FDA. All generic drugs must stand the test of bioequivalence as compared to their branded counterparts.

The FDA inspects drug making facilities all over the world. It is estimated that this agency inspects more than 2750 drug-making factories each year. It is also a responsibility of FDA to ensure safety of drugs made soon after the maker gets needful approvals.

Generic drugs vs brand name drugs prices

Brand name drugs have to go through many costs including clinical trials and prolonged research costs. Thus, brand name meds need many years for testing drug safety and efficacy. Trials are carried out on animals as well as human beings. It usually takes a huge outlay to complete all these stringent steps; patents as well as exclusive marketing rights (EMRs) are offered to protect the interest of brand name drug makers.

Once the patent expires, generic drug makers get their chance to make their versions of popular brand name drugs. As more generic meds are launched, drug prices do come down. In many cases, prices drop down below 25% of brand name drugs!

You can tell apart brand name meds from generic drugs by talking to a qualified pharmacist. In general, brand name drugs do not look similar to generic meds; this is chiefly because of the protection of trademarks the former has. You may also find out if brand name drugs have a generic version from FDA’s website. Here, you may type the title of the drug and seek needful inputs.

As an alternative measure, you can also use the Orange-book; this provides you with details on active pharmaceutical ingredients used in ach brand name drug. You need to be aware of shape, colors and other characteristics of generic meds being different from their branded counterparts.

Also, check with your insurance provider who can give you a formulary of drugs; this is mainly because most insurance providers may only cover costs of generics. You can know more about generic versus brand name drugs by consulting with your pharmacist.

Disclaimer

Information provided here are only of supplementary nature. Information shared here does not substitute a qualified doctor’s advice. This website is not suggesting intake of this drug as safe or appropriate. Hence it is advised to talk to your doctor before consuming this med or any other drug