Generic vs Brand Name Drugs: What Are The Differences?
At the pharmacy counter, you can often choose from one of two drugs: The original brand-name drug or its generic equivalent. Knowing the differences between them may help you decide which is right for your health care. Next, learn more about generic drugs vs. brand-name drugs.
Efficacy and Safety
Generic Drugs:
Generics are copies of the brand name and have the same kind of active ingredients, dose form, strength, safety requirements route of administration quality recipe performance characteristics as that all medicines intended use.
They may be of different colors, shapes or sizes but these differences do not affect how the drug works.
Brand Name Drugs:
Brand-name drugs are a result of years or even decades of research and testing that ultimately requires FDA approval.
They usually will be more expensive because of the investment from their development, testing and marketing.
Cost
Generic Drugs:
As a rule, generics are cheaper since they do not have to repeat the expensive clinical trials of new drugs and spend less on marketing.
The price can additionally be lowered from competition with generic manufacturers.
Brand Name Drugs:
Higher costs — The cost to bring a new drug to market is expensive because of all the research, development and marketing that go into it so brand-name drugs are often more expensive.
They are also usually branded, patented products — i.e., no generic will appear for some time to allow the initial development costs to be repaid.
Everyone knows that branded drugs cost less than their generic counterparts. Generic and brand-name drugs are the themes you must now read:
BRAND DRUGS
- Protected By a Patent
- Supplied By Single Company
- Marketed Under a Brand Name
- Pharma Decides The Prices Of Drugs
GENERIC DRUGS
- Generic Drugs — Cheaper Variant of Brand Medicines
- Produced By Generic Companies
- As Save and Powerful as Branded Drugs
- The Pharmaceutical Companies Set The Prices Of Drug
What is a generic drug?
A generic drug is the same as a brand-name drug in dosage, intended use, strength and effectiveness. A generic version of a drug must have the same quality standards as its brand-name equivalent. Generic manufacturing, packaging and testing sites need to meet the same standards. Citing, many generics are made in the same manufacturing plant as their brand name inhabits.
Do the generics work just as well as the brand?
Yes. According to the Food and Drug Administration (FDA), generic drugs must have the same active ingredient, strength, dosage form, route of administration as that of original branded product. The FDA makes sure of this through extensive testing and review data which shows bio equivalence.
What is a generic drug as opposed to the brand?
The price of a generic drug is the only significant difference between it and an identical version with the trademark. At pharmacies, consumers save an estimated $8 billion to $10 1 billion a year on lower-priced generics—70% to 90 % less than brands. Generics Save Hospitals Billions More A generic drug is also allowed to differ in shape, colour or packaging compared to a brand but these differences affect only the look of medication without impacts on its effects.
Why are generics cheaper?
Brand name drugs are costly given the way that there is no challenge to advertise their price down. However, when the patents of a brand-name drug get close to expiring other manufacturers can apply to the FDA for permission to sell generic versions. Well, the generic manufacturers do not have to perform heavy clinical trials and they are generally excised from advertising, marketing and promotion expenses because of which there is a huge difference in what a company can ask for its product. On the other side of things, companies that manufacture brand drugs often invest years’ worth of research and development (and sometimes advertising) into a product which is what forces them to attach such high costs for their medications. Also, the more companies that make generic versions of a drug, the more they will have to compete against each other and drive down prices even further. Because you save on these hidden costs, your copays are significantly reduced.
How do I get generic drugs?
Do I need a prescription from my doctor?
Laws for generic substitution in the U.S. differ per state Twenty-one state boards of pharmacy have enacted mandatory generic substitution laws, under which pharmacists are specifically required to substitute a generic (when available) for brand-name medication. A few states also require patient consent to switch a brand product for its generic counterpart. That could mean the generic equivalent of that prescribed drug — either to be filled automatically or with your permission, by request only. Both private and government insurance companies frequently encourage using generic drugs — if available, to save money. In addition, doctors are inclined to prescribe generics because they want their patients as low-cost generic drug options fall with those who hindered the same safety and efficacy as a branded medication.
Conclusion
Brand name drugs are the original drug to market, which cost more because of research and development while generic ones essentially copy a pharmaceutical compound at a cheaper price after patent protection has ended. These are both FDA approved and they work great. When choosing between generic and brand names, most often use a matter of preference in terms of availability cost and insurance coverage. That said, you should speak with your healthcare provider or pharmacist about what type of medications are most appropriate for you.