If you are one of us ordinary people who have to strive and work hard to make ends meet, you know the value of every cent and dollar that come your way. However, there are things we really need to spend on like healthcare. But did you know that you can save a lot of money on healthcare by opting to use generic drugs?
Of course, you probably know this – but have you tried them yet or are you too doubtful to entrust your healthcare needs to medications that are not branded? Here are some answers to some of the questions you feel too stupid to ask about generic drugs. Hopefully, after this, you can be more secure and confident about using these cheap but excellent lifesavers.
Are generic drugs imitations of brand-name drugs?
In a way, yes. But generic drugs are not like counterfeit drugs that just imitate how brand-name medications are supposed to look like. Generic drugs are essentially the same as brand-name drugs in dosage, safety, strength, method of administration, quality, performance, and intended use.
Then, why are they cheaper than brand-name drugs?
Manufacturers of generic drugs are able to price their products lower since they don’t have to recover investment costs. Companies that develop new drugs protect their investment—including research, development, marketing, and promotion — through patents. A patent gives a company the sole right to sell the drug while it is in effect. When the patent expires, manufacturers can apply to the FDA to sell generic versions. Because they don't have the same development costs, these generic manufacturers can sell their product with great discounts. The greater competition also keeps the price down.
But why do they look different if they only differ in production costs?
Okay, here’s the thing. While the patent expiration allows other manufacturers to produce generic medications, trademark laws still protect how the original medication looks like. U.S. trademark laws do not allow a generic drug to look exactly like its brand-name counterpart. However, a generic drug must duplicate the active ingredient. Colors, flavors, shapes, packaging, and certain other inactive components may be different.
Links: http://en.wikipedia.org/wiki/Generic_drug
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