Generic drugs, also known as generics, are considered as a category of medicine which were formulated and sold without patent or brand name. These pills are essentially equivalent to their branded counterparts. It is said that generics are identical to branded drugs in composition, effectiveness, safety, dosage and method of administration. The biggest difference of generics from branded is that generics are cheaper. As a matter of fact, generic medication, as well as those which were given approval by the Food and Drug Administration, cost 70% cheaper on average. The US Congressional Budget office estimates that annual savings caused by generic drugs range from eight to ten billion dollars.
Branded drugs enjoy security from patents. Having a patent means that you are the known innovator of the medication. This allows for the producer to earn back their cost incurred from research and development of the drug since they are given exclusive rights to produce, market and sell such medication. However, patents only apply for a limit of 20 years; thus opening up an opportunity for other producers to sell generic types of that branded pill. They are able to sell them at a lower price due to two reasons: 1. they did not spend money for the research and patent fees for the pill; and 2. is because of competition. Since there are more companies selling the same medication, they try to offer the cheapest price possible.
One of the biggest concerns about generic medication is safety. This is a viable concern especially for generics manufactured outside of FDA guideline. Other than that, those that did pass FDA tests are just as safe as their branded counterparts since the FDA only approves them if they have the same composition, dosage, quality, etc. Sometimes, they may look different but in reality, they are exactly the same.
In the United States, about half of all doctor prescriptions nowadays are for generic medication. This huge boost is caused by the amount of patients persuading their doctors to give them generic medication instead of branded ones. In 2008, global sales of generic drugs were up by 170% from 2003 with 42% of these sales coming from the United States. This boost in popularity is generally credited to the cheap cost of generics.
Moreover, generic drugs are offered even cheaper through online pharmacies. These online pharmacies would usually offer generic medication manufactured from other countries such as India and are considered as a great opportunity to save money. However, not all online pharmacies are the same and there are websites who try to get profit through deceitful means. This is why constant care is needed when buying from such sites. In order to research about which online pharmacies are safe to buy from, it is best to visit online pharmacy review sites first. From here, customers can read the experiences of other people from certain pharmacies. At the same time, some of these review sites offer a record of top performing online pharmacies as well. Saving money doesn’t need to come with a big, so read first before ordering.
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