Let’s start with the meaning of generic medication sand the branded one. What’s the main difference between them?
Branded goods guarantees the quality and safety of that medicine. Consumers of medicines associate the branded ones with an exact product and they confide in this product subconsciously.
The production technology of new medicines is very expensive and long-lasting process. Working-out a new molecule, developing of a new formula, testing of a new development takes a lot of time and cost. You need from 100 million to one billion dollars to develop a new medication. And it takes 10-15 years to test this kind of medication. That’s why the companies which produce these medicines, especially after releasing them, put a high price to cover costs and simply to earn more. Due to the fact that the patent on this medicine is given only for some period, not forever, it is possible to create a generic medicine. So the generic is the similar medicine but it isn’t called as branded one. Active substances and the action of these medicines don’t differ, they remain the same. There aren’t any differences, only the names, that’s all. Generic medicine producers do not prefer to spend money on promotion or new technology development. They just change the name of brand.As a result, generics flooded the market of pharmaceutics.They have become more affordable and therefore they have been bought more often.
Naturally, the companies that produce branded medication have to struggle against the producers of the generics because such companies lose their customers. All these companies don’t think about purchase possibilities of an average citizen. Not every man or woman can afford to buy their medicine in such a high price.
Market introduction of generic medicines has a great medical and social importance. People who can afford the treatment using these drugs increased several dozen times.