Let’s Dispel Some Myths About Generic Drugs
What exactly are generic medications?
Generic drugs, also known as generic medications, are identical to brand-name drugs in terms of dosage, intended use, effects, side effects, route of administration, risks, safety, and strength. In other words, they have the same pharmacological effects as their brand-name counterparts.
Why are generic drugs frequently less expensive than brand-name drugs?
Generic medications are typically less expensive than brand-name medications. The primary reason for the price difference is that the development cost of a generic drug differs from that of a brand-name drug. When a company introduces a new drug to the market, it has already spent significant money on research, development, marketing, and promotion. The company recoups its costs by charging a higher price for the brand-name drug. This price is frequently significantly higher than the cost of producing generic medicine.
Generic drugs benefit from lower marketing and advertising costs and development costs. As a result, generic drugmakers can invest less money in product promotion than brand-name drugmakers do. This is a significant factor in the lower price of generic drugs.
The goal of developing a generic version is to offer medication to patients at a lower cost than they would pay for a brand-name drug.
Generic medications are just as safe and effective as brand-name medications. In fact, they must meet the same quality and efficacy standards as their brand-name counterparts. The FDA, for example, requires that generic drugs contain the same active ingredient, strength, dosage form, and route of administration as the brand-name version.
To summarize, generic drugs are identical to brand-name drugs in terms of dosage, intended use, effects, side effects, risks, safety, and strength. Because of lower development, marketing, and advertising costs, they are typically less expensive than brand-name drugs. Furthermore, substituted drugs must meet the same quality and efficacy standards as their brand-name counterparts.
Next time visit a pharmacy, ask if a generic version of the brand-name medication is available to save money on your medical coverage limits.
By Dr. Ezra Omolo
Head of Strategic Purchasing & Provider Partnership
Jubilee Health Insurance Limited