Generic Drugs Rules
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by: johnright
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Word Count: 684
Generic drugs are ruling the pharmacy market all over the world, according to the report submitted by World Pharmaceutical Association for the year 2007-2008. Generic drugs have captured the pharmacy market in the world. The share of generic drugs in the world pharmacy market is more than 57%. The demand for the generic drugs is also more in comparison to the branded drugs. Generic drugs are defined as the drugs, which has the similar properties and effects as their brand-name drugs whose patent is expired. Generic drugs are easily available in the market and they even do not require the prescription depending on the rules in the country in which you are buying them. Generic Drugs are crossing all the sales records in the market because of their low prices.
Generic drugs are available at very low costs as compared to their brand-name counterparts. Generic drugs are preferred by the insurers because of the profits they are earning from the generic drugs are far more when compared with the brand-name drugs.
Insurers are forcing the doctors to prescribe the generic drugs over the brand-name drugs.
Even the government agencies now prefer generic drugs over the branded drugs as they are saving more money with the usage of generic drugs. Government has also reduced the taxes on the generic drugs so that the generic drug manufacturers are able to maintain the low cost of the drugs and the drugs can be made available to the poor population. Many developing countries prefer generic drugs because of the low costs rather than going for the expensive branded drugs.
Generic drugs are very cheap compared to the original brand name companies. Reasons for the cheap price of the generic drug are— the cost of production of generic drug is very less as compared with the original brand name companies, no investment is done for the research on generic drug as the research is already conducted by the brand name manufacturer, clinical trials are not conducted by the generic drug manufacturer because they are previously conducted by the brand name manufacturer, and no cost is involved in the advertising and marketing of the generic drug because they get the benefit of the advertising and marketing done by the original drug manufacturer. Thus, generic drug allows the manufacturer to earn lots of profits. Seeing these profits many companies got attracted toward the generic drugs manufacturing and certainly entered the generic drug market by producing the cheap and best quality of generic drugs.
Important points for the generic drug manufacturer are that the active constituent of the brand name drug and the generic drug should be same. Side effects of the generic drug should not be more than the original brand name drugs. The time taken by the generic drug should not exceed the time taken by the original drug to show the effect. Dosage and the concentration of the generic should be similar to the brand name drug. Thus, the companies started getting approval from the scientific organizations in the specific countries to sell generic drugs in those countries. As a result the sale of branded drugs decreased and the sale of generic drugs got increased.
The Hatch-Waxman Act made it much easier and cheaper to bring a new generic drug to market. According to this act, generic drug producing companies merely had to prove that their drug had the same active ingredients and that they were absorbed into the body at a rate within 20 percent of the rate of the brand drug. Thus, after this act increase in the prescription of the generic drugs is observed. Insurers are asking the doctors to follow the step therapy, in which the doctors should prescribe the generic drug first and then if it doesn’t show the effect then prescribe the costlier brand name drug. Now, even doctors have understood that generic drugs are the choice of the customers and have now started prescribing them instead of the branded drugs. These all reasons have contributed in increasing the sale of generic drugs. Thus, we can say that generic drugs rules the market.
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