Generic drugs are medications that have the same active ingredients as brand-name drugs, but they may be produced by different companies. Brand-name drugs are typically more expensive than generic drugs, but there can be some differences in quality and effectiveness between the two types of medications. Your doctor will be able to tell you if there is a specific medication that you should take instead of a generic drug. Always speak with your doctor before deciding to switch to a generic drug.
What is a Generic Drug?
- A Generic drug is a medication created to be the same as an existing approved brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. Although Generic drugs are chemically identical to their branded counterparts, they are typically sold at much lower prices. In many cases, Generic drugs are available for a fraction of the cost of the brand-name version.
- Generic drugs are often considerably less expensive than brand-name drugs because they do not incur the costs associated with research and development, marketing, and advertising. Generic drugs are typically produced by manufacturers other than the company that originally developed and introduced the brand-name drug to market. The FDA requires that generic drugs meet the same rigid standards as their brand-name counterparts.
- Generic drugs must contain the same active ingredients as the brand-name version and must be equivalent in strength and dosage form. Generic drugs must also be manufactured under the same strict quality control standards as brand-name drugs. For these reasons, Generic drugs are just as safe and effective as their branded counterparts. In fact, Generic drugs make up about 75% of all prescriptions filled in the United States.
What is a Brand Name Drug?
- A Brand Name Drug is a drug that is protected by a trademark and is only manufactured by a single company. Brand name drugs are also sometimes referred to as “innovator drugs.” Brand name drugs are typically more expensive than generic drugs, which are unbranded versions of the same medication.
- In order to be approved for sale in the United States, brand name drugs must go through a rigorous review process by the U.S. Food and Drug Administration (FDA). The FDA reviews the safety and efficacy of brand name drugs before they can be sold to the public.
- Generic drugs do not need to go through this review process because they are not protected by a trademark. Brand name drugs are typically covered by insurance plans, while generic drugs may or may not be covered. Brand name drugs may also be eligible for manufacturer coupons and other patient assistance programs.
Difference between Generic and Brand Name Drugs
Generic and brand name drugs are identical in terms of active ingredients, dosage, strength, safety, efficacy, and route of administration. The major difference between the two is in their price. Generic drugs are generally much cheaper than brand name drugs because they are not developed from scratch. Instead, they are developed after the patent expires on a brand name drug and can be manufactured by any company.
Brand name drugs are developed by a pharmaceutical company and are protected by a patent. This allows the company to charge more for the drug since it has a monopoly on the market. Generic drugs are often preferred over brand name drugs because they are just as effective but much cheaper. However, some people prefer brand name drugs because they feel that they are of a higher quality. Ultimately, the choice between generic and brand name drugs is a personal one.
Conclusion
The next time you visit your doctor and they prescribe medication, ask them if there is a generic alternative. If not, ask for the name of the brand-name drug and do some research on your own to see if a less expensive generic is available. You may be surprised at how much money you can save by switching to a generic drug.
