Generic drugs are cheaper than brand-name ones

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By sgjerome

Are they just as good?

Simvastatin and Zocor are drugs used to lower cholesterol. Simvastatin is the generic version of Zocor. One Simvastatin 10mg tablet costs 13 cents while Zocor sells for $2.05. Why?


WHAT ARE GENERIC DRUGS?

Generic drugs are produced by drug manufacturers, other than the original manufacturer, when the patent on a brand-name drug expires. They contain the same active ingredients in equivalent quantities as their brand-name counterparts and are subjected to stringent international standards of Good Manufacturing practice. Hence, generic drugs confer similar therapeutic benefits and associated risks as the brand-name drug.

How are they different from brand- name drugs?

While generic drugs generally mimic the appearance of brand-name drugs, they may differ in colour, flavour or composition of inert components. Generic drugs will have their own distinct packaging and in-house brand names.

Why do generic drugs cost less?

Substantial costs are invested in sourcing, research, clinical testing, registration, sales and promotions, to develop and market new drugs. As such, new drug entities are given patent protection to provide suppliers with the incentive to continually develop new drugs and to re-coup costs incurred. A patent gives the supplier that develops the drug, the sole right to market it, as long as the patent is in effect.

When a drug goes off-patent, other manufacturers can then make and sell generic versions of the brand-name drug. Since they do not invest in start-up development costs, these suppliers can sell their version at a much lower cost. With more suppliers in the market, the increased competition tends to push prices down further.

All drugs, whether generic or brand-name, must meet regulatory requirements and standards in safety, efficacy and quality.

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brad4l profile image

brad4l  says:
5 months ago

It really is amazing how much money you can save by opting to go with generic medicine as opposed to brand name.

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