Generic Drugs, A Boon In Disguise
By Oliver Joseph
Most companies spend good dollars in marketing and advertising. And this means that you will end up spending extra money on healthcare. If you are wise enough, prepare yourself for an effective drug change from brand name drug to generic drug. Generic drug is the unadvertised brand approved by FDA as a safe and effective treatment option which helps your pocket too.
Generic drugs have the same active elements as that of the brand name drug. Each drug is laboratory tested to ensure the same amount of balance between brand name drug and generic drug. The only difference lies in the name and price.
Once the brand name drug manufacturer obtains a patent which is usually for 20 years, no other manufacturer can make the drugs till the patent expires. Other manufacturers apply to the FDA for generic drugs production approval just before the patent expires. The drug is then released into the market by various companies which make it competitive, forcing many to bring down the prices. Today 50 percent of the prescription drugs are generic drugs, popular among people who are unwilling to waste money. Since FDA doesn't allow generic drug to be the same as its original drug, you can notice a change in shape or color for the generic drug.
The largest organization of American doctors, The American Medical Association endorses generic drugs and recommends it to the people. Most hospitals in America routinely use generic drugs to treat people.
Facts you don't know about generic drugs
- Its performance, standard and safety are as good as brand name drugs yet it sells for 30 to 75 percent less
- To get FDA approval, generic drugs must deliver the same amount of active ingredients as brand name drugs
- The Congressional Budget Office says generic drugs save consumers an estimated $8 billion to $10 billion a year at retail pharmacies. Billions more are saved when hospitals use generics.
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