In today’s world, almost all types of generic medicine are available at the price lower than branded medicines. These cheap generic medicines can be boon for poor people.
What is Generic Medicine?
Generic drugs follow international standards which is why they are not less effective than branded medicines. The dosage of generic drugs, and their side effects are all like branded medicines. Generic medicine has the same ingredients as branded medicines. These medicines meet the essential drug standards set by the World Health Organization (WHO). Generic medicines, like branded medicines, must be approved and licensed by the relevant authorities before entering the market. Like branded medicines, generic medicines must go through a full quality control process.
For the treatment of any disease, a chemical (salt) is prepared after all kinds of research and study; later on, the name of the medicine is given. Every company sells this salt by different names. Some sell it at a higher price and some at a lower.
The generic name of this salt is determined by a special committee keeping in mind the composition of the salt. The name of the generic drug would be the only one in the whole world, such as the tablet of “Paracetamol” which is used for fever; every company gives different names, but if it is generic, then every country must name it ‘Paracetamol’ only.
Why Generic Medicine Are Affordable-
The price of branded drugs is determined by the companies themselves while the price of generic drugs can’t be decided arbitrarily because government intervenes in the pricing of these drugs. The price difference between generic and branded drugs is 5 to 10 times.
Why Generic drugs are so cheap:
1. Generic drugs are so cheap because companies that manufacture generic drugs don’t have to set up separate laboratories for research and development.
2. There is huge competition among manufacturers of generic drugs and prices are falling.
3. Generic drug manufacturers don’t waste money on advertisement which is why their cost of production is low.
4. Generic drugs are made and distributed without any patent. Generic medicine can be patented, but its material can not be patented which is another reason for the lower price.
A branded medicine for blood cancer costs around Rs. 1,14,400 per month while generic medicine for this disease is available at Rs.11,400 per month. In the same way, Cholesterol controlling branded drug ‘Atorvastatin’ of 10 mg costs around 2300 rupees a year while its generic medicine comes in at just about Rs 365 per year.
The main problem in meeting generic drugs
If doctors write generic medicine for patients then the medical store owner pretends not to have that particular medicine. The basic reason behind this denial is that medical owners don’t get much margin on the sale of generic drugs which is why they don’t have generic medicine. In such conditions, patients have to purchase costly branded medicines only.
Many times the doctors who write the medicine and the medicines that the patient receives from the medical don’t have the required amount of salt composition. In such conditions, the government must make it mandatory for all drug manufacturers to produce only generic medicines which are useful for the customers.
So, it’s the need of the hour that generic drug manufacturers spread awareness and promote the usage of generic drugs among people as well as people also open their brains toward the use of generic medicines.