CAT | Generic
To be brief, Generic is a cheap analogue of a brand medicine. Pharmaceutical companies spend from 600 to 800 million dollars for introducing a new medicine into the market. The amounts mentioned include expenses for elaborations, clinical researches and trials (first on mice than on people) and PR campaigns on promotion of the new product.
Generic – is an imitation of the brand medicine. It has absolutely same ingredients and effect as the medicine produced by an original company, though there could be differences in the color or shape of the tablet, drug name, package design, etc. Actually a generic medicine is a counterfeit, but a high quality and legal one. Manufacturing of the generics is much cheaper than elaboration of a totally new medicine. The manufacturers of the generics do not need to pay for the elaboration of a new medicine which saves them a lot of money. They just use the well known formula which has already been tested for the efficacy and safety. Another item of expenses manufacturers of the generics cut down on is promotion of the product (including ads); since they produce a well known medicine there is no need for advertising it. Pharmaceutical companies producing generics assert that their products equal the brand analogues in quality. At the same time the original manufacturers discredit companies producing generic drugs which do them out of an appreciable part of profits. It is impossible to judge which of them is right or change the situation.
Half of the medicines sold in Europe are generics. Generic medicines are cheaper than the originals by 40-60% and therefore more affordable for consumers. Buying generic drugs at online pharmacies saves even more money.
The manufacturers of brand medicines assert that their high prices are stipulated by the expenses they made for drug researches and promotion. Nonetheless, it is believed that these expenses of pharmaceutical giants have long been covered, and their high prices is just expression of their appetite.