Basic description of the generic drugs and brand name medicines
Researches in the pharmaceutical area are one of the most high-priced branches of the industry. This happens because they are connected with attempts of making people feel better. Companies that produce the medicines are trying hard to develop the most effective and well-known drug. For that they spend lots of money, time and manpower. When their work is done, they obtain a patent, which protects their product from being sold by third parties. A patent gives them an exclusive right to manufacture and sell their new product. But this right is exclusive only while the patent is valid. To understand the ways generic drugs come to the market, it is necessary to know certain things about pharmaceutical companies. For one thing, every medicine on the market has two names:
- Generic name: the actual chemical name of the drug, which indicates the chemical compound of the medicine.
- Brand name: the trademark name, given by the manufacturer.
After the abovementioned patent expires, the company loses its exclusive right to sell the medicine. Then other companies refer to the Food and Drug Authority (FDA) to receive a permission to sell the drug in a generic form. Generic drugs represent copies of the original drugs, which have the same aim of usage, efficiency, characteristics, effects and side effects, risks, reliability and strength as the branded medicine, but are sold under their generic name. The US copyright law forbids to produce generic drugs, which look exactly the same as their original equivalents. Because of this package, color, fragrance and some inactive components of the drug may differ. But the most essential active component, which actually gives the necessary effect, is always the same.
Brand names of the medicine usually begin with capital letters, while generic names are spelled with small letters.
Generic drugs are usually much cheaper than their brand-name variants, as their price does not include costs for researching and promoting of the new medicine. And when several manufacturers on the market begin to produce the drug, this also lowers the price of the product.
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