What are generic drugs?

Generic drugs may be defined as a counterpart to branded drug sharing the same quality, strength, safety, dosage etc..the only difference between the two lies in their price and looks. The generic drugs are identified by their chemical name. Once the patent on brand name drugs expires, that allows manufacturers other than the original developer to apply for a bioequivalent of the brand name drug and make it available to the public.

Generally, more than one manufacturer creates the generic version, although in many cases the same pharmaceutical firm that produces the brand name drug also makes the generic version. This prompts competitive pricing of the generic version and usually results in a less expensive drug.

Generic drugs are just as safe and effective as their brand-name counterparts.

The main reason that generic drugs cost less is that the manufacturers of generic drugs do not have the same development cost. They sell their drugs at substantial discount. The second vital reason for the cheap price of generic drug is competition. Once they are approved; there is greater competition, which keeps the price down.

Today, almost half of all prescriptions are filled with generic drugs. By choosing a generic equivalent, you can save a significant amount of money and you won't compromise on quality. Generic equivalent medications typically cost 30-60% less than their brand-name counterparts.

Under the regulations, a generic drug must always be made with the same active ingredients as its brand-name counterpart. But that doesn't necessarily mean that a generic drug will be identical in every aspect to its brand-name equivalent. Because of the differences in inactive ingredients, rarely, you may have a reaction to your new medication. In most cases, however, your body will not react any differently. You and your doctor should make the final decision about what's best for your health and medical treatment.

Generics Drill Big Holes into Canadians August 24, 2007 It was found that Canadian prices for generic drugs were 115 per cent higher than the U.S. prices on average. In addition, Canadian prices for brand name medicines....