Generic drugs are those which are similar to brand drugs in the form of dosage, strength, safety, characteristic reactions, quality and the purpose of its use. Despite being chemically identical to branded drugs, the main difference between the two is that generic drugs are sold at a widely lower cost than its branded counterparts.Thus, in simple words generic drugs can be defined as an identical substitute to branded drugs but having its price and name different. While the branded drugs are known by the name given by its manufacturers, generic drugs are called by its chemical name. For almost all the diseases and health issues, generic drugs are now available in the market.
According to the laws adopted by most of the states, in order to get a generic drug approved to be sold out in the market, it is necessary that it is generically equivalent to its branded counterpart. Which means the chemical composition, medical effects, dosage form like liquid, injection or pill, the active ingredients and the strength of the generic drug should be the same as the branded drug.
Following Are The Advantages Of Generic Drugs:
- 1) Generic drugs are true value for money. It costs around 30-75 percent less than branded drugs and thus helps you in saving money.
- 2) It is as effective and branded drugs.
- 3) It is same as its branded counterparts in all aspects such as strength, route of administration, quality, purity, dosage form and chemical composition.
- 4) Generic drugs play an important role in the lives of those who can’t afford to buy costly branded drugs and have to stop their treatment. With generic drugs available at cheaper costs, those patients can continue with their treatment and fight the illness.
- 5) Since generic drugs are approved only after clearing the strict approval restrictions laid down by the FDA, its authentication is ensured and there are no risk factors involved.
Following Are The Disadvantages Of Generic Drugs:
- 1) Dissimilarities in bioavailability or intrasubject unevenness can lead to drug overdose.
- 2) It can be dangerous if consumed without medical observation.
- 3) Sometimes, in cases involving critical illness, the patients might not find it smooth while switching to branded drugs from generic drugs.
- 4) It is not the first choice of the buyers as after all it is an alternative option.
- 5) Drug overdose can lead to many grave medical hitches.