Drugs by generic name
Drugs by generic name, what are they?
In spite of the many myths surrounding the use of generic drugs (most of which are prompted by pharmaceutical
companies desiring you purchase their higher-prices medications) generic drugs contain exactly the same active
ingredients as the brand name drugs.
According to FDA's office of Generic Drugs a generic drug is "identical, or bioequivalent to a brand name
drug in dosage, form, safety, strength, route of administration, quality, performance characteristics and
intended use."
Generics, same as Brand name medications adhere to and meet the same standards for quality and safety.
The FDA conduct inspections on regular basis to generic drug facilities, to ensure that data collected is
valid and the facilities are within the standards set forth for sterility and purity. Through these inspections
data is collected on production facilities, environmental control of storage area, labeling procedures used
to prevent mix-up of medication and sample batches are collected.
Although generic drugs are chemically identical to their branded counterparts, they are typically sold at
substantial discounts from the branded price.
So why are drugs by generic name so much cheaper than the brand name medication? This can be simply explained
by 2 words: Research and development and marketing. The manufacturing company has to discover new biochemical
substances that eventually become new drugs. This research is essential to finding new and better treatments
for various diseases which can be costly to the manufacturing company. On average, it will cost the manufacturer
about $500 million in research, development and marketing before the drug is released to the market.
Therefore in order to protect the innovator's investment, the FDA grants them a patent of exclusivity making
them the only company able to produce and sell that medication. The patent is usually for a period of 20
years from the start of the drug development not from the time that it is marketed for use, even though it
might vary from one country to another. During this time the manufacturing company has free control on pricing
which most of the time allows them to pass the cost procured from research onto their customers. Once the
patent expires, generic companies are then allowed to manufacture and sell the drug. They rely on the research
done earlier (i.e. copying what was done before) by the innovating company, therefore manufacturing costs remain
low. The cost of generic drugs average 40 to 60 percent below the cost of the brand medication.
Therefore generic drugs offer significant savings to consumers to consumers.
Also according to the congressional budget office, generic drugs save consumers an estimated $8 to $10 billion
a year at retail pharmacies.
Even more surprising, an estimated 50% of generic drug production comes from major drug companies producing
both brand name and the generic drugs. They frequently make copies of their own or other brand - name drugs
but sell them without the brand name and at lower prices.
There are also manufacturers who only produce generic drugs.
Therefore Generic drugs can provide real value. Generic drugs usually cost from 30 to 75 percent less than
their brand-name counterparts, and, since Health Canada is very strict about approving generic drugs, you can
be assured that the generic drug you receive is a safe and effective alternative to the brand-name drug.
One of the most worries that patients have is will this generic medication work as the brand name? Will it
take longer to work in the body?
Generic drugs work exactly in the same way and within the same amount of time as their brand name counter
parts. When a manufacturer wants to market a generic version of a drug, it must provide evidence to the FDA
that the generic drug works in the body just like the brand-name drug, and within the same amount of time.
So are you ready to switch to generic medication? If so, all you need to do is ask your doctor to indicate
on your prescription that a generic drug may be used. Ask your pharmacist or doctor to better understand the
generic choices available to you. Your physician will likely prescribe a generic drug or will refer to a drug
by the brand name.
Searching for drugs by generic name:
Medications usually have three names: brand, generic and chemical compound. In most cases the generic name
and chemical compound are similar if not the same.
Example:
| Brand name | Generic name | Chemical compound |
|---|---|---|
| Zocor | Simvastatin | Simvastatin |
| Paxil | Paroxetine | Paroxetine Hydrochloride |
| Evista | Raloxifine | Raloxifine hydrochloride |
In summary, with prescription drug costs constantly being raised you can control your healthcare costs by encouraging your physician to prescribe generic drugs when they're available and appropriate.
- Therefore by asking your doctor and pharmacist for drugs by generic name, when available, you may save money without compromising on quality.
- Generic equivalent medications contain the same active ingredients and are subject to the same rigid Federal Food and Drug Administration standards for quality, strength, and purity as their brand name counterparts. The only thing that may differ are fillers, flavorings, or coatings may differ.
- Generic drugs generally cost 30 to 75 percent less than the equivalent brand name product.
- Generic drugs make up nearly half of all prescriptions filled.
- About half of generic drugs are made by companies that have ties to the manufacturers of brand name drugs.