Why Generic Medicines cost less than Branded Medications?
Generic Medicines are usually termed as substitutes of branded Medications as they are made up of the same chemical composition and salts as branded Medications. Branded Medications are very expensive and this is the reason that people are switching towards Generic Medicines as they cost low as compared to Branded Medications. With the increasing demand many of the manufacturers has come up with their own Generic Medicines. Increase in demand of these Generic Medicines has opened new market for manufacturers and they are making great revenues by investing into these Generic Medicines market.
There are governing bodies like FDA that make sure that these Generic Medicines are safe for consumption and have the same effect as of Branded Medicines. Generic Medicines are formed when the patent protection act of Branded Medications expires. The duration of patent protection act differs from country to country and upon expiration of this Patent act, manufacturers in the industry can go for making Generic Medicines of the same branded Medication.
Low price of Generic Medicines force people to think that they cost low because they are low quality Medications but this is not the case. They cost low because their cost of production is not as high as branded Medications as they are prepared using the same salt and formula as of Branded Medications. This is the main reason that they cost less. Because of this low cost people think that they take longer time on showing their effects. This is not that case either, they have the same effect as branded medications and cost less because manufacturers do not have to bear too much of production cost.
Sometime these Generic Medicines look different in terms of colors, shape and size as in some countries like USA trademark laws do not allow Generic Versions of Branded Medications to look exactly similar but the ingredients, salt composition and everything else need to same. Generic Medicines also needs to have the same effect as Branded Medications then only they will be called as substitutes.
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