A brand name drug is supplied and marketed by the drug company which holds the patent for that drug. Holding a patent means that company has exclusive rights to market and sell that drug. Usually, the inventor or developer holds the patent, but it can be sold to another person or company. A patent is good for 20 years. When it runs out, other drug companies can sell the drug as a generic name drug. The brand name still belongs to the original company.
The generic version of a medicine is basically, a copy of the brand name medicine. It is often marketed under its chemical name. For example, Prilosec is the brand name for the generic is esomeprazole.
A generic drugs usually cost 30% to 75% less than the brand name version. Unless your doctor specifies otherwise, the pharmacist may substitute the generic version of your medicine for the brand name, even if the prescription has the brand name. A generic drug may look different in size and color but it must have the same active ingredients, strength and dosage form (pill, liquid or injection) and provide the same effectiveness, as the brand name medicine.
Although generic drugs are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price.Generic drugs save consumers an estimated billions a year at retail pharmacies. Even more billions are saved when hospitals use generics.
Actually, generic drugs are only cheaper because the manufacturers have not had the expenses of developing and marketing a new drug.
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