Generic drugs are capturing the pharmaceutical market!
Generics have captured the market of the branded drugs because of their best quality and the cheap prices
. In all over the world, generic are now holding the share of about 61% in the pharmacy market. Before a decade, generic drugs were having only a share of 10% in the pharmacy market. But, it was after the discovery of the generic version of Viagr a that revolutionized the pharmacy market and made the customer to believe in the generic drugs. Generic Viagr a was the first generic drug that was accepted by the customers as the treatment of the erectile dysfunction. The myth that "generic drugs are of inferior quality and may cause severe harm to the health" was spread by the branded drug companies for maintaining their position in the market. But, generic Viagr a made a breakthrough and became a more selling drug than its original counterpart
In United States, the sale of generic drugs is now improved considerably in the last 2 years.The main reason why the generic drugs are available for the very low cost was that the no investment was done in the research of the generic drugs as the generic drug manufacturer has to follow the same formulation of the branded drug manufacturer. Thus, the considerable amount of money is saved here.
Generic drugs because of the low price do the annual saving of 6 billion euros that accounts into the profits made by the generic drug manufacturers and insurers. Customers also prefer generic drugs because of very low prices in comparison to the original branded drug and same in effectiveness like the original drug. Even the government in the European nations and European Drug Agency, noted that the existence of a large market for generics is necessary because of the increasing customer demands.Generic drugs have captured 54% of the market in the European pharmacy market.
Generic drugs are the adaptation of the branded drugs that are manufactured following the same standard guidelines but are manufactured in developing countries so are very cheap and affordable for the individuals staying in developed countries. Generic Drugs are in demand all over the world. Generic drugs are defined as the drugs, which has the similar properties and effects as their brand-name drugs whose patent is expired. Generic drugs are the pharmacologically similar to the brand name drugs. The active constituent of the generic drug and the original branded drug is same and in equal concentration.
The real turnover came in the generic drug when the first generic drug's approval by the Food and Drug Administration in United States. This year has already recorded the buyouts of $25.1 billion of generic drugs in the pharmaceutical industry. Generic drug industry holds the 57% of the pharmaceutical market and is expected to capture the 76% of the pharmaceutical market by 2015.
Generic drugs are capturing the pharmaceutical market!