A majority of patients must have heard about generic drugs, however do not aware of what they use, or if their quality is the difference between a brand-na…
Once the period of validity of drug patent is expired, several Pharma manufacturers can start formulating generic versions of the medications. These generic drugs give several economic benefits to patients in both well established and developing nations, insurance providers, other Pharma companies and public wellness authorities. There are a lot of online pharmacies that are engaged in providing a wide range of generic drugs at a highly reasonable price.
Economic Benefits gained from Discounted Generic Drugs
One of the main advantages that the economy gets with discount generic drugs is affordable treatment. A large portion of cost in formulating any new medication is spent on the research and development department. Once approved by the medical industry norms & standards, the new medication is readily available in the market with a fixed period of patent validity. When the medication patent comes to an end, other pharmaceutical manufacturers start formulating the cheap version of an existing drug and sell it under a generic name. This reduces the prolonged, costly process of researching and formulating a new medication.
These cheap drugs help several health insurance companies to save a great deal of money. As per the online survey, it has been stated that near about $734 billions are saved over the past decade alone. These savings turn into lesser insurance prices for companies that give health care services and cheaper co-pays for patients purchasing these medicines.
In addition, these funds get transferred directly to the user, even those who don’t have a health protection. According to the reports, a branded drug is near about 50 to 70 percent costly as compared to any generic drug.
Give Improvement to Public Health
Apart from saving patients money, cheap generic drugs also make required treatments broadly available to people across the globe that could not formerly afford them. As an example, Thailand has started buying the generic version of the blood-thinning and heart-attack minimizing medication Plavix from India at a price of 3 cents each dose.
As per the Thailand’s health government department, a very less percentage of heart disease patients can manage to purchase Plavix. This pictures a leading betterment in public health in the country, where, heart problem is the other major killer. In under-developed or established countries around the globe, HIV-positive patients who cannot manage the costly branded drugs available in the market can buy much discounted generic versions that sustain their lives with the same efficacy.