Generic Medicine is similar and comparable to a branded medicine in terms of dosage, safety, strength, quality, the way it works, the way it is taken and the way it should be used.
Generic medicines are marketed without the original brand name and hence are less expensive than brand-name medicines even though they are chemically identical to brand-name drugs and meet Food and Drug Administration (FDA) standards for safety, purity and effectiveness.
A generic drug contains the same active ingredients as the original formulation and will treat the patient as effectively as their branded counterpart.
The biggest benefit of using generic medicines is the huge savings in terms of cost of the medicines. Branded medicine manufacturers charge the consumer for the cost incurred by them in obtaining a patent which isn’t the need in generic medicine production.
A generic pharmaceutical drug is identical to a brand name drug in safety, strength and quality. Even though generics are identical to brand name drugs, they are typically sold at substantial discounts from the branded price. Typically, savings of at 50 to 70 per cent can be saved for the average consumer. It has been estimated that generic drugs save consumers an estimated $8 to $10 billion a year at retail pharmacies.