Branded drugs are manufactured by an organization and are always sold under a brand name. Patents for such kinds of drugs can be obtained by including different inactive components to the drug, for example, flavoring and coloring agents.
Generic drugs are similar to branded drugs, yet they contain only the active components that are important to be included for the drug to be effective. Generic drugs don’t contain unnecessary inactive elements as branded drugs do. Generic drugs can be sold in the market once the branded drugs’ patents have lapsed, which is typically around 20 twenty years from the date of patent approval.
The Indian Pharma Market
India is perhaps the largest manufacturer of generic drugs globally. The Indian pharmaceutical sector industry supplies more than half of the global demand for different kinds of vaccinations. India holds a considerable position in the global pharmaceutical market as a supplier. The nation also consists of a large pool of scientists and engineers with the potential required to level the pharma industry up to a higher standard.
The Indian pharmaceutical market is foreseen to obtain the 9th position in the global market by 2023, thanks to different top-tier pharmaceutical companies that produce branded drugs that are sold highly in the market compared to generic drugs. Examples of some popular pharmaceutical companies include:
- Sun Pharmaceutical Industries Limited
- JoinHub Pharma
- Aurobindo Pharma Limited
- Lupin Limited
- Cipla Limited
- Reddy’s Laboratories
- Cadila Healthcare Limited
- Intas Pharmaceuticals Limited
The Role of the FDA
The Food and Drug Administration department is actively taking part in the promotion of generic drugs worldwide, as it increases the availability of medicine at cheap prices.
Before launching a generic medicine in the market, the medicine must be approved by the FDA, who meticulously reviews the product and additionally guarantees that the drug meets certain standards applied for the approval of a branded drug. The department finds various steps to guarantee the safety and quality of drugs before and after it is launched in the market.
Even after the approval of any generic drug, the FDA keeps on observing the medicine’s level of safety to make sure that the products being sold to consumers are effective, safe, and of high quality. Thus, the FDA plays a significant part in offering quality medicine to those who require it, anywhere around the globe.
Difference between branded drugs and generic drugs
- Branded drugs and generic drugs have similar active ingredients that are needed for the drug to be effective in nullifying the health condition. Branded and generic drugs are likewise similar when it comes to intake dosages and their strengths, with virtually no difference in their outcomes.
- Branded drugs differ a lot from generic drugs in terms of size, shape, and color – this is generally done to facilitate patent approval, which needs a significant amount of distinction from existing drugs with comparative chemical compositions.
- They are likewise discovered to have different inactive ingredients – branded drugs are heavy in content unrelated to the working of the drug, such as coloring and flavoring agents, on the other hand, generic drugs don’t include the utilization of gustatory and visual stimulation.
- They are different in shapes, sizes, and colors.
- They have different inactive ingredients. Most often only branded drugs have inactive components.
- Generic drugs are more affordable than branded drugs.
- Branded drugs are sold under a company’s name whereas generic drugs do not.
Generic medication typically costs about 80% to 85% less than branded drugs. Generic drugs are less expensive because the manufacturer doesn’t have to develop and market a new drug, nor go through the troubles of researching, licensing, and getting it approved. It does not contain inactive components that are added to make them smell, look, and taste better, clearly leading to less expensive production costs.
- Are generic drugs safe?
Indeed, Generic drugs are totally safe, as they are highly regulated and experience a rigorous review process before they are approved in the market. The Food and Drug Administration (FDA) tests the generic drugs to ensure that the drug is safe to be utilized by those afflicted with the disease being battled. The FDA only approves drugs if they meet all the guidelines for safe usage. After drug approval, the FDA will frequently inspect the manufacturing plant where the drug is manufactured and will monitor the drug for any safety concerns.
- Why do branded drugs and generic drugs look different?
The shape, size, and color of the generic drugs and the branded drugs make them look unique.
It is apparent that Indian generic drug companies are growing at a fast pace. India is the biggest manufacturer of generic drugs in the world and thereby it helps to strengthen India’s burgeoning economy. A survey submitted by Global Business Report has stated that India’s pharma exports have increased by 11% in 2019, which is quite satisfactory. However, the popularity and demand for branded drugs in the market overpowers the presence of generic drugs.
Expensive branded medicines available in the market cannot be affordable by everyone. So, the Drug Price Control Order (DPCO) has decreased the price of some branded drugs. Regardless of this price reduction, a couple of branded drugs are still selling at high rates. Thus, the best alternative to these expensive branded drugs is generic drugs. The government must promote and advertise generic drugs to make them available to everyone. People should also start adopting generic medicines. Giving more into generic drugs will help them establish a strong presence in the market, which when combined with their cheap prices, will be the traction they require in the limit of pharmaceutical economies worldwide.
Get in touch with our experts at JoinHub Pharma today to know the pricing model of generic drugs.