by Karel Kinnett

Created on: April 15, 2009

Generic drugs are identical to brand name drugs in chemical composition, dosage, and strength. The only difference is the price tag and appearance. The FDA strictly regulates these drugs so that you can be assured you are getting the same benefits as brand name drugs. Since generics use the same ingredients, they are as safe and effective as their pricier counterparts.

The high price of brand name drugs is due to several factors. Manufacturers of new drugs must pay for research, testing, development, marketing and promotion of the new drug. FDA patents give drug companies the right to be sole manufacturers of a drug until the expiration of the patent. When these patents expire, usually after 20 years, manufacturers can submit an application to the FDA to make a generic version. Since the manufacturers won't have the same testing and development costs as the brand name companies, generic drugs can be sold at a much lower price than brand name drugs.

Buying generic drugs is not only safe and cost effective, but can also save lives. When people can not afford their medications, they usually do without. Because of the high cost of drugs, many people must decide between eating and buying their medicine. Generic drug manufacturers make it easier for people to avoid illness and even death, by providing a low cost alternative to high priced brand name drugs.

Many companies make both brand name and generic drugs. Roughly 50% of all prescriptions filled each year are generic drugs. These drugs save patients and insurance companies an estimated $8-10 billion dollars a year. Over the counter drugs are also available in generic form and are usually much cheaper than their brand name counterparts.

There are many misconceptions about generic drugs. Some people believe that they aren't as effective, they are made under poor conditions, and that they take longer to work. All drug manufacturers have to abide by manufacturing standards set by the FDA. According to FDA requirements, generic drugs are as safe and effective as brand name drugs. The FDA conducts inspections of manufacturing facilities every year to make sure standards are met. You can be certain that your generic drug is safe and not made in a substandard facility.

Not every brand name drug has a generic counterpart. Newer drugs that are still under patent will not have a generic version available. If you have concerns about the cost of your medicine, ask your doctor or pharmacist if a generic version is available.

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