Every time patients go to the pharmacy, the pharmacist asks them for their choice of medication whether they want to get a branded or generic medication. The answer is always there is no difference. There are more similarities than differences between the branded versus generic medication.
Generic drug is a drug product that is comparable to a brand/reference listed drug product in dosage form, strength route of administration, quality and performance characteristics, and intended use. (FDA, CDER). The requirements for Generic Drud must met the following criteria: Same active ingredient(s), same route of administration, same dosage form, same strength, same conditions of use, and the inactive ingredients are already approved in a similar NDA. Many pharmacies sell generic medication cheaper than the brand-name versions. But the quality and effectiveness are the same because both of these types are regulated by the Food and Drug Administration, which will not approve any generic medication unless they pass the required test.
There are many benefits for having Generic medicine in any country because using them reduce drug cost, and generic medicine has saved the United States Health Care System $824 Billion over the last decade and $139.6 in 2009 alone (Generic Pharmaceutical Association). In addition, it increases drug use because many patients can afford to buy it and some pharmacies now, such as Giant Eagle pharmacies in Columbus, are offering five generic diabetes medications free of charge to their patients. Prescription drugs can be costly. To help keep health care costs low without compromising quality, many insurance companies has launched a collaborative effort to promote the use of generic drugs (Blue Cross Blue Shield of Michigan). Generic medication is known to prevent drug shortage due to better product rationalization and fewer drug supply disruption.
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Brand-Name companies depend on innovation to bring new drugs to the market, whereas Generic-Name companies depend on imitation to bring new product to the market. Generic medicine can only be marketed if the patent and exclusivity protection for the Brand-Name medicine ends or the patent owner waives its rights and the FDA requirements are met.