Generic names for medicines help us understand the type of medicines. Generic names remove the ambiguity that might arise if brand names are used to refer to a specific type of medicine. These names are often retained by small manufacturers and sold in the market without branding. Interestingly, there is a common tendency among consumers to go for branded medicines.
The reason for this is the belief that the branded medicines, although expensive, are better in quality as they are more expensive. Generic medicine is looked down upon as a cheaper alternative that is used when nothing else is available. Generic medicines use similar composition as their branded counterparts and have the same pharmacological effect.
Time has come to improve their quality and distribution so that people can access cheaper medicines. If you are looking to save on medical expenses and pay your medical bills on easy EMI, apply for the Bajaj Finserv Digital Health EMI Network Card. Download health card today so that you can benefit from exclusive deals and discounts offered on the card.
Benefits of Improved Generic Medicines
There is huge scope as far as the success of generic medicines is concerned. With the building of a thought-out infrastructure, generic medicine can change the way the medicine market functions. This positive change will definitely come to the aid of the general consumer who already finds the cost of medication hard to bear.
- Cost-Effective: There will be lower regulatory costs due to the redundancy of intensive auditing. Furthermore, the focus of the company will be on producing quality medicines rather than grabbing the largest pie of the market share. So, funds will be spent towards the correct ends to provide people with cost-effective medicines.
- No Monopoly: If the generic medicines can produce and maintain quality throughout, the marketplace will be increasingly democratic. The unhealthy competition will be ruled out, and competition between brands will only serve the public good. If this change can be made to last, it can prevent the market forces from interfering with the well-being of the common people.
- Minimized Product Recalls: Product recalls can make things look bad at any point in time. The situation takes a turn for the worse if batches of medicines are taken back. Product recalls generally happen due to negligence in quality control, a problem that can be easily solved if there are many small manufacturers than a few big manufacturers. To get any amount of stability in the administrative structure, product recalls have to be minimized. To achieve this feat, it is necessary to put strict quality checks in place. This is easier to manage with small companies manufacturing generic drugs than taking on the big guns that probably have half the market share in their kitty.
- Regulated Framework: If quality control of generic medicines becomes a norm, then these medicines can be exported with confidence. Needless to say, this strategy will put the country at a considerable advantage towards generating revenue. The export will also cause a hike in the reputation of generic medicine, and will in turn help promote them further.
- Improved Outcome: With their improved level of quality, generic medicines will ensure that the general satisfaction of people with medicines soars high. With growing satisfaction, people will gradually form opinions in favor of generic medicine and this levels the playing field for competition.
- Consistency: With the focus on quality, there will be fewer failed batches of medicines. Quality checks will find fewer batches not meeting acceptable levels of quality. Thus, the production units will see a reduced wastage of raw materials. This in turn ensures that the revenue from generic medicines increases in the long run. This revenue can be reinvested to form a robust infrastructure to manufacture more medicines from different categories.
All these advantages of improved quality in generic medicine can only be made possible through thoughtful investment. Initially, a big investment is needed so that these small manufacturers can start their glorious journey by standing atop the shoulders of giants.
Generic Drugs are Not Inferior
Keeping all their advantages in mind, it remains to be amply advertised that generic drugs are not in any way inferior to branded drugs. It is R & D and marketing that drives these substantial costs. Even big brands try to sell generic drugs when the patent for a particular drug expires with the regulatory bodies. Once the public can be informed about the potent efficacy of generic medicine, we can come a long way towards normalizing the use of such drugs.
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