Today nearly 8 in 10 prescriptions filled in the U.S. are for generic drugs, however many of us still don’t know the differences between branded versus generic drugs, how generic drugs enter the market and other important information around this area.
A generic drug is a chemically equivalent, lower-cost version of a brand-name drug. In most cases the generic drug costs 80-85% less than its brand-name counterpart. In order to pass rigorous testing a generic version of a popular brand-name drug must have the exact same active ingredient, dosage, usage directions, quality, performance and intended use as the branded version.
As many branded drugs lose their patents, competing pharmaceutical companies are investing in generic drug production. In fact, global generic spending is set to double by 2016 reaching $400- $500 billion.
The medicinal drug landscape is in a state of flux and our infographic helps to map out these changes. You can see which popular brand name drugs are set to lose their patent in the near future, learn how generic drugs are manufactured and meet the market, and understand the key similarities and differences between generic and brand name drugs.
Infographic by: statsols