Why generic brands are not popular?

Generic drugs have the same chemical composition as branded drugs. But they are sold under the chemical names which are not familiar with the general public. Popular branded drugs are too expensive. Many people become concerned because generic drugs are often substantially cheaper than the brand-name versions.

Why are brand names more expensive than generic?

Brand-name drugs are typically more expensive because of the higher initial costs to develop, market, and sell a brand-new drug. For example, a generic drug must have the same active ingredients as the brand-name drug, but the FDA doesn’t require that it has the same inactive ingredients.

Are generic drugs always cheaper?

How much cheaper are generic drugs? Generic medications typically cost about 80\% to 85\% less than the same brand-name drug. According to 1 study, generic drugs saved the U.S. healthcare system $1.67 trillion from 2007 to 2016.

What is the average cost of a generic drug?

WASHINGTON DC (July 10, 2018) – Today, the Association for Accessible Medicines (AAM) released its “Generic Access and Savings Report in the United States 2018,” which finds that 93 percent of generic prescriptions are filled at $20 or less, and that the average co-pay for a generic drug is just $6.06.

What are examples of generic brands?

Each medicine has an approved name called the generic name. A group of medicines that have similar actions often have similar-sounding generic names. For example, phenoxymethylpenicillin, ampicillin, amoxicillin and flucloxacillin are in one group of antibiotics. Brand (trade) name.

What is a branded generic?

The branded generic name is proprietary to (owned by) the company. IMS Health defines a branded generic as either a prescription product that is a novel dosage form of an off-patent product produced by a manufacturer that is not the originator of the molecule, or a molecule copy of an off-patent product with a trade name.

What is the generic drug list?

A generic drug is a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use.