Patent And Generic Drug Prescription Statistic For Australia

Market Value and Trends – Generic Vs Patent Drug
Patent drugs when compared to generic drugs are pricey because of the exclusivity of their brand names. Generic drugs on the other hand are manufactured and marketed by many and the market competition persuades the manufacturers to sell the drugs at lower prices. Since generic drugs are FDA-approved, equal-quality medication so consumers tend to prefer generic drugs over the branded ones. Most generic drugs are available at as low as half the price of their brand-name versions while functions with equal efficiency. More recently, the trend to buy generic is increased even more due to the discounts programs initiated by many leading grocery and pharmacy chains. The savings associated with generic drugs have made a significant effect on market trend as consumers are increasingly shifting their interest towards generic drugs.