INDIAN PHARMACOPOEIA COMMISSION

Generic Medicines:
Bio Generic Medicines are those medicines have no patent name and are priced less than half the rate of Medicines being manufactured under patent names, these Generic medicines have a  Medical effect just as other Patent Medicines and cover all area’s of Diseases and Sicknesses. Generic medicines are known by its Chemical name, Unlike under a ‘BRAND” name.
Generic medicines have just the chemical name of any medicine.
The Generic Drugs has to pass all equivalency tests like Patent drugs  and is considered a therapeutic equivalent. This means that the drug will do the same thing via the same mechanism, and will also follow the same distribution, metabolism and elimination pathways in the body.

• Research shows that generics work just as well as brand name drugs.
• When it comes to price, there is a big difference between generic and brand name drugs. On average, the cost of a generic drug is 80 to 85 percent lower than the brand name product.

Generic manufacturers are able to sell their products for lower prices because they are not required to repeat the costly clinical trials of new drugs and generally do not pay for costly advertising, marketing, and promotion. In addition, multiple generic companies are often approved to market a single product; this creates competition in the market place, often resulting in lower prices.
The Indian government has made the use of Generic Medicines a must.

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References :
Dept of Pharmaceuticals
Bureau of Pharma PSUs of India
Generic medicines campaign improving  access to medicines
Safe Medicines India
Indian Drug Manufacturer Association
Open Source Drug Discovery