A generic drug is a replica or bioequivalent that is same as the brand-name of the drug in dosage, safety, and the strength, mode of consumption, quality, presentation and intended use.
The US Food and Drug Administration or the FDA makes it mandatory that all drugs are to be safe and effectual. The Generics use the same ingredients and are to work the same way in the body. They will have the same benefits as well the risks as their brand-name corresponding items.
Generic drugs are FDA approved drugs and are less cheap (almost 30 to 80% less) because generic manufacturers don't have the investment and venture costs of the developer of a new drug. New drugs are developed, produced and manufactured under patent protection as laid down in the patent law. After generic drugs are approved, there is every possibility of greater competition, which further keeps the price considerably down. Generic drugs are believed to save consumers an estimated $8 to $10 billion per year at retail pharmacies. According to statistics, almost half of all prescriptions are filled with generic brands.
In October 2007, the US Food and Drug Administration or the FDA initiated the Generic Initiative for Value and Efficiency, or GIVE. The objective of GIVE is to increase the number and variety of generic drug products available in the market. In the United States, the generic drug companies and the generic drug manufacturers are given the name of their products by the review and recommendation of the United States Adopted Names (USAN) Council.
