When a pharmaceutical company markets a drug in the industry, it usually patents it before selling it. After the expiry of certain marketing rights of the patented drug, generic drugs are marketed at affordable prices and high quality.
Generic drugs can be legally produced as drugs in several cases as follows:
- When the patent has expired
- Drugs which have never been tagged patents
- Countries where the patents are not in force
- The generic company that certifies the brand company’s patents as infringing or invalid
Typically, the generic drug industry encompasses the marketing and manufacturing of certain drugs that have the same active ingredients as that of the brand-name drugs produced by any other pharmaceutical company. Generic drugs function under an authentic governing structure, rather the same framework as that of the branded drugs manufactured by the pharmaceutical industries. Nonetheless, the major benefit of generic drugs is the low cost as compared to that of branded drugs. These drugs contain the same active ingredients as the original formulation.
The U.S. Food and Drug Administration (FDA) accept and identify generic drugs within the bioequivalent range to the brand-name counterpart. The majority of the times, the sale of generic drugs holds major importance and attraction in industrial entities such as pharmacy benefit managers, pharmacies, and wholesalers because the drugs provide higher profit margins than the sale of other branded drugs.
North America is the largest manufacturer and consumer of generic drugs and certain growth is seen in the Asian-Pacific countries too. ResearchMoz serves as an informative and the most ideal platform for all your market research report requirements. Our generic drugs research reports include dynamic information of the pharmaceutical industry and every latest-happenings with utmost cutting-edge data. The reports include a review of micro and macro key factors of all the essential market players and major drugs in the industry, along with new entrants with in-depth detailed value chain analysis.