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October 12, 2021
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Getting Familiar with Generic Medicine
In the simplest terms generic medicines are medications are manufactured to replicate an already marketed brand name medication with similar dosage form , safety , strength , route of administration , quality and intended use. In India, the escalating cost of healthcare is what led the people to opt for generic medicines. However there are still questions raised about the use and benefits of generic medicines. Therefore we are here to answer those questions.
FAQs about Generic Medications
Q. Are generic medicines as effective as their counterpart branded medicines?
A. Yes , Generic medicines work the same as brand-name medicines. Hence it could be said that generic medicines are the perfect substitute to the brand name counter-parts. This is possible as it is necessary that the generic pharmacies go through a series of rigorous tests of pre-approval by the FDA. The FDA also monitors that the active pharmaceutical ingredients and that they provide the same effective similar to their brand-name counterpart while ensuring that it is safe. The FDA also ensures that the manufacturing plants and suppliers are following the regulations on good manufacturing practices by conducting routine inspections.
Q. What is the reason that generic medications and branded medications appear different than each other?
A. The simple answer is that it is due to the trade laws and branding purposes are the reasons that the generic medicine pharmacies manufacture generic drugs that are different in color, taste and shape. However it does not change the use and benefits of the generic drugs as the active ingredients remain constant it is just the inactive ingredients that differ.
Q. Why is the cost of generic medicines less than that of the branded ones ?
A. The cost of a Generic drug is 20 to 80 % lesser than that of its branded counter- part. The main reason behind this is that generic drug manufacturers do not invest as much as their counter-part brand name one. Generic medicines pharmacies do not need to invest in a separate laboratories as well as investment in the research and development department is inexpensive.
Q. Is it always safe to substitute brand name medicines for generic medicines ?
A. Yes, generic medicines are always safe to use as a substitute for brand named ones as it is a fact that the active ingredients in a brand name drug when compared to a generic drug are identical. Therefore ensuring that the generic medicine suppliers provides similar use and benefits of the branded one.
Q. How to start a generic medicine store ? More specifically in the region of Maharashtra?
A. There are two ways that a person could start a generic store, either by opening a medical store or by acquiring a generic medicine franchise. To open a generic medicine store in Maharashtra it is necessary that the applicant receives a government approved Drug license. Further providing blueprints of the location of the store to paying the Challan of the fee Necessary.
To acquire a generic medicine franchise :
It is crucial to know that a wholesale FDA drug license is present as well as a Pharmacist holding a degree of either B.Pharm. / D.Pharm must be employed in the store or the franchise. To acquire the franchise it is also necessary that a rented/owned warehouse of around 400 sq. ft in addition to an invested of Rs 12,00,000 is necessary.