What are Generic Prescription Drugs?
Are you someone who takes generic prescription drugs? If so, you would be in the majority. According to a Supreme Court report, generic drugs make up 75% of the prescription drug market. The reason people go generic is simple- it’s cheaper. On average, generic drugs are 90% cheaper than their name-brand counterparts.
What are Generic Drugs?
According to the Food and Drug Administration (FDA), “A generic drug is identical–or bioequivalent–to a brand name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use.”
Because they are identical to the name brand drug, without the name brand, they are much cheaper. According to the Congressional Budget Office, generic drugs save consumers an estimated $8 to $10 billion a year.
Examples of Brand Name/Generic Drugs:
- Prozac- fluoxetine
- Vicodin- hydrocodone and acetaminophen
- Duricef- cefadroxil
- Xanax- alprazolam
- Zoloft- sertaline
Why are Generic Drugs Cheaper
According to FDA, generic drug manufacturers are able to cut costs because they do not actually create the drug themselves- “from scratch.” However, not all medications have generic equivalents- when new drugs are first made they have drug patents which are protected for 20 years.
FDA Facts and Statistics on Generic Drugs
- In 2004, the average price of a generic prescription drug was $28.74, while the average price of a brand-name prescription drug was $96.01, according to the National Association of Chain Drug Stores
- As of June 2005, there were 11,167 drugs listed in the FDA's Orange Book, and about 8,400 had generic counterparts
- In 1984, generic drugs made up 19% of the market
- Today, generic drugs make up 75% of the market
- 90% of all drugs with an available generic are filled with the generic
- 1/3 to ½ of all generics no longer have a name brand equivalent on the market
- Generic manufacturers sold an estimated $66 billion of drugs in the U.S. in 2009
Contact an Experienced Product Liability Attorney
Thomas J. Henry are leaders in the area of product liability litigation. Our Defective Drug and Products Division has extensive knowledge and resources in order to represent our clients efficiently and aggressively. We represent a multitude of people who are battling against manufacturers of medical devices and/or defective pharmaceuticals.
Your choice does matter. If you or a loved one has suffered serious injuries because of any defective drugs and/or products, call the Thomas J. Henry immediately. We are available 24/7, nights and weekends.