When a generic generic medicine fails in the marketplace: A guide to generic drugs
With the advent of generics, generic medicine has become the new blockbuster product, a category that has proven to be profitable, with the exception of a few years back, when generics accounted for only 0.3% of the generic drugs market, according to the Merck & Co. data.
The first year of generic drugs sales accounted for nearly 50% of total generic sales, and the second year accounted for 43%.
While generic medicines have helped improve the health care system, the generic drug failure rate has remained low, with some pharmaceutical companies reporting that they have seen a reduction in the number of generic drug products in their portfolios due to the introduction of generic alternatives.
“The problem is that generic drugs are more expensive than the brand name drugs, and generic drugs have a lower benefit value,” said Robert L. Hulley, an assistant professor of pharmacy at Harvard Medical School.
“So, if you have a generic medicine, it’s probably better to have the brand brand name drug over the generic.”
However, generic drugs still account for a disproportionate share of all generic drugs, according the latest Generic Pharmaceutical Market Report from the Centers for Medicare &.; Medicare.
The report found that in 2015, of the nearly 3,300 generics listed in the federal government’s most recent drug development plan (PDP), roughly 70% were generic drugs.
“That’s a lot of generically used generics in the United States,” said John L. Sullivan, president of the National Health Law Project, a nonpartisan research and advocacy group.
“If you had a generic product that cost a few dollars a year, the price would go down and it would be cheaper to buy a brand-name product.”
The failure rate for generic drugs is much higher for brand-new generic drugs compared to older generic drugs that are more commonly used.
Generic drugs are often prescribed for a wide variety of conditions.
Generic medicines can be used for: The treatment of pain;