Tuesday, September 15, 2009

Generic Drug Substitutes

Generic Drugs are non-proprietary versions of those drugs which are not patented or which have lost its patent due to expiration.

A drug when produced is examined by FDA thoroughly. After approval, the drug is assigned a generic name by the Approved Name Council of United States and is patented for its chemical formula and composition. The manufacturing company may also get the brand name of the drug patented. Once patented, the drug becomes a trademark registry and cannot be manufactured or marketed by any other company except the one which holds the copyrights. The copyrights remain valid till the patent gets expired. When the patent gets expired the drug becomes generic and can be manufactured or marketed by any company until another patent is not filed. Generic drugs can be manufactured or marketed by any company and many companies do. Arrival of similar products gives rise to market competition and to beat the competition many companies cut down the product prices. Result? Inexpensive yet effective medication!