generic drug

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generic drug,

a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. The name of the active ingredient is established by a government or international body, and is typically the U.S. Adopted Name, British Approved Name, or International Nonproprietary Name. Generic drugs must contain the same active ingredients that their brand name counterparts do and are tested to assure that they are therapeutically equivalent, but they may contain different inactive ingredients from those found in the brand name medications.

There are generic versions of both over-the-counter and prescription medications, but not all drugs have generic equivalents. Generic drugs can only be produced when a patent on a brand name drug expires or when a patent has never existed. They are generally cheaper than the equivalent brand name drug because of much lower marketing and development costs. Because a generic competitor can hurt a brand name manufacturer's profits, drug companies have used legal action and regulatory delays to slow the introduction of generics, or have paid generic manufacturers to postpone the production and marketing of generics. The Medicare overhaul legislation passed in 2003 contained sections designed to speed the introduction of generic drugs by making it easier to challenge weak or invalid drug patents.

References in periodicals archive ?
As of April 1, 2018, the prices of nearly 70 generic drugs will be reduced by 25 to 40 per cent, resulting in overall discounts of up to 90 per cent off the price of their brand-name equivalents.
Most generic drugs are produced by only one or two firms, and the weak or nonexistent competition is associated with high prices.
Generic drug makers are opposed to the rule, which could open them up to more lawsuits.
As the sustainability of these programmes is largely dependent on the use of generic drugs, the demand for these drugs is expected to increase over the next several years.
35) The abbreviated application has fewer extensive requirements, making the application process easier and faster for generic drugs to enter the market.
Purchase generic drugs only from drugstores that are accredited or registered by the Food and Drug Administration to ensure their quality, efficacy and safety, said the DOH on its Facebook and Twitter accounts.
Phil Roe (R-TN) intended to "level the playing field" under the Generic Drug User Fee Act (GDUFA).
A: The present task, a task of fundamental significance that will lead people to know where our weaknesses lie and inspire them to pluck up courage to advance, will greatly raise the quality of China's generic drugs and enhance the generics industry's awareness of the importance of pharmacy.
Generic drugs create savings that can be redirected elsewhere.
The parliamentary standing committee on health is already seized of the generic drugs issue.
Prices of 484 generic drugs whose original brand name drugs are in the market will be reduced by more than 22 percent and a 15 percent reduction in prices will affect some 186 generic drugs that do not have their corresponding brand drugs," he said.
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