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| It is estimated that in the U.S., it takes at least $800 million to invent and get approval of the F.D.A. for a new drug that is really path breaking. Generic drug manufacturers the world over reverse engineer the drug once the patent period is over, and hence do not incur the cost of discovery or advertising. In 1994, purchasers saved a total of $8 billion to $10 billion on prescriptions at retail pharmacies by substituting generic drugs for their brand-name counterparts. [Source: FDA Report] According to a recent survey undertaken by IMS Health (the world’s leading provider of market intelligence to the pharmaceutical and healthcare industries), the global sales of generic drugs will increase from $29 billion in 2003 to $49 billion in 2007. The sales of these generic drugs are expected to increase by 14% per year. Price and Savings from Generic Drugs Data provided by the National Association of Chain Drug Stores indicate that sales of generic drugs accounts for more than 50% of the drugs prescribed as far as the U.S. market is concerned. On an average, there is a difference of $65 between branded drugs and generic drugs. In other words, generic drug manufacturers save about 70% to the end user, benefiting the needy people. |
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