The US Food and Drug Administration (FDA) describes a generic drug as, “a medication created to be the same as an already marketed brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use.”
Generic drugs account for about two-thirds of prescriptions filled in the United States. Developing a new drug can take up to 15 years or more and cost up to $5 billion. A patent life varies from country to country, but can last up to 20 years. In comparison, the cost savings offered by generic drugs position them as a better option as they are equally safe and effective. They also reduce the burden of healthcare costs for patients, providers and healthcare systems. If more prescribers substituted generics for brand-name drugs, drug spending could drop substantially. Keeping with this mission, Biocon is focused on delivering a basket of quality products to patients, partners and healthcare systems across the globe.