Generic vs. Brand Name Drugs: Who is Involved? And What Does the Government Say?

Drug companies, federal organizations, scientists and consumers are all involved in the battle of generic drugs versus brand name drugs. The increase in demand for generic drugs has pushed more drug companies into synthesizing more of the drugs. There have been plenty of rumors and myths about the generic versions of drugs but the Federal Drug Administration (FDA) has put them all to rest. In order for the competition in the drug market to exist both generic drugs and brand name drugs must be available to consumers. Generic drugs can be supplied by more than one company so this increases the competition. If there are multiple companies selling the same drug, the only difference being the name on the box, consumers can choose which drug they trust or prefer to buy. However, the competition is weakened when drug companies cannot sell generic versions of brand name drugs. Most brand name drugs have patents that protect everything about them for 20 years so generic copies cannot be made. Therefore, not every brand name drug has a generic version available to consumers. The FDA has approved all drugs that are sold under brand names and generic names so consumers can be sure what they are taking are safe.

So when deciding whether or not to buy generic or brand name do not listen to the myths and rumors, know the facts. The FDA states that a generic drug must have the same quality, same safety and same strength as its brand name counterpart. In order for the FDA to approve the generic drug it must have the same ingredients, labeled strength, dosage form and administration as the brand name drug. There are many requirements the FDA sets in order for a drug to gain its approval. If just one of the requirements is not met then the FDA will not approve the drug for sale to consumers. It may be a long process for drug companies to go through but the benefits of having both generic and brand name drugs outweigh the lengthy process. The FDA states that “generic competition helps keeps drug costs down, encourages research, helps keep insurance premiums down, and saves consumers $8 to $10 billion yearly”. So the question remains, which should we buy? For most, the less expensive version is most practical. However, the brand name may seem safer to some consumers.