Last updated on October 9th, 2024 at 03:59 pm
Generic medicines have become an important part of India’s healthcare system, allowing millions of people access to safe and affordable treatments. According to the Indian Pharmaceutical Alliance, generic drugs account for 80% of the pharmaceutical market in India.
Generic medicines are as effective and safe as their branded counterparts but cost less. This allows millions of Indians to access life-saving treatments, regardless of their financial circumstances.
According to a survey conducted by Deloitte India in 2019, the Indian pharmaceutical market is expected to reach $55 billion by 2025, with branded medicines accounting for about 72% of that figure. This indicates that there is huge potential for doctors and pharmacists to earn from selling branded medicines in India.
They have become an important part of India’s healthcare system, offering millions of people safe, effective, and affordable treatments.
How misconceptions are depriving Indians of saving medical expenses
One common myth is that generic medicines are less effective than brand-name drugs. This is simply not true. All generic medicines must meet the same standards of quality, purity, and potency as brand-name drugs. Another myth is that generic medicines may contain different ingredients than brand-name drugs. This is also not true.
Generic medicines contain the same active ingredients as brand-name drugs and must meet the same standards for quality generic medicines and safety. All generic medicines must be approved by the Central Drugs Standard Control Organisation(CDSCO) and meet the same high standards as brand-name drugs, holding WHO-GMP standards.
Viewing generic medicines as low-cost drugs with substandard quality
A major misconception about generic medicines is that they cost less because they use lower-quality ingredients or have fewer active ingredients than brand-name drugs. However, this is also false; generic medications may cost less than their brand-name equivalents because it requires fewer expenses to reach the consumer.
When a drug is mass-produced, the cost of production decreases due to the savings achieved from purchasing in bulk, streamlining processes, and reducing waste.
Furthermore, generic drugs do not need to be subjected to costly clinical trials or advertising campaigns like branded medications, which reduces the overall cost even further. As a result, generic drugs cost less than their branded counterparts and offer an affordable option for those who need them.
Questions about efficacy of generics
Many buyers in India worry that generic medicines will take longer to work than their brand-name equivalents due to lower quality or fewer active ingredients. Again, this is untrue; all generic medicines contain the same active ingredients in the same quantities as their brand-name counterparts and should produce similar results in terms of effectiveness and speed of action.
All CDSCO-approved generic medications contain the same active ingredients at the same concentrations as their branded equivalents. Furthermore, these medications also pass strict quality control tests before being released for sale, ensuring their safety and effectiveness.
Finally, some people think that because generic medications cost lower than brand-name drugs, they must be inferior in quality or potency. However, this could not be further from the truth. At the same time, indeed, generics cost less due to a lack of advertising and research costs associated with bringing them to market, they are still subject to stringent quality control tests before being approved for sale on the market – ensuring their safety and efficacy remain at optimal levels regardless of cost.
Lack of branding in generics
Brand recognition is also a key factor in determining whether customers will choose to purchase generic medicines. Many customers prefer to buy brands they recognize and trust, so if a generic medicine has a recognizable brand name, it is less likely to be purchased. A branded product will also have higher perceived quality than its generic counterpart since consumers assume it has undergone extensive testing and quality assurance measures.
Finally, it is important to consider the role of marketing when discussing why people do not buy generic medications without doctors prescribing them. Drugs bearing brand names typically receive far more attention from pharmaceutical stores, chains of hospitals, and pharmaceutical companies. And this leads to a greater familiarity with these drugs among consumers, influencing their decision-making when deviating from prescription and opting for generic medicines.
The lack of advertising can also be an issue when selling generic medicines. Brands invest heavily in advertising campaigns designed to create awareness and loyalty among their target audiences; these campaigns are unlikely to be undertaken by companies selling generic medicines due to cost constraints. With effective advertising, potential customers may be aware of the existence or benefits of generic medicines, resulting in lower sales volumes than their branded equivalents.
Why different packaging of Generic and branded drug?
Lack of support from doctors and pharmacists for generics
In India, doctors and pharma stores are often seen to be promoting branded medicines over generic ones. While it is true that generic medicines are cost-effective and can provide the same quality of care as their branded counterparts, there are several reasons why doctors and pharma stores only sometimes recommend them.
Firstly, the pricing structure of generic medicines is not as lucrative as branded ones. Many generic drugs have a lower profit margin than their branded counterparts, so pharma stores often opt for the latter to maximize their profits. Similarly, doctors may prefer to prescribe branded drugs to earn higher consultation fees.
Branded drugs generally cost more than generics, meaning doctors and pharmacists can charge a higher price for them and thus make more money. In addition, many branded drugs come with lucrative incentives from pharmaceutical companies, such as free samples, discounts on future purchases, and commissions on prescription and sales. These incentives further increase the potential earnings from branded drugs.
Data from IMS Health suggests that around 20-30% of total prescriptions in India are filled with branded medicines each year. This means that doctors and pharmacists have plenty of opportunities to profit from selling these types of medications.
Bottomline
The wrong perception of generic medicines is an issue that needs to be addressed. While some misconceptions have an element of truth, it is important to remember that generics are safe and effective alternatives to their branded counterparts. Generics can provide cost savings for patients and help reduce overall healthcare costs.
How Medkart Promotes the Use of Generics ?
Medkart is a platform that helps people in India access generic medicines quickly and easily. We aim to make life easier for millions of people looking for affordable generic drugs. The idea behind Medkart was to ensure that people in India have access to the best quality generic medicines at the most affordable prices.
You can search for a generic store near you or visit any of Medkart’s 107 stores that help you search for the drugs you need, compare prices of different generics, and even place orders online on medkart.in
Medkart’s mobile app (onAndroid and iOS) is a convenient and easy way to order medicines online. It allows users to search for and purchase medicines from the comfort of their homes. The app lets you view detailed product information, compare prices, and place orders quickly and securely.
