Last updated on November 25th, 2024 at 02:33 pm
There are several reasons why there may be a significant price difference between branded and generic drugs:
Patent protection: Many brand-name drugs are protected by patents, which give the drug manufacturer exclusive rights to sell the drug for a certain period of time. This exclusivity allows the manufacturer to charge a higher price for the drug, as there is no competition from other manufacturers. Once the patent expires, other manufacturers can produce generic versions of the drug, which can lead to increased competition and lower prices.
Marketing and advertising costs: Brand-name drugs often have higher marketing and advertising budgets, which can drive up the price of the drug. Generic drugs, on the other hand, generally have lower marketing and advertising costs, which can help to keep their prices lower.
Development and production costs: Developing and producing a new drug can be a lengthy and expensive process, and these costs are typically passed on to the consumer in the form of a higher price for the brand-name drug. In contrast, generic drugs are copies of existing drugs that have already gone through the development and approval process, so they can be produced at a lower cost.
Overall, the price difference between branded and generic drugs can be significant, but the cost- effectiveness of generic drugs can make them a more affordable option for many people. At Medkart you get choice of both branded and generic alternatives in your prescription. Visit medkart.in for quality generics.
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