Being up to eighty percent less expensive than the trusted brand name medicines and producing, allegedly, the same level of quality, efficacy and safety, the generics tend to bring down the price of the original drugs due to the market competition and, in this way, they are very beneficial for the patients, who, in the long run, will have an excellent opportunity to buy either the brand name drugs or the generic medicines at a lower price. Thus, according to the official data, the use of the generics in Europe helps to save the patients as well as the healthcare system approximately thirteen billion pounds per year. In addition, this saved money goes to providing more expensive medical services to those, who need them most.
The generics are produced to satisfy an increasing demand for medical services and drugs, assuring an easy access to the medicines of high quality, safety and effectiveness, while lowering the cost of the pharmaceutical care, as it was stated above. Moreover, if the diverse range of the generic drugs on the market increases, an active keen competition between the generics and the original brands will reduce the pharmaceutical costs. Furthermore, in its turn, the availability of various generic medicines in the drug stores may be crucial to innovation.
For instance, the generic medicines industry in Europe comprises advanced research laboratories and plants, which invest from six to eight percent of their revenues into the researches and the development of new medicines. In addition, exporting to other countries the generic ingredients contributes to the economic growth of the exporting country, which is, without a doubt, a strong point for producing them.
Recently, the whole world has faced the problem of an aging population as well as rising costs of the medical care that force governments to thoroughly scrutinize the healthcare provision in their countries. The reasonably priced generics are viewed as the affordable cost-effective solutions of these problems, since they are effective for lowering the pharmaceutical care costs and instrumental for the countries to maintain the competitiveness in the global pharmaceuticals market.