Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
Medicines are generally available in two forms; one is Branded Medicines and second is Generic Medicines.
Branded medicines are the medicines which are sold with a brand name by innovator pharmaceutical company who have exclusive rights for certain period of time i.e. Patent whereas generic medicines are the medicines which are manufactured by pharmaceutical companies who are not innovators of molecule and are allowed to manufacture a particular molecule after expiration of its patent.
When a generic pharmaceutical manufacturer manufactures a generic medicine by affixing a brand name to it, is known as Branded Generics. Branded generics are marketed with affixing a brand name in same way as of original brand.
The generic versions of a particular medicine must have bio equivalent and properties similar to the innovator’s brand and are interchangeable. Same in case of Branded generics, branded Generics must have equivalent properties and action similar to the innovator’s brand and are interchangeable
Branded generic concept is not available in USA and other few countries where only innovator is allowed to affix a brand for a particular molecule and other pharmaceutical manufacturers are allowed to market their products under generic names only after expiry of patent.
In countries like India, Branded generics are popular concept and majority of medicines available will be as branded generics. In these countries, number of brands could be available for a particular molecule. Hence every pharmaceutical company market their product under a particular brand name. These Branded generics can be viewed as a brand. There are several brands and several generic versions of same molecule are available in market.
A common example is that of paracetamol, a medicine for reducing fever. Paracetamol is a generic name and is available in India in several brands or proprietary names like Crocin, Calpol, Metacin, Pyregesic, Dolo, etc.
Some time these several brands available create problem for the consumer. A particular brand may not be available at all places. Sometimes, a brand name may lead to confusion too. For example, A Brand ‘XYZ’ is a brand name for clonazepam, anti-epileptic medicine. Other company affix ‘XYZ’ name of a low sodium salt recommended for hypertensive patients. This brings confusion both in the minds of patients as well as chemists and may lead to wrong dispensing.
So, Fixing name for generic version of medicines is not wrong but government should make restrict regulations while affix a name of pharmaceutical product.
Hope above information is helpful to you...
For any query and suggestion, mail us at pharmafranchiseehelp@gamil.com
Branded medicines are the medicines which are sold with a brand name by innovator pharmaceutical company who have exclusive rights for certain period of time i.e. Patent whereas generic medicines are the medicines which are manufactured by pharmaceutical companies who are not innovators of molecule and are allowed to manufacture a particular molecule after expiration of its patent.
When a generic pharmaceutical manufacturer manufactures a generic medicine by affixing a brand name to it, is known as Branded Generics. Branded generics are marketed with affixing a brand name in same way as of original brand.
The generic versions of a particular medicine must have bio equivalent and properties similar to the innovator’s brand and are interchangeable. Same in case of Branded generics, branded Generics must have equivalent properties and action similar to the innovator’s brand and are interchangeable
Branded generic concept is not available in USA and other few countries where only innovator is allowed to affix a brand for a particular molecule and other pharmaceutical manufacturers are allowed to market their products under generic names only after expiry of patent.
In countries like India, Branded generics are popular concept and majority of medicines available will be as branded generics. In these countries, number of brands could be available for a particular molecule. Hence every pharmaceutical company market their product under a particular brand name. These Branded generics can be viewed as a brand. There are several brands and several generic versions of same molecule are available in market.
A common example is that of paracetamol, a medicine for reducing fever. Paracetamol is a generic name and is available in India in several brands or proprietary names like Crocin, Calpol, Metacin, Pyregesic, Dolo, etc.
Some time these several brands available create problem for the consumer. A particular brand may not be available at all places. Sometimes, a brand name may lead to confusion too. For example, A Brand ‘XYZ’ is a brand name for clonazepam, anti-epileptic medicine. Other company affix ‘XYZ’ name of a low sodium salt recommended for hypertensive patients. This brings confusion both in the minds of patients as well as chemists and may lead to wrong dispensing.
So, Fixing name for generic version of medicines is not wrong but government should make restrict regulations while affix a name of pharmaceutical product.
Hope above information is helpful to you...
For any query and suggestion, mail us at pharmafranchiseehelp@gamil.com
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