Comparative Analysis of Generic Drugs Over Proprietary Counterparts In Indian Market

Abstract

Drugs are any substance either biological or chemical and when consumed affects the physiological function of the body. These drugs are classified as OTC drugs or Prescription drugs. Both OTC drugs and Prescription drugs are available as Generic drugs or Branded/Proprietary drugs. While Branded drugs are protected by a patent for a particular number of years, generic drugs are not. Generic drugs only have to meet the same bio-equivalence requirement as their branded counterparts. Also, Branded drugs take a lot of time to get approved while generic drugs take a much lesser time. Due to the time taken for the Branded drugs to get approved, the costs used in the development of the drug, branded drugs then to get very expensive in the market while generic drugs are cheaper.