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Here are some reasons why generic drugs are more affordable :
Research and Development Costs: Developing a new drug involves extensive research, clinical trials, and obtaining regulatory approval, which can be a lengthy and expensive process. Brand-name drug manufacturers invest heavily in research and development (R&D) to discover and bring new drugs to market. In contrast, generic drug manufacturers do not bear these costs since they are producing a copy of an already approved drug.

Competition: Once a brand-name drug's patent expires, other manufacturers can legally produce generic versions of the drug. The increased competition among multiple generic manufacturers drives down the prices of these medications. As more manufacturers enter the market, the cost of generic drugs tends to decrease further.

Marketing Expenses: Brand-name drug companies invest significant resources in marketing and advertising to promote their products. These expenses include advertising campaigns, sales representatives, and promotional activities. Generic drug manufacturers, on the other hand, generally do not engage in extensive marketing efforts for their products. This reduced marketing expenditure allows them to offer their medications at lower prices.

Manufacturing Costs: Generic drug manufacturers can produce medications at a lower cost due to economies of scale. They can leverage established manufacturing processes and facilities to produce larger quantities of drugs, reducing production costs. Additionally, generic manufacturers do not need to repeat expensive clinical trials and can rely on existing safety and efficacy data for the reference brand-name drug.

Pricing Policies: Some countries or healthcare systems have pricing policies that encourage the use of generic drugs. These policies may include government regulations, reimbursement incentives, or formulary preferences that promote the use of cost-effective generic medications.

By taking advantage of these factors, generic drugs can provide substantial cost savings to individuals, healthcare systems, and insurance providers. This accessibility and affordability of generic medications contribute to improved patient access to essential treatments and can help reduce overall healthcare expenditures.
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