GENERIC MEDICATIONThe research and development

of new medication is a time-consuming, extensive and

expensive process. Enormous time and resources are invested

in the research, development and marketing of new

medication. This is to ensure that new medication meets stringent international safety, efficacy and

quality standards.

ELDERCARE PROGRAMME NEWSLETTER

30TH EDITION | NOVEMBER 2017

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This sheet is for your general information and is not a substitute for medical advice. You should contact your physician or other healthcare provider with any questions about your health, treatment or care.

When a pharmaceutical manufacturer develops any medication, it obtains a patent to ensure its exclusive right to produce and market that particular medication for a certain period of time, known as the patent protection period. During this period, no other manufacturer is allowed to produce a similar medication or use the brand name of the patented medication. This medication is known as the original brand-name medication. The period of exclusive ownership termed as the patent protection period enables the manufacturer to recover the costs relating to research and development. This, in turn, funds future research and the development of new medication.

What is generic medication? Once the patent protection period has expired, other manufacturers may produce generic medication. Generic medication is produced and distributed without patent protection. It contains the same active ingredients as the original brand-name medication.

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Cost of medication The cost of medication is one of the major contributors to healthcare expenditure. The impact of this expenditure directly and significantly affect member contributions.

Benefits of using generic medication

Note: Please consult your benefit schedule for the designated service providers for dispensing medication and the specific benefit and annual limit with regard to different categories of medication that you may use.

The branding and marketing cost for generic medication is considerably less compared to that incurred when original brand-name medication is launched. Companies producing generic drugs do not have to expend resources in research and development, thus making generic medication more affordable. By choosing the generic equivalent, you can save a significant amount of money without compromising the quality of the medication. Generic equivalents typically cost 30% to 60% less than the brand-name medication.

Generic medication is generally less expensive than brand-name medication, even though they are chemically identical and meet the same standards. Generic medication versus brand-name medication Generic medication needs to be registered with the Medicines Control Council through a very strict registration process. The generic medication contains identical amounts of the same active ingredient, in the same strength and dosage that has been approved by the regulatory authorities. It must also produce an equivalent effect on the body as the original brand-name medication.