You can either choose to buy branded drugs, or generic drugs from an online pharmacy such as Meds4sure. It is a free world, and the main thing that separates people today is the choices they make. While most people are very specific about what medicines they take, there are a few facts about the use of generic and branded drugs that should be highlighted. Discussed herein are just a few of these. It is important to emphasize the fact that, irrespective of the choice, your focus should actually be on the effectiveness of the product and not what is on the label.
Generic drugs are popular
One of the main reasons why generic medicines are growing today is because of their affordability when compared to their brand-name alternatives. The cost of medical care is generally high across the globe. Governments have tried to keep them at affordable rates by enacting a myriad of policies, but that has not done much to lower the cost of medicines. Therefore, generic drugs are popular primarily because they are cheaper and also effective. This growth can partly be attributed to the Drug Price Competition and Patent Term Restoration Act of 1984, also known as the Hatch Waxman Act, that created room for generic drugs to compete against their branded alternatives.
As of 2016, generic medicines accounted for 89% of the total prescriptions in the United States. It gets more interesting: during the same year, they only accounted for approximately 27% of the overall cost of medicines in the USA. The use of generic drugs is likely to grow further as pharmaceutical companies invest more in technologies that allow production of superior quality alternative medicines at the lowest possible costs without compromising on their effectiveness.
Generic drugs are cheaper
Closely related to their popularity, as introduced above, is the fact that generic drugs are increasingly becoming cheaper. As more manufacturers introduce generic medicines, their prices keep dropping, which is a good thing for the many who need these drugs to manage various medical conditions. One factor that pharmaceutical companies use to determine the price of new generic products is the retailing price of similar drugs. To be competitive, they can either match or reduce the price slightly to attract the right customer base.
Competition in the pharmaceutical industry has created opportunities for different companies to strategically position their products to be competitive in the market, in an effort to take a slice of the market share. On the other hand, current players don’t want to lose any of their markets to fresh entrants. They tend to readjust their prices as soon as they sense the danger of competition. The beauty about this is that popular drugs will keep attracting different manufacturers, prices are bound to drop. In fact, rarely do you find price increases.
Just because it is generic doesn’t mean it is cheaper than branded options
There is an assumption that generic medicines are generally cheaper than the branded alternatives. Nothing can be further from the truth. In essence, some of these drugs are as competitive (price-wise) as the branded alternatives. A quick analysis of various online pharmacies such as Meds4sure show that price adjustment is to a large extent based on demand and the prevailing market price. You will be surprised to realize that some generic drug manufacturers will actually adjust their prices depending on the rate of inflation.
Expect distorting marketing strategies
It is normal practice for businesses to adjust their marketing strategies to fit specific market needs. Manufacturers of pharmaceutical products tend to focus more on producing the best products, while marketers hit the market with what they deem relevant content. However, with the surging competition, some of them are likely to distort the truth to gain market shares. This is information you must be privy to when shopping for drugs from Meds4sure and other online pharmacies. Yes, the prices might appear to be lower than your nearby pharmacy, but you should understand why that is the case.
The New England Journal of Medicine has noted in the past that pharmaceutical companies that make generic drugs that end up being market leaders are highly likely to adjust their prices upward. Monopolistic tendencies tend to lead to predatory models of doing business, which is strategically aimed at locking out competition or determine higher-than-necessary prices for basic commodities. Online pharmacies make it possible for anyone to try out and set own price depending on how much their products appeal to the market.
Even generics are FDA-approved
The prices of drugs are determined by numerous factors, including but not limited to regulatory frameworks, marketing strategies, and cost of production. There is no doubt that the cost of medicine is high in the United States, for example. This is partially attributed to factors that are beyond the control of manufacturers of these drugs or their marketers and distributors but the regulatory framework. The Food and Drug Administration has not approved a large chunk of applications. This backlog means that new entrants are not allowed to float their products into the market and therefore remain locked out. Current dominant players are therefore left with the freedom to charge whatever they please.
Despite the long approval process, it is important to note that there are many FDA-approved generic drugs that you can find and purchase from online pharmacies today. Generic Drug User Fee Act that was passed in 1992 made it possible for generic drug manufacturers to expedite the approval process by paying a fee to the FDA.
Online pharmacies have definitely revolutionized how people get access to and purchase medicines online. In fact, there are many reasons why this is the most preferred method of buying drugs. However, there are many things that should be highlighted and understood by those who would like to use this method. It is believed to be convenient, affordable and a sure way to guarantee all of a broad variety of drugs they need. Understanding the environment through which these businesses operate will go a long way in informing your decisions to buy via Meds4sure and other e-pharmacies.