Diversifying Medicine Industry: Generic Drugs
A cursory glance at worldwide trends in medicine will tell you that current R&D in the field holds massive scope. Every single day, newer innovations are playing a pivotal role in revolutionizing medicine and making it clinically diverse and accessible to more people. Such is the instance of generic medicine making, which has diversified pharmaceuticals and allowed more competition in the drug industry.
Working on the principle of bioequivalence, or in simpler terms, having similar bio-physiological functionality, generic medicine is low-cost, commonly manufactured replicas of a branded drug that are available in common pharmacies. They are similar in chemical composition, function, side-effects, dosage and administration.
Generic Medicine & Similarity Index
While having similar functionality, generic drugs may have some variability. Small variation, about 3.5% in purity, size, strength, and other parameters are permitted and clinically acceptable in most countries. However, in a broader sense, such minor differences make little to no difference in overall effect. This has enabled greater administration of generic medicine, so much so that the Medical Council of India in 2002 called for physicians to only prescribe generic drugs to patients.
This can come across as a boon for patients with chronic, lifelong or long-term illnesses that often have a cost-heavy prescription card, making them hesitant to comply with a doctor’s directives. In such a case where costs become a hindrance, one may want to look into alternatives, and that’s where generic medicine comes in. Once the original drug patents have expired, generic drugs can be manufactured and marketed at low-profit ranges, hence making them cost-effective for greater affordability in poorer countries.
Playing a Vital Role in Affordability
The implication is quite far-reaching. Generic drugs can reduce the cost by an estimated 80-85 percent than the original medicine. While being affordable and available in marginalized spaces, generic drugs have to maintain their quality and meet pharmaceutical standards, as in the USA where the Food and Drug Administration (FDA) gives the approval for safety and effectiveness.
Today, generic drugs have become commonplace at your nearest pharmacy and have received assent from a large number of countries. Looking at data from the Indian pharmaceutical industry, one will find that it stands proud as the leading country in the world’s generic medicines market, exporting generic drugs to the US and EU, with a net worth of US $20 billion in the former alone. India has also been exporting the generic equivalent of the blood-thinning drug Plavix (used to help prevent heart attacks) to Thailand. The bottom line is, the generic drug industry shows no sign of slowing down and seems to be shooting upwards.
Availing Generic Medicine the Simpler Way
Now more than ever, availing generic medicine in simpler ways is a matter of a few minutes. If you own a smartphone, you can sign up for the Bajaj Finserv Health Card that gives you access to 800+ medical services on No Cost EMI options. With instant activation on the Bajaj Finserv Wallet app and paying a marginal one-time joining fee, you can be anywhere in the country and swipe the card for using a variety of healthcare services, not just for yourself, but for your family too!
With a large spectrum of medical care options like general surgery, oncology treatment, maternity treatment and dental care, you can use the Bajaj Finserv Health EMI Network Card to cover hospitalization, prescriptions and pharmaceutical expenses. Buy your generic drugs at even lower prices by choosing a suitable plan for yourself and you can pay for the amount in a flexible tenor ranging from 3-24 months.
If you’re concerned about documentation hassles, bid them goodbye with a policy that requires no documentation and exclusive offers like personal accident insurance of 1 lakh INR for a year. You are also provided with a pre-approved loan limit of 4 lakh INR, which is 4 times the limit of your existing EMI Network Card, in case you are a member. Medical healthcare, made simpler than before, is now right at your disposal.