Why Are Generic Drugs Affordable?
Many of us have the mindset that cheaper items are usually lower quality than more expensive items and for the most part this is true. However, when it comes to medications, a lower price does not reflect the quality of the drug. Generic medications are actually just as good if not better than their more expensive brand name cousins, so why are they affordable?
Well, the answer is quite simple. Generic medications do not have development costs to recoup. So what does this mean? Basically, when a pharmaceutical company develops a new drug, they end up spending millions upon millions of dollars in research and development not to mention the amount of time this process takes. So to get the investment back, they have to charge more for their products. This explains why brand name drugs cost so much. But why are generics cheaper?
Generic medications do not have development costs to get back. Generic drugs are made from existing formulas; thus, they are able to charge at affordable prices. However, it is important to take note of the fact that generic drugs are not direct copies. They are required by law to alter their formulas slightly. So some generic drugs will contain different kinds of ingredients although still maintaining the same effect. So the next time you visit a Pharmacy in Guelph, Ontario such as Arkell Walk-In Clinic & Arkell Pharmacy to check out our selection of generic medicines because they are a safe and affordable option when you are on a budget or trying to save money.
If you are worried about the same of generic medications, don’t. They are regulated by the same standards as brand name drugs. So this means they are just as safe if not safer than the original version of the medication.
These are the basics on why generic medications are more affordable compared to brand name options. Also, we offer a superb Walk In Clinic in Guelph, Ontario if you are looking for personalized healthcare that can help you stay in the best health possible.