- 1 What is generic drug price fixing?
- 2 Can you sue a generic drug manufacturer?
- 3 Can different generic drugs work differently?
- 4 Why are the prices of generic drugs so much cheaper after they come off a patent?
- 5 What is the definition of price fixing?
- 6 Do drug manufacturers have liability?
- 7 Can the FDA be held liable?
- 8 Can generic drugs be less effective?
- 9 Why do pharmacies give generic drugs?
- 10 Are brand drugs better than generic?
- 11 How long before a drug becomes generic?
- 12 What are the disadvantages of generic medicines?
- 13 How do generic and ethical medicines differ?
What is generic drug price fixing?
When drug companies conspire to artificially inflate the prices of generic drugs, consumers never reap the benefits that lower priced generics are supposed to provide. The complaint is the third filed in the states’ wide-ranging investigation into price – fixing in the generic pharmaceutical industry.
Can you sue a generic drug manufacturer?
The Supreme Court ruled if a defective generic drug seriously injures you, then you cannot sue the generic drug manufacturer to compensate you for damages!
Can different generic drugs work differently?
Generic medicines and brand-name medicines share the same active ingredient, but other characteristics, such as colors and flavorings, that do not affect the performance, safety, or effectiveness of the generic medicine, may be different.
Why are the prices of generic drugs so much cheaper after they come off a patent?
Actually, generic drugs are only cheaper because the manufacturers have not had the expenses of developing and marketing a new drug. When a company brings a new drug onto the market, the firm has already spent substantial money on research, development, marketing and promotion of the drug.
What is the definition of price fixing?
Price fixing is an agreement (written, verbal, or inferred from conduct) among competitors that raises, lowers, or stabilizes prices or competitive terms. Generally, the antitrust laws require that each company establish prices and other terms on its own, without agreeing with a competitor.
Do drug manufacturers have liability?
Under general product liability law, a manufacturer must warn consumers about the potentially harmful effects of its products and can be liable for deaths caused by its products. Pharmaceutical companies are an exception to this rule, though.
Can the FDA be held liable?
Basically, this means that manufacturers of any product, including drug companies, could be held liable for injuries caused by their product. This strict liability applies even if the manufacturer did not know about the defect. If they fail to provide proper warnings, their company could be held liable for injuries.
Can generic drugs be less effective?
Are generic drugs less effective? No. Generic medications are just as effective as brand-name drugs. According to the FDA, drug makers must prove that generic medications can be substituted for brand-name drugs and offer the same benefits as their brand-name counterparts.
Why do pharmacies give generic drugs?
They cost less, they’re safe, and they work just as well as brand-name drugs. That’s because generics have the same active ingredients. Ask your doctor if it’s OK to switch. Most times, the pharmacist will automatically give you the generic version if it’s available.
Are brand drugs better than generic?
While researchers will likely continue to look into the performance of generic versus brand -name drugs, the bulk of research out there shows that taking the no-name brand not only saves you money, but also provides you with a medication that is just as effective as the original.
How long before a drug becomes generic?
Generic drugs do not need to contain the same inactive ingredients as the brand name product. However, a generic drug can only be marketed after the brand name drug’s patent has expired, which may take up to 20 years after the patent holder’s drug is first filed with the U.S. Food and Drug Administration (FDA).
What are the disadvantages of generic medicines?
Cons of generic drugs:
- Patients perceive them as inferior to branded drugs.
- If they’re not co-formulated, higher pill burdens may deter adherence.
- Overall co-payments for a regimen could result in higher costs to patients.
- They may have a different pill size/color when generic suppliers change.
How do generic and ethical medicines differ?
While the pills you receive at the pharmacy counter may look slightly different from the brand, generic medicines work the same as costlier brand-name products. They have the same active ingredients, and the manufacturing and packaging must pass the same quality standards.