Generic medicine
Generic medicine refers to drugs that are equivalent to brand-name medicines in dosage, safety, strength, route of administration, quality, performance, and intended use. Although they contain the same active ingredients as their branded counterparts, generic medicines are typically sold at lower prices. This is because generic manufacturers do not bear the same development costs that brand-name creators do, such as research, discovery, and extensive marketing efforts.
The manufacture of generic medicines is tightly regulated to ensure they meet stringent standards. In Australia, they are approved by the Therapeutic Goods Administration (TGA) only after proving their efficacy and safety are on par with those of the brand-name version. Besides offering cost savings, generic medicines play a crucial role in making healthcare more accessible by providing affordable treatment options to the public.
While the packaging and appearance might differ, the health benefits and side effects of generic medicines are closely aligned with those of their brand-name equivalents. Thus, generic medicines serve as a practical alternative, maintaining quality while offering affordable healthcare solutions.
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