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Provide a 5 pages analysis while answering the following question: Economic Analysis of Patented Drugs vs. Generic Drugs. Prepare this assignment according to the guidelines found in the APA Style Gui
Provide a 5 pages analysis while answering the following question: Economic Analysis of Patented Drugs vs. Generic Drugs. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. As for example, phenytoin which is the common name and Dilantin is the business name for a single drug. When one drug is in rights security, the company sells it with its business name. When a drug is out of the patent protection (no longer protected by patent), the company may sell the products under whichever name they want common name or business name. Other companies which file for authorization to sell that off-patent drug have to use the similar common name but have the freedom to use their own trade name. This results in drugs to be sold in the same generic name but multiple trade names. (Aronsson et al. 2001) General drugs are remedies that are known by the chemical formulae instead of their brand, or business name. Most of the people, as for example, know the brand title Valium, however the common name of the anxiety defiant drug is diazepam. (Mehta &. Mehta, 1997) In the most cases, most drugs are likewise as efficient as brand-name remedies. They too are typically lesser expensive than the brand names, frequently as a great deal as 50 % or more. What is the reason behind this? (Mehta &. Mehta, 1997. Aronsson et al. Pharmaceutical industries spend a lot of time (usually a decade or more) and cash—generally more money than $300 million—to research, develop, produce, and marketing a brand new drug. Which results in, if the efforts become positive, the brand-name drug which is patented plus sold solely under a particular business name for seventeen years, which permits the industry get back more money than it invested. As a patent runs out, or there is not any patent at all, other industries can produce and market that drug with the drug’s common name or with other brand names.
