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FDA & Generic Drugs

 

FDA defines generic drugs: A generic drug is an identical or an equivalent of a brand name drug in its dosage form, safety, strength, quality, performance, characteristics and usage. Although generic drug is identical to its branded counterparts, it is typically sold at prices that are much lower than its counterparts'.

Figures from the Congressional Budget Office show that generic drugs save consumers an estimated US$8 - US$10 billion a year. Hospitals are already using generic drugs as their prescribed drugs and are rapidly pushing brand name drugs out of the medical scene.

 

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