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The Future of Generic Pharmaceuticals: Innovations and Trends
Generic pharmaceuticals have revolutionized the healthcare industry since their entry into the market over five decades ago. They expanded patient access to medications by providing more affordable alternatives to costly brand-name drugs, therefore lowering healthcare costs for consumers and improving public health. Today, 9 out of 10 prescriptions filled are generics, though they only make up 18.2% of the country’s drug spend due to their low costs, which tend to be 80-85% cheaper than branded drugs. The global generic pharmaceutical industry is growing significantly and is expected to reach over $682.9 billion by 2030. So, what’s in store for the future of generic pharmaceuticals? Here’s what we can expect to see from the generic drugs market in the coming years.
Understanding the Generic Drug Approvals Process
Getting generic drugs approved and on the market is a complex process that can be lengthy, but the thoroughness of the review process ensures only high-quality, safe, and effective medications are available to patients and consumers.
While branded drugs prove their effectiveness to the FDA via their research, development and clinical trials, generic drugs demonstrate their effectiveness with data that shows the drug can be an appropriate substitute for the branded product.
Doing Our Part as Drug Affordability Concerns Continue to Rise
The pharmaceutical industry is facing pressure against rapidly rising drug costs, and many customers are seeing these costs passed on to them. Drug prices are rising for several reasons, such as supply chain constraints and higher manufacturing costs.
When Inflation Impacts Drug Costs: The Westminster Pharmaceuticals Approach
Inflation is impacting every corner of American life, and no industry is impervious to it – including the pharmaceutical industry. As a result, pharmaceutical companies are facing pressure from consumers and regulators alike to drive down drug pricing to ensure medications are available and accessible to those who need it.
With our consumers as our top priority, Westminster Pharmaceuticals is taking steps to help assure affordable drug pricing and combat the forces driving prices. By ramping up the production of low-cost generics, absorbing profit margin loss, and offering our partners the most competitive rates possible, we hope to pass on savings to consumers so everyone can afford the drugs they need.
Manufacturing Generic Drugs in the US: What You Need to Know
Here’s what you need to know about the manufacturing and approval process for generic drugs in the United States.
Understanding the Pharmaceutical Supply Chain
The pharmaceutical supply chain is the system consumers rely on to receive their prescription and over-the-counter medications. To patients, it might seem as simple as having the doctor call in a prescription at the pharmacy and picking it up, but those pharmaceuticals must travel a long way through a complex system to get to their final destination.