Equivalent versions of trusted medicine.
A generic medicine is an equivalent of an originator pharmaceutical product. It contains the same active ingredient as the original brand and is therefore interchangeable with that product. Some generic drugs may look different to their branded equivalent because they may have different shapes, colourings and binding agents but the active ingredient used is identical.
Why generics?
Generic drugs are typically cheaper than original brand drugs because the generic manufacturers do not have to make the initial investment involved with developing and marketing the product as this has already been done by the original brand.
- Generic medicines are bioequivalent
- Same effect on the body
- Same strict standards of quality, safety and efficacy
- Undergo strict scrutiny before they are given
approval by the Therapeutic Goods
Administration (TGA)
Generic medicines have saved the Pharmaceutical Benefits Scheme well over $3 billion since 1995. This ensures patient access to quality, safe and effective medicines by reducing the cost of pharmaceutical care.
Generic medicines provide value for money for the health system because of the way medicines are subsidised under the Pharmaceutical Benefits Scheme.
Effective competition between generic medicines and patent-expired original brand helps to lower pharmaceutical costs and stimulate innovation.
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Effective competition between generic medicines and patent-expired original brand helps to lower pharmaceutical costs and stimulate innovation.