2006-08-24 00:06:49 · 2 answers · asked by Anonymous in Science & Mathematics ➔ Other - Science
When a pharmaceutical company gets a new drug approved by the Federal Food and Drug Agency they have an exclusive license to market that drug for a set period of time (let's say it can be around 7 years). During that time no other company can make the drug and it can be sold at a pretty high price. After the 7 years passes, the original company can still sell the drug but other companies can also make it so the price goes down because of competition.
The lowest price for that drug will be charged by the company that makes the same drug as a generic. What is missing from the drug are the intangible attributes of Product Branding and the prestige and name of the company that originally made it.
2006-08-24 03:32:28 · answer #1 · answered by Art 3 · 0⤊ 0⤋
the term generic or generic brand is not exlcusive to RX. the meaning remains the same. to simplify, generic = plain copy without big name branding
2006-08-26 09:24:02 · answer #2 · answered by nelson j 1 · 0⤊ 0⤋