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Generic Drug Therapies, Economic Analysis
Prescription drugs have been responsible for the prevention and treatment of disease. ... The introduction of generic equivalents of brand name drugs increased their access to consumers. Generic drugs are 30% to 80% lower in price than those that are brand name medications. The ability to substitute generic counterparts saved consumers between $8-$10 billion in 1994. MedVantx hopes to capitalize on this paradigm shift by providing first line generic therapies at the point of care. Generic drug dispensing kiosks are located in the physician offices, permitting the prescribers the opportunity to start their patients on a generic medication instead of reaching for a brand name drug sample (Frank, 2003).
Consumers’ demand for the generic drugs is not significantly affected by their prices. ...
One shift factor that affects generic over branded medications is the prices of other goods. ...
The only opposition to brand name prescription drugs is generic drugs. The producers of the branded varieties have a vested interest in the control of generic drugs in order to sustain the high prices and high profits.
Approximate Word count = 833
Approximate Pages = 3.3
(250 words per page double spaced)
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