During this period, apart from Strategy Formulation – Implementation & Monitoring, I have been continuously interacting with Medical Representatives, Physicians, Pharmacists & Patients, wherein I always used to come across the problem of common man of Huge Expenses on Branded Medicines although Generic Medicines are available at very low cost. Most of the time, Doctors used to share their thoughts that, "they always think of betterment of their patients, hence it would be really great if patients get treated with low cost medicines – i.e. generic medicines, since they are equally efficacious & affordable than the branded medicines." Patients used to share their view that, "if they could get the information on availability of Generic medicines / Substitute, at the nearby place, to the medicines which is been prescribed by the doctor, then they will definitely opt for it. Landing cost of Branded & Generic medicines are same, however generic medicines are economical / can get at higher discount on MRP since, it doesn't involve Extra cost of Sales Promotion, Salary / Travelling expenses on Sales force which is there for branded products from various reputed pharma organizations.
Moreover, the invention of a drug can take many years, along with many expenses of millions of dollars. Once a company creates the drug, it must conduct expensive clinical trials to ensure the drug's safety and efficacy. So, by the time the FDA approves a brand-name drug, the drug company has already spent millions -- and then it has to market the drug to the public, pharmacies, and health care practitioners. The total cost can rise into the billions by the time the drug is in the hands of the consumers. These New drugs are developed under patent protection, and most drug patents are protected for 17 years or specific period of time, giving the drug company the sole right to sell the brand-name drug during that time. In an effort to earn back as much of this money as possible, brand-name drug companies charge a premium amount for their drug while they have a monopoly on producing and selling it.
Only when the patent expires, other drug companies can apply to the FDA for approval to start selling the generic version of the drug. So, Generic drug companies, on the other hand, are paying only for the production of the medication, so they can afford to set low prices. The first generic version of a brand-name drug lowers the price of the drug dramatically, but the largest price reduction occurs when the second generic version hits the market.
Later on we would be coming with chronic / acute care range of products through ethical promotion to the doctors with our own field force - medical representatives & shall continue to penetrate our Swast Aushadhi Kendra across India. Further, we will enter into manufacturing & will serve the society in much better way.