Low cost drugs have captured the market of the branded drugs because of their best quality and the reasonable prices. In all over the world, low cost drugs are now holding the share of about 61% in the pharmacy market. Before a decade, Low Cost Drugs were having only a share of 10% in the pharmacy market. But, it was after the discovery of the low cost version of impotence drugs that revolutionized the pharmacy market and made the customer to believe in the Low Cost Drugs.
Many low cost drugs were there in the market but, they were not purchased by the customers because of the wrong publicity of the low cost drugs that was done by the branded drug companies. The myth that “low cost drugs are of inferior quality and may cause severe harm to the health” was spread by the branded drug companies for maintaining their position in the market. But, impotence drugs made a breakthrough and became a more selling drug than its original counterpart.
In United States, the sale of low cost drugs is now improved considerably in the last 2 years because of the consistent effort of the US govt. in promoting the use of the low cost drugs. The US govt. has even reduced the taxes on the low cost drugs so that the basic medicines are available to the people at the lowest possible costs. Even the campaigns are carried out throughout the US in order to promote the use of the low cost drugs. These all things have contributed considerably in increasing the sale of the low cost drugs. The most important reason why low cost drugs are able to capture the market is the low pricing of the low cost drugs. The main reason why the low cost drugs are available for the very low cost was that the no investment was done in the research of the low cost drugs as the low cost drug manufacturer has to follow the same formulation of the branded drug manufacturer. Thus, the considerable amount of money is saved here.
Low cost drugs because of the low price do the annual saving of 6 billion euros that accounts into the profits made by the low cost drug manufacturers and insurers. Customers also prefer low cost drugs because of very low prices in comparison to the original branded drug and same in effectiveness like the original drug. Even the government in the European nations and European Drug Agency, noted that the existence of a large market for low cost drugs is necessary because of the increasing customer demands. Previously, low cost drugs were not at all purchased by the customers in European nations. But, due to continuous efforts put by the European Unions and low cost drug manufacturer, last year there was tremendous change in the pharmacy market. Low cost drugs started selling more than the branded drugs. Low cost drugs have captured 54% of the market in the European pharmacy market.
Low cost drugs are the adaptation of the branded drugs that are manufactured following the same standard guidelines but are manufactured in developing countries so are very cheap and affordable for the individuals staying in developed countries. Low cost drugs are in demand all over the world. Low cost drugs are defined as the drugs, which has the similar properties and effects as their brand-name drugs whose patent is expired. Low cost drugs are the pharmacologically similar to the brand name drugs. The active constituent of the low cost drug and the original branded drug is same and in equal concentration.
The real turnover came in the low cost drug when the first low cost drug’s approval by the Food and Drug Administration in United States. This year has already recorded the buyouts of $25.1 billion of low cost drugs in the pharmaceutical industry. Low cost drug industry holds the 57% of the pharmaceutical market and is expected to capture the 76% of the pharmaceutical market by 2015. Thus, it is quite sure than in the next decade low cost drugs will be the only medicines available to the customers.
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