When a company develops a new product and launches it into the market the product becomes a brand. The company also has to apply for patency as per the rules. According to patency laws only that company will be allowed to sell these products in a particular country for some years. After a few years, as the patency expires, its generic versions are available in the market. These companies had nothing to do with the research, development or marketing of the original product. Both products the branded as well as the generic contains the same ingredients, with a difference in maybe the color, shape and size of the final product marketed by individual companies. In case of drugs, the generic and branded drugs have the same effect, composition of chemicals, dosages, side effects etc. It also takes near about the same time to show its effect once consumed. The regulators are very stubborn for the above standards and quality.
A major cause of concern for consumers when they buy generic products is the quality. The question that usually pops up is why the generic version lesser in cost is when its branded counterpart is priced exorbitantly. Maybe the generic version is not up to the quality standards of the brand, or maybe they made this product with spurious components.
A majority of these people are unaware of the strict regulation norms that these generics have to undergo so as to make an entrance into the markets. And the reason these generic products are cheaper is because their brand version had to put in a lot of money for the research, publicity and the patency and all these factors compound its price. So in short, the generics are manufactured with the same standards as the brands and it is not inferior to the brand product in any way.
Multiple studies were conducted on the effects of generic products compared to the brand. In one study a housewife was asked to shop for groceries of the generic kind and put these products in the brand product’s box so that her family won’t know the difference. At the end of one month a survey was conducted, where the foremost thing that was said by all those surveyed was cost effectiveness of generics. They said that if they shop for generic products they can save a substantial amount in a year. The survey also concluded that the family members could not differentiate between the generic products with the brand ones. However there were certain generic items that did not go well with them, but 80% of the products were approved.
The biggest advantage of a generic product is its cost. People can save a big amount each year by using generic products and they also do not have to compromise on the quality. It also gives a sense of freedom to consumers as they can choose a product of their choice, rather than stick to a particular brand due to no other options. Thus with the generic versions of various products available in the market, the consumer is truly god.