Generic Drug (Noun)
Meaning
When the patent protection for a brand-name drug expires generic versions of the drug can be offered for sale if the FDA agrees; "generic drugs are usually cheaper than brand-name drugs".
Classification
Nouns denoting man-made objects.
Examples
- The generic drug version of the medication was significantly cheaper than the brand-name version.
- Generic drugs are required to have the same active ingredients and effects as their brand-name counterparts.
- The FDA evaluates all generic drugs to ensure their quality and safety before approving them for sale.
- Pharmaceutical companies often market generic drugs to increase their profit margins after a brand-name patent expires.
- Many people prefer buying generic drugs over brand-name medications due to their lower cost and equivalent effectiveness.