With unemployment rates steadily increasing and the general population’s growing distrust of major drug companies, many consumers are now refusing to pay for brand name medications when the generic versions are offering the same level of efficacy for less money.
The Bedford Report keeps an eye on healthcare companies and provides research reports on Teva Pharmaceutical Industries Limited (makers of generic Yasmin) and Mylan Inc., the makers of Effexor. IMS Health is expecting the sales and production of brand name prescription drugs could be lowered as much as half within the next five years. This is mostly caused by patents running out on brand name meds and consumer interest in saving money on prescription drugs. And why not, since generic drugs offer you almost identical benefits, for as little as half the price? Recipes for generic drugs and brand name drugs are virtually the same where medicinal ingredients are concerned. The major variations stem from the non-medicinal ingredients in generic brands.
Many drug companies that make brand-name drugs will likely start correcting their brand name sales losses by making their own generic versions of their most popular drugs. Mylan has even gone so far as to launch a website that is dedicated to educating the public about generic drugs. More and more brand name drug companies have taken on this practical, “if you can’t beat them, join them” attitude with an eye on the bottom line.
Teva makes hundreds of generic versions of popular prescription medications like Levaquin, Yaz, Yasmin (Ocella) and Effexor (venlafaxine), making the company the largest generic drug company in the world right now. Mylan Inc. makes both generic and name brand drug “spin offs,” including Effexor and its counterpart venlafaxine, as well as others. With the expected drop in sales of brand name meds looming as their generic counterparts start selling like crazy, you will likely see more and more drug giants administering their own generic versions in the near future.