Generic medicines are quality medicines at affordable prices.
A generic medicine is a pharmaceutical product containing the same active ingredient(s) as a brand-name medication, often offered at a lower cost once the patent protection on the original drug expires.
Generic medicines undergo rigorous testing to ensure they are bioequivalent to their brand-name counterparts, meaning they have the same dosage form, strength, route of administration, quality, performance characteristics, and intended use. They often provide a cost-effective alternative to brand-name drugs, making essential medications more accessible to a wider population.
All medicines sold in Australia, whether generic or original brand, must meet the same tough quality standards set by a government agency called the Therapeutic Goods Administration (TGA). The role of the TGA is to evaluate and verify that all prescription medicines provide an appropriate safety and performance profile.
The TGA provides information for consumers on generic medicines. You can access their fact sheet here.
TGA Generic prescription medicines: Fact sheet
Generic medicines always contain the same amount and type of active ingredient as the original brand, but sometimes they may look different from the original. Although the shape or colour may differ, they are just as safe and effective as the original.
Generic medicines are less expensive than the original brand primarily because the generic medicine manufacturer does not have to recoup the high research and development costs usually associated with new medicines. Also, generic medicine manufacturers typically spend less on advertising and promotion, so the savings can be passed onto consumers.
Generic medicines are not less expensive because they have less active ingredient, have inferior quality ingredients or are manufacturer to a lower standard. Remember, generic medicines are assessed for quality, safety and performance by the TGA.
Increased use of generic medicines encourages market competition, delivers savings and supports an affordable Pharmaceutical Benefits Scheme (PBS). This means Australians have affordable access to everyday medicines and savings can be reinvested to fund new medicines.
Read more about how Price Disclosure works here GBMA Price Disclosure
Generic medicines provide the same health benefits as the original brand at a lower cost. Every time a generic medicine is dispensed in a community pharmacy, the Australian economy benefits from substantial savings through price disclosure.