United States Generic Drugs Market Forecast
For more Info: https://www.renub.com/united-states-generic-drugs-market-nd.php As per Renub Research analysis United States Generic Drugs Market is anticipated to be more than USD 210 Billion by the year 2024. It has approximately 80% share of total dispensing prescriptions. Now most of the physicians and hospitals like prescribe generic drugs as compared to branded drugs. What is a Generic Drug? It is a Pharmaceutical drug that has the same chemical composition as patented drug. It has the same Active Pharmaceutical Ingredient (API) as original, but may have different manufacturing process, excipients, color, taste and packaging. It is only allowed when the patent(s) of on original drug is expired. Request a free sample copy of the report: https://www.renub.com/contactus.php Generic Drugs Market in United States In 2007, the Food and Drug Administration (FDA) launched the Generic Initiative for Value and Efficiency (GIVE) to increase the number and a variety of generic products by modernizing and streamlining approval process for generic drugs in US. For making a generic drug, pharmaceutical companies are required to file an Abbreviated New Drug Application with FDA. Why Generic Drugs are more affordable than Branded Drugs? A branded drug has to go through many phases before coming into the market; initial phase is drug discovery, target identification and validation then Primary Screening, Secondary Screening, Lead Optimization, Pre-Clinical Animal Studies and various other tests. As new drug development is a complex process and involves various R & D of chemicals, but clinical trials and regulatory processes are also required to be approved for human use of drugs.
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