The significant contribution that generic drugs make to health services across Europe cannot be denied. As Nick Haggar, president of the European Generic medicines Association (EGA) pointed out during the 20th EGA Annual Conference, held in Madrid, 25–27 June 2014, the generic drug industry offers value to healthcare by providing increased medicines access to patients (hence, saving lives) while helping governments maximize their healthcare budgets. And these benefits are in addition to the employment and investment opportunities created.
A standard generic drug contains the same active ingredient as the original branded product and is used to treat the same condition at the same dose but at a price that is typically 20% to 90% less than the patented drug. The EGA estimates that generic drugs saves patients and European healthcare systems approximately EUR 35 billion each year. Read more »