Many developing countries, just Nigeria, are grappling with the challenge of rising drug prices, which has become a major concern for citizens.
As the cost of medication continues to soar, accessing essential drugs has become increasingly difficult for many Nigerians.
The cost of drugs in the country has been on an upward trajectory, making it unaffordable for a significant portion of the population to access necessary medications.
The cost of healthcare has been steadily increasing over the years, putting immense pressure on both patients and healthcare systems.
Factors such as expensive brand-name drugs, research and development costs, and complex regulatory processes contribute to the escalating prices.
As a result, healthcare budgets are stretched thin, making it crucial to identify cost-effective alternatives.
Stakeholders in the health sector have identified numerous factors contributing to the issue in the country and they include currency devaluation, importation costs, and monopolistic practices by pharmaceutical companies.
Consequently, they said that the inability to afford life-saving drugs has resulted in higher mortality rates and a decline in overall public health in the country.
In an era of skyrocketing healthcare costs, finding cost-effective solutions is essential for healthcare providers and patients alike.
According to Wikipedia, a generic drug, or simply generic, contains the same chemical substance as a medication initially protected by patents. These drugs become available for sale after the expiration of the original patents.
Due to the identical active chemical substance, generics typically perform equivalently to their patented counterparts.
While sharing the same active pharmaceutical ingredient as the original, generics may vary in aspects like manufacturing process, formulation, excipients, colour, taste, and packaging.
However, Generic drugs emerged as a viable option, offering substantial savings without compromising on the quality and efficacy of treatment in countries like India and China.
Dr Simon Agwale, CEO of Innovative Biotech, a leading biotechnology company, said that for the initial two decades following the introduction of a prescription medication, exclusive manufacturing and marketing rights belong to the patent holder.
Agwale explained that only the brand-name version was available during this period.
“However, once the patent expires, other companies can produce and market generic versions at a lower price.
“Generic drugs must contain the same active ingredients and meet the same safety standards as their brand-name counterparts, but they are cheaper because the manufacturer did not incur the initial research and development costs,” he said.
He said that a generic drug, as long as it has been labelled as generic, no longer has patent issues, was already approved, and has been in the market of its originating country that has a strict regulatory agency.
He said that the cost savings associated with generic drugs were significant.
“Studies have shown that generic drugs can be up to 80-85 per cent cheaper than their brand-name equivalents.
“This allows healthcare providers to allocate their budgets more efficiently, ensuring that a larger number of patients can