As the world grapples with becoming enlightened on the benefits of generic medicine to modern times, an Indian firm, Gallene Sciences based in Suramya Complex, Ahmedabad, has stated that it hopes to continue being a major global player in the field.
In a statement by the firm’s chief executive officer, Vivek Narendrakumar Mapara, the firm, which has also made a name in fighting HIV, is â€˜modernâ€™ to the core and its hormonal treatment with Myogen is top notch and has attracted lots of interests.
A generic drug is a pharmaceutical drug that is equivalent to a brand-name product in dosage, strength, route of administration, quality, performance, and intended use.
He said: “The work we do at Gallene Sciences is simply amazing, we have a world class facility aimed at solving the worldâ€™s most untreatable ailments using methodologies that are standardised. This brings our job in hormonal treatment with Myogen to mind. I strongly believe we have what it takes to make a mark.”
According to experts, in most cases, generic products become available after the patent protections afforded to a drug’s original developer expire. Once generic drugs enter the market, competition often leads to substantially lower prices for both the original brand-name product and its generic equivalents.
In 2014, according to an analysis by the Generic Pharmaceutical Association, generic drugs accounted for 88 per cent of the 4.3 billion prescriptions filled in the United States which goes a long way to show how big the generic medicine market is already.