The drug discovery and development process for new pharmaceuticals is expensive and time-consuming. Some companies are only willing to spend a small fortune on a drug that has a modest chance of becoming successful. With rising healthcare costs and an ever-increasing choice of healthcare plans to choose from, the industry is under a lot of pressure to reduce the cost of their medicines. One way of doing this is to ensure that the product is as easy to administer as possible, which in turn drives the need for a simpler dosing regimen and a better side effect profile.
Generic Versus Brand
When a pharmaceutical company chooses to manufacture and market a branded product, they usually go through a costly and time-consuming procedure to obtain regulatory approval. However, the procedure is much less arduous for generic manufacturers, who have to present evidence that their product is bioequivalent to the brand-name drug (for more information, refer to the FDA website here).
Although the cost of pharmaceuticals has reduced substantially in recent years, it’s still considerably more than what it used to be. In some cases, the cost of a single medicine can reach a ton of money, which is a large obstacle for a lot of people who simply can’t afford to pay that much for a single medication.
Making A Medicinal Ingredient Cost-Effective
If a company wants to reduce the cost of a medication without compromising on quality, the best solution is to identify the main ingredient in the product and see how they can make it more affordable. For example, although Viagra is a popular drug, its main ingredient is sildenafil citrate (Sildenafil). Nowadays, you can buy Sildenafil citrate at much cheaper rates from companies that provide compounding pharmacies and suppliers. By combining it with other cheaper compounds, like vitamin E and D-α-Tocotrienol, they can create a more affordable version that is as effective as the original medication.