Generic drugs (like atorvastatin) are a common alternative to the often expensive brand-name products (like Lipitor) being prescribed to consumers. The generic drug industry is massive and continuing to grow. This makes sense because generic medication options tend to be good for both the retailer and the consumer.
Consumers respond well to more affordable prices, meaning they frequently buy the generic product over the brand-name and continue to use the drugs as prescribed. This means that retailers can improve their bottom line and foster return business.
But as this industry grows, it’s important to understand the future of generic drugs and the challenges manufacturers face.
Supply
As the generic drug industry grows, prices fall. This deflation can make the production of some medications cost prohibitive. This has led to a shortage of supply with some products. So, some manufacturers have had to increase their output by expanding their production capacity, building new plants, and expanding their facilities.
And because supply is such an important part of this industry, many of these manufacturers look carefully at consumer needs and invest heavily in inventory to prevent supply shortages.
Innovation
Innovation is also important to the generic drug industry. More innovative products that arrive on the market sooner establish trust between the retailer, manufacturer, and the consumer.
But innovation is also important outside of generic drug production. The FDA is continually trying to streamline the sometimes difficult process of approving generic drugs for production.
Quality
Another important aspect of the generic drug industry is the quality of the production. Some manufacturers are not making top-quality products in order to meet the needs of the industry. This leads to a loss for the retailers who sell these products to the consumer. If there is a problem with the product, the retailers cannot sell it, meaning they are paying for a product they have to dispose of. This can put a strain on retailers, consumers, and manufacturers.
More Savings
If you’re looking to save even more on generic prescription drugs, offers can help. Especially if you don’t have insurance or your insurance does not cover a prescription, offers can ease some of the financial burden that your medications may place on you and your family.
Sometimes the discount prices may be even less than what you would pay with your insurance. These offers are easy to find and give you free access to discounts, just head over to our site and search for your medication. Show the pharmacy your offer and instantly save on your medication.
