Generic medicines have been a game-changer in the healthcare industry. They are the affordable, equivalent version of the branded drugs, which have the same active ingredients and offer the same therapeutic effect as their more expensive counterparts. The World Health Organization (WHO) defines a generic drug as a pharmaceutical product that is equivalent or interchangeable with a brand-name product in dosage form, strength, route of administration, quality, and intended use.
One of the reasons why generic medicines are relatively cheaper is because they do not have to undergo the same extensive research and development process as branded drugs. Once a brand-name drug has been launched and registered, other pharmaceutical companies can produce the generic version of the same drug. This competition in the market leads to reduced prices, making the drugs more affordable for patients.
However, the process of manufacturing and selling generic medicines was not always easy. In the past, pharmaceutical companies were often involved in lengthy and expensive legal battles for the right to produce generic drugs. This changed in 1995 when the World Trade Organization (WTO) introduced the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement.
The TRIPS agreement provided a framework for the protection and enforcement of intellectual property rights, including patents for pharmaceuticals. It set minimum standards for protecting and enforcing intellectual property rights, which member countries were required to adopt and implement.
Under the TRIPS agreement, a patent holder is granted a twenty-year monopoly to manufacture and sell the patented product. This includes pharmaceutical products, meaning generic manufacturers are prohibited from producing and selling the same product during the period of the patent. However, TRIPS allows for compulsory licenses to be issued in specific situations, such as public health crises, to ensure access to affordable medicines.
Generic medicines have revolutionized the accessibility and affordability of healthcare around the world, and the TRIPS agreement has helped to ensure that these medicines can be manufactured and sold without infringing on patent rights. While there are still challenges in ensuring that generic drugs meet the same regulatory standards as branded drugs, the availability of generic medicines offers a vital lifeline to patients who may not be able to afford expensive branded medications.