By law, generic drugs must contain the same active ingredients as their name-band cousins and be as effective. Generics are also less expensive. Lipitor, which costs about $150.00 per month, could sell for a fraction of that amount in generic form.
As I reported last May, Lipitor is but the first of several best-selling drugs that will soon be available in generic form. Generic versions of drugs for blood pressure, asthma, diabetes, depression, high triglycerides, HIV and bipolar disorder are expected on the market in the next 12 months.
A drug company's patent on a new drug is good for 20 years, beginning before clinical trials. Drugs go through years of extensive study before being approved for sale to the public. A name-brand drug's active life on the market under patent protection generally lasts seven and twelve years.
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