- Definition: Generic Pharmaceuticals
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More commonly called "generics," these are drugs that typically were once a patented item made by a "brand name" manufacturer that have come off-patent and are made by generic drug manufacturers. They are made from the same ingredients and are supposed to be "bio-equivalent" and thus provide the same therapeutic value. The drugs are much cheaper and this is the reason the insurance reimbursement is different for brand-name drugs versus generics. Gross margin is typically much higher for the retailer when a generic is used to fill a prescription but the revenue on the sale is less.
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