generics industry

The generics industry produces medications that are equivalent to brand-name drugs in dosage, strength, and safety but are sold at lower prices. When a drug's patent expires, other manufacturers can create generics, increasing market competition and driving down costs. These medicines help make healthcare more affordable without compromising quality. The industry involves research, manufacturing, and regulatory approval processes to ensure safety and efficacy. Overall, it plays a crucial role in expanding access to essential medicines and reducing healthcare expenditures globally.