Comparison of Generic and Branded Drugs
Chapter 1
Introduction
1.1 Background of the Study
The Philippine's economy has started to recover from the global economic recession of 2008-2009. High government spending to stimulate the economy has improved conditions temporarily but in turn has created a large budget gap. The Philippines has one of the highest drug prices in the world. Changes brought about by the controversial Cheaper Medicine Act have impacted the Philippines pharmaceutical market, whereby 200 drugs have seen price reductions by up to 50% since August 2009. The Philippines remains on the USTR's Ordinary Watch List in 2010.
Medicine was the science and art of healing humans. It includes a variety of health care practices evolved to maintain and restore health by the prevention and treatment of illness. Before scientific medicine, healing arts were practiced along with alchemical and ritual practices that developed out of religious and cultural traditions. Contemporary medicine applies health science, biomedical research, and medical technology to diagnose and treat injury and disease, typically through medication, surgery, or some other form of therapy. The word medicine is derived from the Latin ars medicina, meaning the art of healing. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service.
A brand name drug was a medication sold by a pharmaceutical company under a trademark-protected name. Brand name medications can only be produced and sold by the company that holds the patent for the drug. Brand name drugs may be available by prescription or over the counter. High prices of drugs are being used as an argument for greater government role in the drugs sector through effective
Introduction
1.1 Background of the Study
The Philippine's economy has started to recover from the global economic recession of 2008-2009. High government spending to stimulate the economy has improved conditions temporarily but in turn has created a large budget gap. The Philippines has one of the highest drug prices in the world. Changes brought about by the controversial Cheaper Medicine Act have impacted the Philippines pharmaceutical market, whereby 200 drugs have seen price reductions by up to 50% since August 2009. The Philippines remains on the USTR's Ordinary Watch List in 2010.
Medicine was the science and art of healing humans. It includes a variety of health care practices evolved to maintain and restore health by the prevention and treatment of illness. Before scientific medicine, healing arts were practiced along with alchemical and ritual practices that developed out of religious and cultural traditions. Contemporary medicine applies health science, biomedical research, and medical technology to diagnose and treat injury and disease, typically through medication, surgery, or some other form of therapy. The word medicine is derived from the Latin ars medicina, meaning the art of healing. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity - it affects the personality of a product, company or service.
A brand name drug was a medication sold by a pharmaceutical company under a trademark-protected name. Brand name medications can only be produced and sold by the company that holds the patent for the drug. Brand name drugs may be available by prescription or over the counter. High prices of drugs are being used as an argument for greater government role in the drugs sector through effective