Branded medications can be more expensive than generic medications for a variety of reasons:
Research and development: Developing a new medication is a complex and expensive process. It can take many years and millions of dollars to research and develop a new drug. This cost is often passed on to consumers in the form of higher prices for the branded medication.
Marketing and advertising: Branded medications often have a significant marketing and advertising budget, which can also contribute to the overall cost of the medication.
Patents: When a new medication is developed, the company that developed the drug is granted a patent. This gives the company exclusive rights to sell the drug for a certain period of time. Once the patent expires, other companies can start selling generic versions of the drug, which are typically less expensive.
Limited competition: In some cases, a branded medication may be the only treatment option available for a particular condition, which can allow the company to set a higher price for the medication.
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