Generics versus Big Pharma

A huge conflict has arisen between companies producing generic, more affordable drugs, and the big pharmaceutical companies. The multi-billion dollar companies from the pharmaceutical industry are claiming to be the holders of intellectual property rights for producing certain drugs. They are putting in their entire might to stop the production of generic drugs as it could cause a serious dent in their deep pockets. The Big Pharma companies brand the drugs that they produce and sell them at exorbitant rates. Their claim that they need to be making profit to finance further research in the field of medicine is understandable. However, what needs to be curbed is the corporate avarice of these Big Pharma companies. The generic drug producing companies are using the exact same composition and formulas used to produce branded drugs for a fraction of the input cost, and thereby, are able to sell the drugs without any brand name at much affordable rates. The worldwide generics division came to $269.8 billion in 2012. This segment is relied upon to reach $300.9 billion in 2013 and $518.5 billion in 2018, with a compound yearly development rate (CAGR) of 11.5%. The worldwide pharma division came to $319.8 billion in 2012. This segment is relied upon to reach $400.9 billion in 2013 and $618.5 billion in 2018, with a compound yearly development rate (CAGR) of 15.5%.