what is the difference between brand name and generic drug?

When a new drug is discovered, the company that discovered it would apply for patency to prevent other companies from producing and selling the drug. This patency may take up to 20 years, and during this period, the company will produce and sell the drug under a brand name to recover its investment and make a profit. With time, this name becomes synonymous with the drug. But after the patency expires, other companies are allowed to produce a similar drug. It is what gave rise to brand and generic name in drugs.

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