Generic Brand: Definition, Types, Vs. Store Brand

Today, we will talk about generic brands, which are consumer products without a widely recognized name or logo. They are known for their basic packaging and lower prices when compared to brand name products. Generic brands are especially common in the food and pharmaceutical industry and are often substitutes for more expensive brand name goods. A generic drug or pharmaceutical brand may be created when the patent of a name brand drug expires, with the intent to produce a chemically identical version of the brand-name drug.
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