Definition: is a type of market competition that exists between different products or services that are manufactured and provided by different companies, but serve the same purpose and provide identical benefits or utility for the consumer.

What is generic Competition example?

products which are all different in type but are capable of satisfying the same basic want of the prospective purchaser. For example, the consumer may want to buy some new kitchen appliances but must choose between a dishwasher, a refrigerator and a microwave oven.

What do you mean by generic pricing?

generic pricing. If your plan includes generic pricing, it means your plan has adopted a cost-effective approach that encourages the use of equally effective drugs that are more affordable. In this approach, if a brand name drug is dispensed, it will be reimbursed at the cost of the lowest cost generic equivalent.