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Generic drug

A medication that is the same as an already approved brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. They are generally much less expensive.

Biosimilar

A biological product that is highly similar to an already approved biological product (reference product) and has no clinically meaningful differences in terms of safety, purity, and potency.

Tax credit

A direct reduction in the amount of tax owed, dollar for dollar. It is more valuable than a tax deduction, which only reduces taxable income.

Internal Revenue Code

The body of federal tax law in the United States, administered by the Internal Revenue Service (IRS).

Value added

In this context, it refers to the increase in value of a product from the manufacturing process. It's calculated as the sales price of the finished component minus the cost of other components purchased to make it.

Foreign entity of concern

A term used in U.S. law, generally referring to foreign adversaries or entities that pose a national security risk, as defined by specific statutes.