Are medicines supposed to be so expensive?

I recently came across the world of generic medicines. On reading more upon it came to understand that the main components of a medicine are the Core drug, Strength, Form and Pack Size. It doesn’t matter which brand you pick as long as the four things above are same. Example Dolo 650MG Tablets, 15 Pack. Core Drug: Paracetamol Strength: 650 MG Form: Tablet Pack: 15 (Strip) Brand Name (optional): Dolo Generic drugs come without a brand/drug name but are as powerful and follow the same quality standards. I was amazed to know that they are consistently 60-80% lower in prices. Can’t imagine how much it could benefit someone suffering from chronic conditions like Diabetes, Hypertension etc. Does anyone know more about this? Why are generics not so common or available and spoken about? Or is it that in late to the party 😀