Pfizer Inc. has announced the launch of a "generic Viagra," which will come at half the price of the current erectile dysfunction drug available in the market.

Come Dec. 11, the cheaper version of the drug will be available for $32.50 per pill in the U.S. as compared to the existing $65 price tag.

The price reduction is being seen as the first step by Pfizer Inc. to stay competitively relevant once its patent-protected monopoly to sell the drug comes to an end, Fortune reported.

Though the pharmaceutical giant's patent protecting Viagra from generic competition ends only in 2020, it has signed a settlement with Teva Pharmaceutical Industries, which allows the latter to sell its competitive product from Dec. 11, 2017, paying Pfizer a royalty for a license to produce its generic version.

Jim Sage, the president of U.S. brands for Pfizer Essential Health, said: “We believe the story for Viagra isn't done. It's just going to be a new chapter.”

Erik Gordon, a pharmaceutical analyst at the University of Michigan’s business school, said the move is "unprecedented."

“This is the most comprehensive pricing and marketing response I’ve seen to a generic. It’s unprecedented.”

“Patients are paying fortunes. When generic Viagra comes out, they will be very happy,” Dr. Nachum Katlowitz, a urologist at New York's Staten Island University Hospital said.

However, the company has plans for discount programs for customers who prefer to stick to the original product.  

According to reports, Pfizer will also offer two new discount programs for its customers starting January next year. The company will launch Pfizer Direct — an online home delivery program targeting uninsured men, and for those who are insured, Pfizer will give a month’s prescription — typically 10 pills — depending on the type of plan they choose.

Dr. Matthias Hofer, a urologist at the Northwestern Memorial Hospital in Chicago, said that his patients who currently use Viagra would prefer using the same instead of going for a cheaper version, especially if the company is willing to offer good deals and discounts.

“They will be ecstatic if they can save money and get the brand product from Pfizer,” Hofer said.

Meanwhile, Teva Pharmaceuticals can officially start selling their version of generic Viagra next week based on the patent litigation settlement with Pfizer. According to the settlement terms, Teva would be allowed to launch a generic version of Viagra in the U.S. on or before Dec. 11. However, Teva has not yet revealed the estimated pricing for its product which could be seen as a potential competitor to the cheaper version of Pfizer's Viagra.