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Consumers and providers save big on prescriptions
WASHINGTON – Use of generic prescription drugs in the United States has saved consumers and the healthcare system $931 billion over the last 10 years, according to a new report from the Generic Pharmaceutical Association (GPhA).
In its recent report “Savings: An Economic Analysis of Generic Drug Usage in the U.S.,” the GPhA claims that in 2010 generic drug use generated nearly $158 billion in savings, an average of $3 billion every week. The report is based on independently conducted analysis, produced for GPhA by the IMS Institute for Healthcare Informatics and IMS Health.
“These findings could not have come at a more critical time,” said Ralph G. Neas, GPhA president and CEO in a statement accompanying the report. “The analysis shows beyond doubt that savings achieved through the use of safe and effective generics deliver a huge win to consumers looking to hold down their healthcare costs.”
“Moreover,” he added, “the savings provide a winning solution to those in Washington trying to address the sustainability of the nation’s healthcare system, as well as the national economy.”
The report also pointed to the savings delivered by newer generics, those introduced since 2001. The majority of these new generics entered the market before the patents on the counterpart brand drugs expired thanks to patent litigation settlements between the generic and brand companies. “A ban on patent settlements would have the unintended consequence of delaying patient access to lower cost generics, costing consumers, payers and the government billions of dollars,” Neas noted in his statement.
“When the generic drug industry was established by Congress in 1984, it was predicted that generic drugs would save our country $1 billion a year,” Neas continued. “As this analysis shows, the savings generated by generic prescription drugs are now three times that amount every week. As a result, millions of Americans are able to get the medicine they need at an affordable cost.”