Generics savings continue to climb in the US

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Generics savings continue to climb in the US

Home/Reports | Posted 04/12/2015 0 Post your comment

Generics manufacturers have joined to celebrate the latest data from the Generic Drug Savings in the US report. According to the report, the US healthcare system saved a record US$254 billion in 2014 from generics, or US$1.68 trillion between 2005 and 2014.

‘The facts are irrefutable, generic drugs drive enormous healthcare savings. This new report reinforces that generic drugs are a critical part of any solution to rising costs for patients, payers and for the entire healthcare system. Safe, effective and more affordable generic medicines mean increased access for the millions who rely on these life-saving therapies,’ said Mr Chip Davis, President and CEO of the Generic Pharmaceutical Association (GPhA), which sponsored the report compiled by the IMS Institute for Healthcare Informatics.

Last year, the 6th annual report concluded that generics had saved consumers and the US healthcare system US$239 billion in 2013, a total of US$1.5 trillion between 2004 and 2013 [1]. In this, the 7th annual report, state-by-state savings from generics were included for the first time. The report also detailed the key role generics played in Medicare and Medicaid savings.

The savings could be mirrored in the US biosimilars market as that market matures, predicts biosimilars maker Pfenex. ‘A robust biosimilar market would give American patients greater access to biologic[al] products that can be life-changing for many people with chronic conditions’, the company says in a statement released alongside the report. ‘It is also worth noting that in countries with such markets, biosimilars have historically cost 20 to 30 per cent less than their reference products, a trend that is likely to replicate once the US biosimilars market reaches its full potential.’

Reference
1. GaBI Online - Generics and Biosimilars Initiative. Generics save US 1.5 trillion over last 10 years [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2015 Dec 4]. Available from: www.gabionline.net/Reports/Generics-save-US-1.5-trillion-over-last-10-years

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