Generic medicines saved US healthcare system more than USD 250 billion in 2014 alone
Nov 12, 2015
This month the Generic Pharmaceutical Association released its seventh annual Generic Drug Savings in the US report, which shows that generic drugs play a critical role in the United States’ health care system by dramatically reducing overall prescription costs over time. Generic drugs accounted for nearly ninety percent of the 4.3 billion prescriptions dispensed in 2014 but made up only 28 percent of total drug costs.
According to the report:
Generic drugs saved the U.S. health system $254 billion in 2014 and $1.68 trillion over the past decade (2005-2014).
Spending for Medicare and Medicaid would have nearly doubled in 2014 without the availability of generic drugs.
Generic drugs touch every part of the health care system, offering savings for providers, taxpayers, employers and patients who also benefit from broader access to treatments. The healthcare system is able to realize these savings because of the power of competition from lower priced generics as well as the competition driven by discounts offered by originators. Sandoz is committed to increasing patient access to high-quality, affordable medicines and we continue to work with policymakers, healthcare providers and payors to meet this commitment.