New report shows continuing savings of generic drugs

A new report has shown that generic drugs have resulted in massive savings in the last 11 years. | File image

According to a new report released by the 2016 Generic Drug Savings and Access in the United States, generic prescription drugs generated 328 percent increase in annual savings since 2005.

The report is another confirmation that generic drugs are important in the decreasing of the cost of health and have a crucial role when it comes to increasing patient access to medication.

"Generic drugs are the foundation of any successful effort to lower health spending and increase patient access to affordable medicine,” Generic Pharmaceutical Association President and CEO Chip Davis said. “A diverse group of experts — the federal government, pharmacy benefit managers, consumer groups and others — agree that generic drugs drive system savings, not costs. More can be done to increase patient access to safe, effective and more affordable generic medicines. GPhA will continue working with policymakers, regulators and others to bring greater health savings to our country. That effort begins with policy that builds on this industry’s record of significant savings and promotes generic competition.”

According to the report, generic drugs are 89 percent of dispensed prescriptions and 27 percent of cost in the U.S., and have generated savings of $227 billion in 2015 and $1.46 trillion over 10 years.

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