Generic prescription drugs saved U.S. consumers $931B over past decade
• In 2010 alone, generic use generated more than $157 billion in savings.• The Medicaid system could save more than $1.3 billion annually by increasing generic use by just two percentage points.
• Savings from newer generic medicines - those that have entered the market since 2001 - continue to increase exponentially and account for more than one-third of the total savings.
• Generic products for nervous system and cardiovascular treatments alone account for 62 percent of the cost savings.
• Despite having nearly seven times as many products on the market, generic medications still accounted for less drug spending than branded products with generic competition.
• Over the past 10 years, patent settlements have resulted in billions of dollars in savings as dozens of first-time generics have come to market prior to patents expiring on the counterpart brand drugs.
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