USA: Generic Drugs Saved Americans How Much Money?

The prices for some generic drugs may have risen precipitously in recent months, but a new report from the trade group representing generic drug makers boasts that these medicines saved Americans nearly $239 billion last year, a 14% increase from the year before.

And much of those savings came from new generics – about $140 billion – while older copycat drugs helped U.S. consumers pocket $98 billion in savings. A new generic refers to a drug that recently became available after a brand-name drug lost patent protection.

Not surprisingly, some of the largest savings were achieved by using generic drugs to treat widespread ailments. For instance, Americans saved more than $34 billion on generic drugs for treating diabetes and other metabolic disorders. The use of generic cardiovascular medicines saved $58 billion. 

There is a caveat, though. The report, which was prepared by the IMS Institute for Healthcare Informatics for the Generic Pharmaceutical Association, does not factor in the rebates and discounts that brand-name drug makers offer customers and lower the net cost of brand-name drugs.(Más)