GPhA Commends Launch of Bipartisan Affordable Medicines Caucus

Published Online: Friday, May 2, 2014
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WASHINGTON, DC (May 2, 2014) — The Generic Pharmaceutical Association (GPhA) applauds the launch of the bipartisan Affordable Medicines Caucus, co-chaired by Representative Peter Welch (D-VT) and Representative Keith Rothfus (R-PA). GPhA and its members look forward to working with the Caucus to support its mission to educate patients and policymakers on the critical role of affordable generic medicines in holding down health costs.

“Members of both parties agree: taking full advantage of generic medicines is a common sense way to save billions of dollars for the government, and for millions of Americans.” said Ralph G. Neas, President and CEO of the Generic Pharmaceutical Association. “Indeed, an IMS health analysis released by GPhA in December 2013 showed that generic pharmaceuticals have achieved $1.2 trillion in savings over the past decade, nearly $217 billion in 2012 alone, all of which translates to more than one billion dollars in savings every other day.”

The Caucus will share the newest information on the positive impact of generics on cost savings and help legislators track the latest developments in the field. Armed with this knowledge, lawmakers can make informed decisions about the future of healthcare policy.

“Working together,” said Neas, “we can build on the tremendous 30-year track record of bipartisan cooperation that has resulted in unprecedented access to safe, affordable, and life-changing generic medicines in America and around the world.”

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Generics saved $239 billion in 2013 (a 14% increase in savings from 2012) and more than $1.46 trillion over the recent decade. Further, the Express Scripts 2013 Drug Trend Report issued in 2014 shows that since 2008, the price of brand drugs has almost doubled, but the price of generic drugs has been cut roughly in half.
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