Generic Drugs Slash Out-of-Pocket Costs

Published Online: Wednesday, May 18, 2011

The savings potential of generic drugs is often discussed in broad economic terms, instead of where it counts for most people—their own wallets. The latest numbers from IMS Health crystallize the direct savings patients pocket when they have access to less expensive generic alternatives.

In their annual study of prescription drug trends, “The Use of Medicines in the United States: Review of 2010,” IMS analysts reported that the average copayment for a generic drug was $6.06 per prescription, compared with $23.65 for a preferred brand drug and $34.77 for a nonpreferred brand drug.

For patients, that translates to savings of 74% compared with preferred brands, and more than 80% compared with nonpreferred brand drugs. “These are big savings for the hundreds of millions of Americans who have prescription drug coverage,” said GPhA executive director Bob Billings.

In his response to the IMS analysis, Billings used these numbers as a springboard, urging the FDA to streamline its approvals process to broaden access to generic medicines. “Every day that a new generic is kept off the market consumers are forced to pay the higher brand name copay,” he said.



Latest Articles
This weekly video program provides our readers with an in-depth review of the latest news, product approvals, FDA rulings and more.
Chronic kidney disease incidence has grown faster than many of its common comorbidities such as diabetes and hypertension, and medications may be an underappreciated driver of this growth.
President Barack Obama’s fiscal year 2017 budget proposal calls for an additional $1.1 billion to combat the nation’s spiraling opioid epidemic.
Baxter International is voluntarily recalling intravenous solution due to leaking containers and the potential for particulate matter.
Latest Issues
$auto_registration$