WASHINGTON, DC— “Generic drugs are an absolutely essential part of controlling health costs and ensuring the sustainability of the U.S. health system. Today’s HHS Pharmaceutical Forum is another opportunity for policymakers to support measures that expand patient access to these affordable medicines and increase savings and competition in the pharmaceutical marketplace.
Generic drugs provide patients with essential treatments at a fraction of the cost of brands. In fact, generic drugs generated $1.68 trillion over the most recent decade (2005-2014) and $254 billion in savings in 2014 alone, according to the seventh annual 2015 Generic Drug Savings in the U.S. report. Generics today account for 88% of the prescriptions filled in the U.S. but only 28% of pharmaceutical costs. Few if any other industries can claim nearly 90% of a market yet deliver it at nearly a quarter of the cost.
Policymakers should focus their attention on solutions that increase pharmaceutical competition and bring more generic medicines to Americans in a safe and timely manner, rather than attempting to address outlier practices through sweeping changes, many of which could have serious unintended consequences for patients.
GPhA looks forward to continuing the dialogue on access and affordability. We welcome the ongoing discussion on policies that encourage patient and health system savings from generic drugs.”
GPhA represents the manufacturers and distributors of finished generic pharmaceuticals, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals fill 88 percent of the prescriptions dispensed in the U.S. but consume just 28 percent of the total drug spending. Additional information is available at gphaonline.org. Follow us on twitter: @gpha.