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Photos: Generic Pharmaceuticals Saved $734 Billion over Last Decade
Date:5/7/2009

"The Hatch-Waxman Act is perhaps the most important piece of pro-consumer legislation enacted over the past 25 years. It established a balance between protecting intellectual property, which provides the incentives to innovate new medicines, and encouraging the development of safe, effective and more affordable generic versions of existing drugs. Among the flawed arguments during the debate over Hatch-Waxman in 1984 was the claim that generic competition would harm innovation. In fact, since the enactment of Hatch-Waxman generic competition has helped unleash unprecedented investment in new drug research and development, which in turn has led to a period of unparalleled pharmaceutical innovation," Jaeger said.

GPhA noted that the study is predictive of the greater savings that could be achieved in future years through the implementation of initiatives to:

  • increase investment in FDA's Office of Generic Drugs (OGD) to ensure the timely review and approval of new generic pharmaceuticals;
  • establish a science-based biogeneric approval pathway that promotes innovation while providing access to more affordable versions of lifesaving biologic medicines; and
  • encourage greater use of FDA-approved generic medicines in publicly-funded prescription drug benefit plans, such as Medicaid, Medicare and other federal/state programs. For example, a 1% increase in the generic utilization rate in the Medicaid program could yield approximately $490 million in added annual savings.

"The data on the tremendous savings generated by generic competition provide dramatic evidence that increasing the availability and use of generic medicines are immediate steps that can be taken to further increase health care savings," Jaeger said.

Study Background

In early 2009, GPhA commissioned IMS Health to conduct an analy
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SOURCE Generic Pharmaceutical Association
Copyright©2009 PR Newswire.
All rights reserved

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