Navigation Links
Mylan Applauds Study Highlighting $1 Trillion in Savings for U.S. Health Care System Due to Generic Drugs Over Past Decade
Date:8/2/2012

PITTSBURGH, Aug. 2, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today applauded a new study released by the Generic Pharmaceutical Association (GPhA) as further evidence of the savings and access that high quality, cost effective generic prescription drugs can bring to American consumers.

The Generic Drugs Cost Savings Study, based on an independent analysis of data by IMS Health – the world's leading provider of market intelligence to the pharmaceutical and health care industries – revealed that the use of generic prescription drugs in the U.S. has saved consumers, patients and the health care system $1 trillion over the past 10 years (2002-2011). In addition, the study found that in 2011 alone, the use of generic drugs in place of their brand counterparts generated nearly $193 billion in savings, an average of $1 billion every other day.

Mylan CEO Heather Bresch said: "As health care expenditures continue to rise in the U.S., expanded use of generic drugs has proved an effective way to provide greater access to needed medicines and reduce costs for patients, payors and governments. Mylan is extremely proud of the company's ongoing efforts to increase the availability and affordability of high quality, more affordable medicines in the U.S., where one in 11 prescriptions are filled with a Mylan product.

"Yet there still exists an important opportunity to continue expanding access to medicine while generating additional savings for America's health care system. The study released today by GPhA suggests that the tremendous savings incurred through the use of traditional generic drugs has the potential to be duplicated in the biopharmaceutical market.

"Since 1984, Americans have enjoyed access to lower cost generic drugs as a result of an approval framework known as Hatch Waxman. Inspired by the success of this framework, Congress created an approval pathway in 2010 for generic substitutes of biologics, or 'biogenerics,' as part of the Affordable Care Act. Unfortunately, the statutory framework within this legislation to bring consumers access to biogenerics has not yet resulted in a workable biogeneric pathway that encourages interchangeability. In fact, in the two years since Congress passed the Affordable Care Act, not one biogeneric medicine has been approved by the Food and Drug Administration (FDA).

"Mylan urges FDA, the White House and members of Congress to encourage approval of, and earlier access to, interchangeable biogenerics. Only then will American patients continue to reap the full benefits of expanded access to high quality, more affordable generic medicines in the form of biogeneric drugs."

According to the Generic Drugs Cost Savings Study, estimates from various economic impact surveys pin the projected savings from more timely access to biogeneric drugs at $42 billion on the low end to as high as $108 billion over the first decade after market formation.

For more information about the Generic Drugs Cost Savings Study, or about the generic pharmaceutical industry, visit www.gphaonline.org. To learn more about the true value and reliability of generic drugs, visit www.choosinggenerics.com.

Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service a habit, do what's right, not what's easy and impact the future through passionate global leadership. We offer a growing portfolio of more than 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately one-third of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 150 countries and territories. Our workforce of more than 18,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com 


'/>"/>
SOURCE Mylan Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Mylan Schedules Second Quarter 2012 Financial Results Conference Call and Live Webcast
2. Mylan Applauds Signing of Landmark "Food and Drug Administration Safety and Innovation Act"
3. Mylan Launches Thiamine Hydrochloride Injection
4. Mylan Launches Generic Version of Lipitor®
5. Mylan Announces Settlement Agreement in Litigation Relating to its Generic Xopenex®
6. Mylan Announces Settlement Agreement in Patent Infringement Litigation Relating to Sunovions Brovana® Product
7. Mylan Launches Generic Version of Bonviva® Film Coated Tablets in the UK and Italy
8. Mylan Launches Generic Version of Viramune® Tablets
9. Mylan Sponsors Drug Store News and Pharmacist Society to Provide a New Business Networking Platform for Pharmacy Schools and Students
10. Mylan Launches Generic Version of Plavix® Tablets
11. Mylan Launches Generic Lipitor® in Five European Countries
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... and PORTLAND, Ore. , Feb. 11, ... company, is pleased to announce the acquisition of SolutionsRx, ... and rural access hospitals. Along with providing traditional contract ... consulting services to assist clients in navigating the complex ... , CEO of Wellpartner. --> James R. ...
(Date:2/11/2016)... , Feb. 11, 2016  Attending college is ... those with type 1 diabetes, the journey can be ... schedules, assignments and campus activities, they also manage the ... top of that, many are living away from home ... (Foundation) Lilly Diabetes Tomorrow,s Leaders Scholarship with $100,000 ...
(Date:2/11/2016)... Jeffrey Zucker , vice president ... present at this year,s Summit for Clinical Operations Executives (SCOPE), ... Miami, FL. Zucker will discuss how sponsors ... supporting SCOPE,s "Improving Site Study Activation and Performance" portion of ... 25 at 11:05 a.m. --> ...
Breaking Medicine Technology:
(Date:2/11/2016)... ... February 11, 2016 , ... Dr. Sadati’s recent ... cosmetic procedures. Along with performing procedures, the magazine also highlights that Dr. Sadati ... procedures. One of the most common procedures he performs is his natural facelift. ...
(Date:2/11/2016)... ... February 11, 2016 , ... The president released a FY 2017 ... but would shift more of the cost burden to military beneficiaries. , MOAA’s ... in the defense budget as including limited quantifiable benefit fixes mixed with numerous beneficiary ...
(Date:2/11/2016)... ... February 11, 2016 , ... ... women’s health, is pleased to announce the promotions of Allison Kelly to executive ... Steve Catone to executive vice president of North American capital sales, and Wendy ...
(Date:2/11/2016)... ... February 11, 2016 , ... The Commission ... for the Board of Commissioners. Individuals interested in volunteer board service are encouraged ... of clinical practice settings and across allied health to contribute to its mission ...
(Date:2/11/2016)... FL (PRWEB) , ... February 11, 2016 , ... ... the commencement of a master charity program created to assist the people of ... days, working closely with nonprofit organizations and community leaders. Their hope is to ...
Breaking Medicine News(10 mins):