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New Study Finds Use of Generic Prescription Drugs Saved Consumers and the U.S. Health Care System $1 Trillion over Past Decade
Date:8/2/2012

percent of the annual savings.
  • In 2011, nearly 80 percent of the 4 billion prescriptions written in the U.S. were dispensed using generic medicines, while accounting for only 27 percent of the total drug spending.
  • Even with these remarkable savings provided by generics, the innovation of new medicines has not slowed. Since the implementation of the Hatch-Waxman Act in 1984, there has been a multiple-fold increase in the innovation of new medicines, including the cholesterol drugs Lipitor® and Zocor®, the antidepressants Prozac® and Paxil®, and the blood thinner Plavix® to name a few. By creating a fair balance between innovation of new medicines and accessibility to lower-cost generic medicines, federal law has established a win-win for providers and American consumers.

    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 80 percent of the prescriptions dispensed in the U.S. but consume just 27 percent of the total drug spending. Additional information is available at gphaonline.org.

    CONTACT: David Belian
    202-249-7124

     


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    SOURCE Generic Pharmaceutical Association
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