Navigation Links
PCMA: New Study Confirms $217 Billion in Savings from Generic Medications in 2012
Date:12/19/2013

WASHINGTON, Dec. 19, 2013 /PRNewswire-USNewswire/ -- Generic medications accounted for more than $1 trillion in overall savings during the last decade, according to a new study released by the Generic Pharmaceutical Association (GPhA). Through innovative utilization management tools, pharmacy benefit managers are the primary drivers for increased use of generic drugs, the Pharmaceutical Care Management Association (PCMA) said today.

"This study confirms that lower cost generics continue to save employers, unions, and government payors billions of dollars on their drug costs," said PCMA President and CEO Mark Merritt. "PBMs are experts at delivering these savings through lower cost sharing, generic incentive programs, and mail-service pharmacy."

In 2012, 84 percent of prescriptions in the U.S. were filled with generics, according to IMS Health.

Key findings in the GPhA report include:

  • Over the 10-year period 2003 through 2012, generic drug use has generated more than $1.2 trillion in savings to the health care system.
  • In 2012, generics saved the U.S. health system $217 billion, up from $188 billion in 2011.

Additional findings include:

    • Retail market overall savings was $931 billion over 10 years.
    • Commercial third-party payers saved $552 billion over 10 years.
    • Medicare Part D, federal benefit enrollees saved $301 billion over 10 years.
    • Seniors enrolled in Medicare Part D saved $180 billion over 10 years.
    • Medicaid beneficiaries receiving prescriptions from retail outlets saved $96 billion over 10 years.
    • Patients paying out-of-pocket/uninsured patients saved $78 billion over 10 years.  

PCMA represents the nation's pharmacy benefit managers (PBMs), which improve affordability and quality of care through the use of electronic prescribing (e-prescribing), generic alternatives, mail-service pharmacies, and other innovative tools for 216 million Americans.

Follow PCMA on Twitter


'/>"/>
SOURCE Pharmaceutical Care Management Association
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. PCMA: New Study Finds Generic Medications Saved $1 Trillion Over the Last Decade
2. PCMA: Part D Plans and PBMs Continue to Deliver Savings in Medicare
3. PCMA: 88 U.S. Representatives Urge USPS to Preserve Six Day Delivery of Mail-Service Pharmacy
4. PCMA: The Drugstore Lobby (Again) Looks to Avoid Fraud and Abuse Detection
5. PCMA: New Report Shows Anti-PBM Laws Could Raise Health Care Costs for Oklahoma Businesses, Consumers, Government Programs
6. PCMA: New Report Shows Drugstore Lobby Agenda Raises Rx Costs for Small Businesses, Government Programs
7. PCMA: Drugstore Lobbys Bill Would Raise Prescription Drug Costs, Increase Wasteful Spending
8. PCMA: Medicare Trustees Report Shows PBMs are Delivering Savings in Part D
9. PCMA: New Analysis Shows Alabama Can Reduce Medicaid Pharmacy Waste by $513 Million
10. PCMA: Eight Ways to Reduce Federal Health Spending and Improve Prescription Drug Benefits in Medicare and Medicaid
11. PCMA: CMS Analysis Shows Mail-Service Pharmacies More Affordable Than Drugstores
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/28/2017)... Cohen Veterans Bioscience and Early Signal Foundation announce a ... sensors for real-time monitoring of patients with trauma-related and ... focused on disruptive health solutions for rare disorders and ... record and integrate behavioral, cognitive, physiological and contextual data. ... ...
(Date:9/25/2017)... 25, 2017   Montrium , an industry ... today—from the IQPC Trial Master Files & Inspection ... that EastHORN Clinical Services has selected eTMF ... TMF management. EastHORN, a leading European contract research ... increase transparency to enable greater collaboration with sponsors, ...
(Date:9/22/2017)... , Sept. 22, 2017  As the latest ... Senators Bill Cassidy (R-LA) and Lindsey ... notes that the medical device industry is in an ... device tax, the 2.3% excise tax on medical device ... they also want covered patients, increased visits and hospital ...
Breaking Medicine Technology:
(Date:10/13/2017)... PITTSBURGH, Pa. (PRWEB) , ... October 13, 2017 , ... ... the dark poses a problem. Fortunately, an inventor from Austin, Texas, has identified a ... access to medication in darkness or restricted lighting. As such, it eliminates the need ...
(Date:10/13/2017)... Las Vegas, Nevada (PRWEB) , ... October 13, 2017 , ... ... of 7® Hemp CBD Oil utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum ... CBD dose required and providing a CBD form that can be easily incorporated into ...
(Date:10/13/2017)... ... October 13, 2017 , ... Apple Rehab Shelton Lakes , ... mock evacuation of the facility as part of a disaster drill on October 3rd. ... EMS and Shelton City Emergency Manager, as well as the Connecticut Long Term ...
(Date:10/13/2017)... York, NY (PRWEB) , ... October 13, 2017 , ... ... influential people in business to advocate for action towards gender equality at their inaugural ... views from around the globe, and reached a social audience of over 3 million. ...
(Date:10/13/2017)... ... October 13, 2017 , ... Talented host, actor Rob Lowe, ... in a new episode of "Success Files," which is an award-winning educational program ... investigates each subject in-depth with passion and integrity. , Sciatica occurs when the ...
Breaking Medicine News(10 mins):