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:5/4/2016)... 2016  It,s time for an upgrade. There are many medical recorders on the ... LCD, the illustrious DVMAXX HD  offers unparalleled connectivity and functionality.  Ampronix  is a ... class manufacturer of innovative technology.  Photo - http://photos.prnewswire.com/prnh/20160503/363416 ... ... ...
(Date:5/4/2016)... 4, 2016 Valeritas Holdings, Inc. ... alternative public offering (APO). This was accomplished via a ... Inc. and a private placement of approximately 5 million ... share. Under the terms of the reverse ... Holdings, Inc. will trade on the OTC Markets under ...
(Date:5/4/2016)... 4, 2016 Research ... "Global Acute lymphocytic Leukemia Market and Competitive ... offering.       (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO ... Leukemia Market and Competitive Landscape Highlights 2016, ... pipeline products, Acute Lymphocytic Leukemia epidemiology, Acute ...
Breaking Medicine Technology:
(Date:5/4/2016)... ... May 04, 2016 , ... The Spiritual Care Association (SCA) ... their valuable support to patients and their families, and their overall contribution to the ... Spiritual Care Day, SCA has sent “Thank You Chaplain” cards with hand-painted artwork to ...
(Date:5/4/2016)... ... ... A new collaboration will give more researchers access to the largest and ... leader SAS will provide researchers worldwide with data management and analytics tools to explore ... , The DCRI and SAS share the goal of greater transparency and openness in ...
(Date:5/4/2016)... ... ... Washington Wellness Center today announced its tenth anniversary of providing a complete ... as an idea to provide a holistic approach to wellness has now become a ... David Swanekamp, Chiropractic Physician , the wellness center offers a complete range of ...
(Date:5/4/2016)... ... 2016 , ... Dr. Elyson and Dr. Assili, dentist in Northridge , ... tooth removal, a common dental procedure, is performed for many adolescents and young adults ... in risks of complications. By providing wisdom tooth removal surgery at their office, Dr. ...
(Date:5/4/2016)... (PRWEB) , ... May 04, 2016 , ... Recognizing that ... launched health brand, Verywell, have tapped David Katz, MD, MPH, president of ... , “Our shared devotion to lifestyle medicine is especially gratifying,” said Katz. “There is ...
Breaking Medicine News(10 mins):