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:1/19/2017)... LEXINGTON, Massachusetts , January 19, 2017 ... SHPG ) announced that the U.S. Food and Drug ... resubmission of a New Drug Application (NDA) for SHP465, ... being evaluated as a potential once-daily treatment for Attention-Deficit/Hyperactivity ... decision on or around June 20, 2017, the designated ...
(Date:1/19/2017)... BEACH, Florida , January 19, 2017 /PRNewswire/ ... incoming Trump administration appears serious about reducing the ... advancements and innovation in the medical drug industry, ... forge ahead with new clinical trials and development ... Pharma companies forging ahead with recent developments include:  ...
(Date:1/19/2017)... -- The Global Therapy Partnering Terms and Agreements since ... and agreements entered into by the world,s leading healthcare ... deals by value - Deals listed by company A-Z, ... report provides understanding and access to the partnering deals ... companies. The report provides an analysis of partnering ...
Breaking Medicine Technology:
(Date:1/20/2017)... ... 2017 , ... Lice Troopers, the lice removal company based in South Florida, ... the holiday season. , “It happens every year around this time,” says owner, ... photos, which is the head-to-head gateway that lice need to spread.” , As children ...
(Date:1/20/2017)... ... January 20, 2017 , ... Vitamin Well ... VW+ 002. The drinks have been produced in collaboration with Zlatan Ibrahimovic and ... your workout. , After a successful launch in Sweden last year, the next ...
(Date:1/20/2017)... ... January 20, 2017 , ... D R Burton Healthcare Products ... was featured in a study indicating superior performance against competitive products in secretion ... Three Oscillating Positive Expiratory Pressure Devices During Simulated Breathing“ was published in the ...
(Date:1/20/2017)... ... January 20, 2017 , ... “God's Miracle Man: Against All Odds”: ... the creation of published author, Keith C. A. Tucker, son of Minister Delores Pinnock ... Outreach pastured by Reverend Mark Hardy , “While sitting up in bed, I felt ...
(Date:1/19/2017)... LINCOLN, R.I. (PRWEB) , ... January 19, 2017 , ... With the cold weather here, ... sidewalks. , Snow blowers are efficient when clearing large amounts of snow, but they can ... tips from the U.S. Consumer Product Safety Commission for the proper use of snow blowers:, ...
Breaking Medicine News(10 mins):