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:6/24/2016)... 24, 2016 The Academy of Managed Care ... that would allow biopharmaceutical companies to more easily ... make formulary and coverage decisions, a move that addresses ... medicines. The recommendations address restrictions in the ... the drug label, a prohibition that hinders decision makers ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... "The World Market for Companion Diagnostic Tests" report to ... World Market for Companion Diagnostics The World ... diagnostic and personalized medicine diagnostics. Market analysis in the report ... Diagnostics Test Market (In Vitro Diagnostic Kits) by Region (N. ...
(Date:6/24/2016)... , Belgium , June 24, ... VNRX), today announced the appointment of Dr. ... Directors as a Non-Executive Director, effective June 23, ... Audit, Compensation and Nominations and Governance Committees.  As ... Futcher will provide independent expertise and strategic counsel ...
Breaking Medicine Technology:
(Date:6/26/2016)... Orion, Clarkston, Michigan (PRWEB) , ... June 26, ... ... with respect to fertility once they have been diagnosed with endometriosis. These women ... intercourse but they also require a comprehensive approach that can help for preservation ...
(Date:6/25/2016)... ... , ... The temporary closing of Bruton Memorial Library on June 21 due to a possible ... often overlooked aspect of head lice: the parasite’s ability to live away from a human ... but a necessary one in the event that lice have simply gotten out of control. ...
(Date:6/25/2016)... ... , ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors ... Geffen School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green ... hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train ...
(Date:6/25/2016)... ... ... Conventional wisdom preaches the benefits of moderation, whether it’s a matter of ... too high can result in disappointment, perhaps even self-loathing. However, those who set the ... Research from PsychTests.com reveals that behind the tendency to set low expectations ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort to ... treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain management ... (SCD) is a disorder of the red blood cells, which can cause episodes of ...
Breaking Medicine News(10 mins):