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Study: Generics Save $192.8 Billion in 2011
In 2011, the use of generic drugs saved the healthcare system $192.8 billion, according to a report released on Thursday from the Generic Pharmaceutical Association. The savings were 22% higher than in 2010. From 2002 to 2011, generics led to more than $1 trillion in savings.
The trade group said the fourth annual survey was independent and conducted by the IMS Institute for Healthcare Informatics. It found that nearly 80% of the more than four billion prescriptions written in 2011 were for generics, but they only accounted for 27% of total drug spending. The report said spending on medicines in the United States reached $320 billion in 2011.
We will have more on this study in an upcoming issue of First Report Managed Care.
A news release is available at https://www.gphaonline.org/media/press-releases/2012/new-study-finds-use-generic-prescription-drugs-saved-consumers-and-us-heal
Read more about the study at https://www.gphaonline.org/about-gpha/about-generics/case/generics-providing-savings-americans
-Tim Casey
