A new report from IMS Health that is being touted by the Generic Pharmaceutical Association (GPA) claims that generic drugs saved US consumers more than $193 M in 2011 and more than $1 TRILLION over the last 10 years.
Some more fun facts as to how generic drugs fared in the US over the past year:
- Savings from generics rose by 22% the most in a single year since 1998
- Savings from generics that hit the market since 2002 were $481 M in past 10 years
- Nearly 80% of the 4 billion prescriptions written last year were for generics
- BUT, the 20% of prescriptions for non-generics accounted for 73% of total cost of drugs
The surge in generics prescriptions was attributed to the increase in drugs coming off patent, such as Zyprexa (antipsychotic), Lipitor (cholesterol), and Concerta (ADHD). IMS forecasts that generic utilization will reach 87% by 2015.
Posted by Bruce Lehr Aug 2nd 2012.