Generic prescription medicines save patients more money with each passing year. In 2019, according to AAM’s Generic Drug & Biosimilars Access & Savings in the U.S. Report (with data provided by IQVIA), savings from generic drugs added up to $313 billion. The 50 states saved on average $6.1 billion savings in 2019, including $1.9 billion in Medicare savings and $950 million in Medicaid savings.
Throughout the COVID-19 pandemic and beyond, safe, effective, FDA-approved generic prescription medicines keep U.S patients healthy and productive. While the world waits for a vaccine, generic drugs (many of which are manufactured domestically) play a significant role in the standard treatment for COVID patients.
These seven states accounted for more than 43% of the nation’s generic savings:
- California tops the list, with $28.3 billion, including $8.9 billion in Medicare savings and $6 billion in Medicaid savings.
- New York recorded total savings of $25.6 billion, including $8.6 billion from Medicare and $5.4 billion from Medicaid.
- Texas recorded total savings of $23.8 billion, including $6.8 billion from Medicare and $2 billion from Medicaid.
- Florida recorded total savings of $19.1 billion, including $6.9 billion from Medicare and $1.9 billion from Medicaid.
- Pennsylvania recorded total savings of $14.3 billion, including $4.7 billion from Medicare and $2.3 billion from Medicaid.
- Ohio recorded total savings of $13 billion, including $3.6 billion from Medicare and $2.8 billion from Medicaid.
- Illinois recorded total savings of $11.6 billion, including $3.5 billion from Medicare and $8.8 billion from Medicaid.
Three states deserve special mention for high per-capita Medicare and Medicaid savings:
- Kentucky recorded total savings of $6.5 billion, including $1.9 billion from Medicare and $1.7 billion from Medicaid.
- West Virginia recorded total savings of $2.7 billion, including $840 million from Medicare and $660 million from Medicaid.
- Louisiana recorded total savings of $6.6 billion, including $1.9 billion from Medicare and $1.6 billion from Medicaid.
And Maryland, home of Rich Lichty (watch video), saved a total of $5.1 billion, including $1.2 billion from Medicare and $885 million from Medicaid.
Without access to generic medicines,Rich says,I don’t know what I’d do.
By Erica Klinger, Senior Director, Marketing
Published on November 25, 2020