WASHINGTON, D.C. (September 15, 2022) – The Association for Accessible Medicines (AAM) President and CEO Dan Leonard today released the following statement in response to new analysis by healthcare consulting firm, Avalere, showing that generic drugs continue to be misplaced on higher formulary tiers, unfairly driving up costs for patients:
“Many patients are spending far more than necessary on generic drugs. This new study released by Avalere, and supported by AAM, is further evidence of the financial burden patients face from high health plan copays for generic drugs. The analysis found that patient spending on old generic drugs increased by more than $11 billion (more than 135%) from 2011 to 2019. This increase was overwhelmingly driven by health plan and PBM decisions to place generics on non-generic formulary tiers, even as the prices for those generics declined. It is vital that policymakers recognize the systemic drug pricing manipulation at work and help ensure that patients benefit from the full value of lower generic prices.”
Please note:
AAM has a new media contact, Susan Reilly. Please add her contact information and do not hesitate to reach out to introduce yourself or to follow up on this or any other story.
MEDIA CONTACT:
Susan Reilly
Director of Communications, AAM
1.703.725.0729
About AAM
AAM is driven by the belief that access to safe, quality, effective medicine has a tremendous impact on a person’s life and the world around them. Generic and biosimilar medicines improve people’s lives, improving society and the economy in turn. AAM represents the manufacturers and distributors of finished generic pharmaceuticals and biosimilars, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals are 90 percent of prescriptions dispensed in the U.S. but only 18 percent of total drug spending.
About the Biosimilars Council
The Biosimilars Council, a division of the Association for Accessible Medicines (AAM), works to ensure a positive environment for patient access to biosimilar medicines. The Biosimilars Council is a leading source for information about the safety and efficacy of more affordable alternatives to costly brand biologic medicines. Areas of focus include public and health expert education, strategic partnerships, government affairs, legal affairs and regulatory policy. More information is available at www.biosimilarscouncil.org.