Generic Medicines Drive Savings, Not Costs
The generic pharmaceutical industry plays an important role in the health system and generic drug manufacturers are true drivers of health system value — generating savings and enhancing access for patients, public programs, taxpayers, employers and others who rely on more affordable medicines.
The 8th annual 2016 Generic Drug Savings & Access in the United States report is compiled by the QuintilesIMS Institute. This year, the report analyzes the savings from generic drugs realized at the national level as well as state-by-state, by therapeutic area, age group, public program and payor type. For the first time, this report includes common patient examples drawn from real world clinical evidence.
Health spending continues to strain patient budgets. In 2014, per capita health spending reached $9,523, according to the Centers for Medicare and Medicaid Services (CMS), the most recent data available. With total health spending at approximately $3 trillion, it is helpful to look at drivers of these costs and the segments responsible for the bulk of spending. At the same time, it is important to recognize sources of significant health savings.
