WASHINGTON, DC (September 21, 2022) — Today, the Association for Accessible Medicines (AAM), the leading trade association for generic and biosimilar manufacturers, released its 2022 U.S. Generic & Biosimilar Medicines Savings Report highlighting the value of generic and biosimilar medicines.
Featuring data from IQVIA, the 2022 U.S. Generic and Biosimilar Medicines Savings Report reveals generic and biosimilar drugs generated a record $373 billion for America’s patients and healthcare system in 2021. Despite the tremendous savings from generic drugs, many patients continue to pay more than necessary.
Recently, the Centers for Medicare & Medicaid Services (CMS) released the 2021-2030 National Health Expenditure (NHE) report, prepared by their Office of the Actuary. The report serves as the authoritative estimate of total U.S. health spending and provides important clues as to what is (and is not) driving health care costs.1
According to the latest U.S. Generic and Biosimilar Medicines Savings Report, Americans who took generics and biosimilars saved $338 billion in health care costs in 2020 and nearly $2.4 trillion in the last decade. These medicines provide budgetary relief throughout the U.S. health care system, and taxpayers in all 50 states benefit from the savings generated for Medicare and Medicaid enrollees. On average, states saved $6.6 billion from the use of generics and biosimilars in 2020.
Something is wrong when America’s patients pay the same or more for an FDA-approved generic version of a high-priced brand drug. It’s even worse when those costs go up each year. Generics provide competition for expensive brand drugs and savings for patients. In 2020 alone, generics and biosimilars have saved the Medicare program $109.6 billion.1
WASHINGTON, D.C. (April 29, 2021) — “The Association for Accessible Medicines endorses The Protecting Access to Affordable Medicines Act, which helps ensure patients maintain uninterrupted access to low-cost medicines by fixing the misguided application of the Medicaid rebate to generic medicines.
This paper examines the challenges to market sustainability for generic and biosimilar medicines that have cleared the regulatory and patent hurdles to obtain FDA approval and launch into the U.S. market. It is the first in a series of AAM papers that will highlight challenges to the overall sustainability of the generics and biosimilars industry.
Association for Accessible Medicines Unveils Policy Agenda for
Biden Administration and 117th Congress
Outlines Policy Solutions to Support Long-Term Sustainability of Generic and Biosimilar Medicines
New Campaign Highlights Lifesaving Role Generic Drugs Have Played in Treatment of COVID-19
Report Series Examines Threats to Patient Access and Affordability
Generic and biosimilar medicines are a proven solution to lowering drug costs, and the use of these medicines saved more than $313 billion in 2019 alone. At a time of high economic insecurity, access to more-affordable generic and biosimilars means patients are more likely to fill and use a generic drug prescription.
The 10th edition of AAM’s annual generic drug savings and access report, which was released last month, is full of important data for policymakers as well as industry leaders. The report provides detailed information on savings by state, payer type, treatment area, and other factors, as well as the state of the biosimilars market. Here are 10 noteworthy takeaways from the publication.