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.
This article first appeared in Chain Drug Review on January 5, 2021 as Pharmacy Outlook: Dan Leonard.
Even though generics and biosimilars provide consistent savings for taxpayers and consumers, today’s Medicare patients too often face obstacles to using these lower-cost options. This is a result of outdated policies that can unintentionally encourage plans to prioritize formulary placement of high-cost brand drugs and that fail to reflect the emergence of new competitive therapies.
WASHINGTON, DC (February 20, 2020) — “America looks to new generic drugs for significant savings on medicine, but our newest data show Medicare and commercial health plans delay their coverage. Delayed competition from generics increases costs for patients, taxpayers and employers and rewards the makers of high-priced brand-name drugs.
WASHINGTON, DC (February 13, 2020) — Avalere's latest findings add to the growing body of evidence that Medicare Part D Plans are discouraging the use of lower-cost generic drugs. For the first time there are more generics on non-generic tiers.
WASHINGTON DC (January 23, 2020) –“Today’s report highlights the need to refine the Medicare program to support savings through generic drug substitution. The continued use of high-cost brand drugs instead of generics causes higher spending for patients and taxpayers.”
ATTRIBUTE TO: Chip Davis, President and CEO
Generic medicines are an integral component of America’s pharmaceutical care system, driving substantial savings to patients and public programs. Even as spending on prescription drugs continues to rise in public programs, the use of generic medicines has blunted increasing brand drug prices, generating savings of $293 billion in 2018 alone. In fact, the average price of generic drugs covered under Medicare Part D in 2017 was only 26% of their average price in 2006.