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
New Report Finds Eliminating Approval Delays Could Accelerate Access to Lower-Cost Alternatives
by Alex Brill, Founder and CEO, Matrix Global Advisors; Resident Fellow, American Enterprise Institute
In 2020, cancer claimed the lives of 600,000 Americans. According to the American Cancer Society (ACS CAN), there are approximately 1.7 million new cases of cancer in the United States each year, and more than 16.9 million Americans have a cancer history.
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.
Patient access to biosimilar and generic medicines has never been more critical. High launch prices and annual price increases on existing brand-name drugs have impeded access to medicines for too many patients. That is why lowering prescription drug prices continues to be a top health care concern for America’s patients.
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.
Now that Rich is semi-retired, he loves to go boating on the Chesapeake Bay. He takes a generic drug to control his blood pressure.
On the other side of the country, Jeni is pursuing a graduate degree and enjoying California’s hiking trails. She takes a biosimilar medication to treat her pancolitis.
In 2019, the U.S. health care system saved $313 billion in 2019 from generics and biosimilar drugs, including $96 billion in Medicare savings and $48.5 billion in savings to Medicaid. At a time when access to reliable, affordable and high-quality prescription medication is more important than ever, generics fill 90% of prescriptions in the United States for only 20% of the cost.
A Reference Guide for Lawmakers
Health care and the cost of prescription drugs are top issues for voters across the country. AAM developed a resource for effective communications around the concern for the rising cost of prescription drugs during COVID-19, “How to Talk About High Drug Costs in a Time of Economic Insecurity." This primer outlines how anticompetitive tactics limit patient access to FDA-approved generics and biosimilars, and how competition helps reduce drug prices.