Drug Prices

Each year, we look forward to hosting our members, friends, colleagues and partners for Access!, AAM’s annual meeting. Held in Orlando, Florida, this year’s conference was unique in that we also hosted the 25th Annual Meeting of the International Generic and Biosimilar Medicines Association (IGBA) in the same location, a dual experience that helped to strengthen global cooperation in our shared effort to expand patient access to more affordable generic and biosimilar medicines.

When Desi's swollen ankle began hurting so much that he was unable to run and keep up with his friends, his parents, Jonathan and Susan of Maryland, became concerned. After several doctor visits, a rheumatologist diagnosed Desi with juvenile idiopathic arthritis (JIA), an autoimmune disease. To help manage the symptoms of JIA, Desi receives weekly injections of autoimmune suppressant medicine and daily doses of anti-inflammatory medicines.

Generic and biosimilar medicines improve access and affordability for the millions of people with illnesses like asthma, arthritis, heart disease, and depression. While we now have effective treatment options to help patients manage their conditions, many brand drugs come with steep price tags. Fortunately, there are more affordable generic and biosimilar treatments that reduce costs for patients and increase access to lifesaving care.

Numerous studies agree: Generics provide savings on prescription drugs. And six years into a sustained period of price deflation, many generic prices are lower than ever. But inexplicably, patients are paying more for many generics. Although the Medicare program has rules to safeguard beneficiaries, it has allowed Medicare drug plans to make changes that require patients to pay more for many generic drugs even as the prices of those drugs have fallen.

At a time of rising health care costs, generic and biosimilar medicines continue to generate savings and increase access to care for patients. AAM’s 2022 U.S. Generic & Biosimilar Medicines Savings Report provides new insights across a variety of settings where savings reached greater heights, benefiting patients, consumers, employers, and taxpayers alike.

Here are five key takeaways from this year’s report:

In 2017, October felt her anxiety and panic attacks developing into something more serious: Her life, work, and relationships seemed meaningless. Realizing she needed help, October, age 26, sought in-hospital treatment in Maryland and was diagnosed with anxiety and chronic depression. She was started on a brand-name antidepressant; but after a change in health insurance coverage, she learned that her out-of-pocket costs for the medicine would be much higher. Her therapist recommended switching to a more affordable generic antidepressant, and she’s been on one ever since.