AAM's VP Policy Craig Burton shares the release of the 2018 Generic Drug Access & Savings in the U.S. report, which focused this year on savings from patient utilization of generic drugs. The report highlights 3 important findings:
Generic and Biosimilars Competition Drives Lower Prices and Reduced Out-of-Pocket Costs for Patients
A Reference Guide for Lawmakers
The rising cost of prescription drugs is a top issue for voters this election cycle. AAM developed a resource for lawmakers, “How to Talk About Drug Prices: A Reference Guide for Effective Communications Strategy.” This primer on rising drug costs outlines how high launch prices and year-over-year price increases are putting prescription drugs out of reach for millions of patients.
Generic Pharmaceutical Industry Releases 10th Annual Access and Savings Report Shows Savings from Generic and Biosimilar Medicines at Risk
WASHINGTON DC (July 10, 2018) – Today, the Association for Accessible Medicines (AAM) released its “Generic Access and Savings Report in the United States 2018,” which finds that 93 percent of generic prescriptions are filled at $20 or less, and that the average co-pay for a generic drug is just $6.06.
The 2019 report is now available.
As in previous years, the tenth edition of this annual report presents the independent findings of IQVIA regarding the savings that our companies bring about. In 2017, generics generated a total of $265 billion in savings. Savings for Medicare and Medicaid amounted to $82.7 billion and $40.6 billion, respectively, which translates to an average $1,952 for every Medicare enrollee and $568 for every Medicaid enrollee.
WASHINGTON DC (June 26, 2018) – Secretary Azar’s testimony today highlighted two very important issues when it comes to reducing prescription drug prices in the United States.
As federal and state policymakers grapple with how to lower prescription drug prices, they should work to ensure that patients, particularly seniors, have greater access to and realize the full benefit of lower-priced generic drugs.
Increasingly, Medicare Part D plans are putting generic drugs into higher formulary tiers to compensate for escalating brand-name drug prices.
Since Apotex’s inception over 40 years ago, our company has focused on a sole purpose: improving access to affordable, innovative and high-quality medications. Over the years, we have seen the generics industry weather a number of challenges caused by legislative and regulatory changes in the markets in which we operate. The industry has also benefited from a number of positive changes that improve the ability of companies like Apotex to bring affordable generics and biosimilars to market – saving patients billions of dollars.
Administration’s Plan Embraces Getting More Generic and Biosimilar Medicines to Patients
WASHINGTON DC (May 11, 2018) – In President Trump’s remarks today at the White House, he made clear the essential role that generic and biosimilar medicines play in containing prescription drug costs for patients.
A virtuous cycle of innovation and access has served as the foundation for our nation’s prescription drug market since the presidency of Ronald Reagan. When that market worked as Congress originally intended around the time of enactment of the Hatch-Waxman amendments in the 1980s, patients benefited from lifesaving new drugs; they maintained their health with generic medicines; brand drug makers recouped their investments, rewarded shareholders and were incentivized to discover new therapies and cures; and the makers of generics had thriving businesses.