Complex Generics Could Save the U.S. Health Care System Approximately $1.3 Billion Per Year
New Report Finds Eliminating Approval Delays Could Accelerate Access to Lower-Cost Alternatives
White Paper: Potential Savings from Accelerating U.S. Approval of Complex Generics
by Alex Brill, Founder and CEO, Matrix Global Advisors; Resident Fellow, American Enterprise Institute
Cancer Costs and Options for Care in the United States
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.
AAM’s Recommendations to #SecureOurMeds
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.
Health Care Savings, State by State
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.
Securing Access and Savings: By the Numbers
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.
2020 Generic Drug & Biosimilars Access and Savings in the U.S. Report
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.
How to Talk About High Drug Costs in a Time of Economic Insecurity
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.
AAM Supports Updating Medicare to Lower Costs for America’s Seniors
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.
The First (Price) Cut Is the Steepest
Congress Must Preserve the 180-Day Incentive for First Generics
In the debate over how to lower the cost of prescription drugs, one thing is certain: Generic competition drives savings for America’s patients and our health care system. The introduction of generic medicines offers patients the same high-quality medicine as the brand-name drug, but at an average price that is 39% lower according to the U.S.