USA’s generic pharma savings reach highest-ever watermark

The US Generic Pharmaceutical Association (GPhA) last week released a report showing that generic drugs saved the USA’s health system $239 billion in 2013, a 14% increase over cost savings achieved in 2012, and the largest annual savings to date.

The report also calculates that generic medications saved a record of nearly $1.5 trillion over the most recent decade (2004-2013).

“Just last month, we have seen how smart health choices like opting for generic drugs hold the power to move our nation’s budget trajectory in a positive direction. In fact, recent Congressional Budget Office (CBO) estimates now predict that Medicare and Medicaid spending is expected to drop by billions over the next decade,” said Ralph Neas, president and chief executive of the GPhA.