Generic Rx drugs saved US health system $1 trillion over past decade; study

Due to the ever growing use of generic prescription medicines, the American health care system saved more than $1 trillion over the last decade, according to a new study released by the Generic Pharmaceutical Association (GPhA).

Savings to consumers and the US health care system from the use of lower cost generic prescription drugs has risen to a current rate of $1 billion every other day - totaling $193 billion in 2011 alone, according to the study, which was conducted for the GPhA by the IMS Institute for Healthcare Informatics, the research division of health care industry information supplier IMS Health.

Govt figs show health spending hit $2.2 billion in 2010