GPhA urges US Congress to embrace opportunities for more generic savings

Chip Davis, president and chief executive of the US Generic Pharmaceutical Association (GPhA), on Monday briefed Congress about the ways generic drugs and biosimilars can drive savings in terms of healthcare cost, at a hearing of the Senate Committee on Health, Education, Labor and Pensions (HELP).

He stated: “Our briefing for Congress today, Busting the Myths on Affordable Medicines: How Generics and Biosimilars Drive Savings, Not Costs, set out to reiterate what was stated last week in a new analysis from the Department of Health and Human Services (HHS): the ‘evidence strongly supports the conclusion that generic drug prices are not an important part of the drug cost problem facing the nation.’ In fact, generic drugs drive savings, not costs. While Congress and others discuss ways to lower health spending, the focus should be on increasing pharmaceutical competition and expanding access to safe, effective and more affordable generic drugs.

The new HHS issue brief, Understanding Recent Trends in Generic Drug Prices, revealed that about two-thirds of generic products appear to have experienced price declines in 2014. This report and many others underscore that generics are essential to health savings and continue to put more affordable treatments within reach for millions of patients.