Use of generic Rx drugs saved US consumers and the health care system $931 billion over past 10 years, study finds

An independently conducted analysis showing that the use of generic prescription drugs in the USA has saved consumers and the health care system $931 billion over the last 10 years (2001-2010).

The analysis, conducted for the Generic Pharmaceutical Association (GPhA) by the IMS Institute for Healthcare Informatics and IMS Health, shows that in 2010 alone generic drug use generated nearly $158 billion in savings, an average of $3 billion every week.

“These findings could not have come at a more critical time,” said Ralph Neas, GPhA president and chief executive, adding: “The analysis shows beyond doubt that savings achieved through the use of safe and effective generics deliver a huge win to consumers looking to hold down their health care costs. Moreover, the savings provide a winning solution to those in Washington trying to address the sustainability of the nation’s health care system, as well as the national economy.”