Mylan Applauds Study Highlighting $1 Trillion in Savings for U.S. Health Care System Due to Generic Drugs Over Past Decade
Published on Thursday, 02 August 2012 12:33 Written by TradersHuddle Staff
-Results also indicate that competition from biogenerics could add tens of billions of dollars in additional savings-
PITTSBURGH, Aug. 2, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today applauded a new study released by the Generic Pharmaceutical Association (GPhA) as further evidence of the savings and access that high quality, cost effective generic prescription drugs can bring to American consumers.
The Generic Drugs Cost Savings Study, based on an independent analysis of data by IMS Health – the world's leading provider of market intelligence to the pharmaceutical and health care industries – revealed that the use of generic prescription drugs in the U.S. has saved consumers, patients and the health care system $1 trillion over the past 10 years (2002-2011). In addition, the study found that in 2011 alone, the use of generic drugs in place of their brand counterparts generated nearly $193 billion in savings, an average of $1 billion every other day.
Mylan CEO Heather Bresch said: "As health care expenditures continue to rise in the U.S., expanded use of generic drugs has proved an effective way to provide greater access to needed medicines and reduce costs for patients, payors and governments. Mylan is extremely proud of the company's ongoing efforts to increase the availability and affordability of high quality, more affordable medicines in the U.S., where one in 11 prescriptions are filled with a Mylan product.
"Yet there still exists an important opportunity to continue expanding access to medicine while generating additional savings for America's health care system. The study released today by GPhA suggests that the tremendous savings incurred through the use of traditional generic drugs has the potential to be duplicated in the biopharmaceutical market.
"Since 1984, Americans have enjoyed access to lower cost generic drugs as a result of an approval framework known as Hatch Waxman. Inspired by the success of this framework, Congress created an approval pathway in 2010 for generic substitutes of biologics, or 'biogenerics,' as part of the Affordable Care Act. Unfortunately, the statutory framework within this legislation to bring consumers access to biogenerics has not yet resulted in a workable biogeneric pathway that encourages interchangeability. In fact, in the two years since Congress passed the Affordable Care Act, not one biogeneric medicine has been approved by the Food and Drug Administration (FDA).
"Mylan urges FDA, the White House and members of Congress to encourage approval of, and earlier access to, interchangeable biogenerics. Only then will American patients continue to reap the full benefits of expanded access to high quality, more affordable generic medicines in the form of biogeneric drugs."
According to the Generic Drugs Cost Savings Study, estimates from various economic impact surveys pin the projected savings from more timely access to biogeneric drugs at $42 billion on the low end to as high as $108 billion over the first decade after market formation.
For more information about the Generic Drugs Cost Savings Study, or about the generic pharmaceutical industry, visit www.gphaonline.org. To learn more about the true value and reliability of generic drugs, visit www.choosinggenerics.com.
Mylan is a global pharmaceutical company committed to setting new standards in health care. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service a habit, do what's right, not what's easy and impact the future through passionate global leadership. We offer a growing portfolio of more than 1,100 generic pharmaceuticals and several brand medications. In addition, we offer a wide range of antiretroviral therapies, upon which approximately one-third of HIV/AIDS patients in developing countries depend. We also operate one of the largest active pharmaceutical ingredient manufacturers and currently market products in approximately 150 countries and territories. Our workforce of more than 18,000 people is dedicated to improving the customer experience and increasing pharmaceutical access to consumers around the world. But don't take our word for it. See for yourself. See inside. mylan.com
SOURCE Mylan Inc.
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