Generic Drugs Lower US Medicare Costs
Posted on: Tuesday, 4 November 2008, 12:00 CST
The generic drugs which account for 64% of all prescriptions written under the the prescription drug benefit, helped lower the US Medicare costs, reported PharmaTimes.
The Congressional Budget Office predicted that by 2008 the US Medicare annual costs would reach $74 billion, however, the actual figure is close to $50 billion in 2008. Also, the program's basic monthly drug coverage premium for 2008 was $26.70, almost a third less than originally predicted.
The drop in US Medicare program enrollees, about two million fewer than originally predicted and the cost-cutting efforts of the enrollees to reduce their healthcare burden also contributed to the savings.
According to the Pharmaceutical Care Management Association (PCMA), Medicare savings can be enhanced if more consumers use cost-saving mail-service pharmacies and physicians utilize e-prescribing technology. If the Congress also empowers the FDA to approve generic biotechnology drugs then it would lead to additional savings in Medicare program, the PCMA said.
PharmaTimes has quoted Mark Merritt, chief executive of PCMA, as saying: "Congress must also resist new initiatives that would actually increase drug costs, such as the proposal to give white-collar pharmacists the right to collectively bargain for higher prices."
Source: Datamonitor
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