PCMA: Savings Potential of Generic Drugs Threatened By Drug Monopoly Provisions Considered for Biodefense Legislation
Posted on: Tuesday, 25 October 2005, 15:01 CDT
WASHINGTON, Oct. 25 /U.S. Newswire/ -- A report released today finding that U.S. consumers could save more than $20 billion by using more generic drugs highlights the huge savings in jeopardy if provisions to extend the market exclusivity of branded drugs are included in biodefense legislation now under consideration by Congress. Extending market exclusivity for branded drugs would dramatically increase prescription costs in the Medicare and Medicaid programs as well as for consumers in private health plans.
In the next year alone, generic alternatives are expected to become available for at least 15 branded drugs, according to the new "Generic Drug Usage Report" published by Express Scripts Inc. The average generic drug prescription costs approximately $45 less than the equivalent brand-name prescription, which translates into billions in savings for consumers each year.
"Generic drugs are a strong line of defense against increasing drug costs," says PCMA President Mark Merritt. "We support a strong biodefense policy to develop countermeasures, but provisions to extend marketing exclusivity on branded drugs would take us in the wrong direction at a time when Medicare and private purchasers are looking to expand access to clinically proven, cost-effective medications."
Together with a broad-based coalition of the nation's employers, health insurers, chain drugstores, and generic drug makers, PCMA urges Congress to reject extending drug marketing exclusivities in favor of common sense solutions to biodefense preparedness, such as product liability protections, tax credits for research and manufacturing facilities, guaranteed purchasing, and government funding to accelerate and support the research and development of novel countermeasures.
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The Pharmaceutical Care Management Association (PCMA) is the national trade association representing America's pharmaceutical benefit managers (PBMs). PCMA member companies provide pharmaceutical care management services to more than 200 million Americans.
http://www.usnewswire.com
Source: U.S. Newswire
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