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WASHINGTON A reported excess of a quarter billion dollars is a good case for increasing use of generic drugs under the Medicaid program, according to the main lobby for the generic drug industry.
Responding to a report by conservative think tank the American Enterprise Institute that identified $271 million in wasteful Medicaid spending, the Generic Pharmaceutical Association said it was a “compelling case” for increasing generic drug utilization.
“This new and compelling report offers further proof that state governments benefit greatly when substituting safe, effective and affordable generic drugs for brand-name drugs,” a statement by the GPhA read. “We know that generic medicines cost up to 80% less than their brand-name counterparts. This new study shows that with state governments spending billions of dollars on prescription medicines for Medicaid beneficiaries, the simple solution of substituting generic equivalents for name-brand drugs would save nearly $100 per prescription for the top 20 most dispensed drugs – or an estimated $271 million annually.”