Generics saved $1 trillion over last 10 years, study finds
WASHINGTON — Use of generic drugs has saved consumers and the healthcare system $1 trillion over the past decade, according to a new study released Thursday by a generic drug industry trade organization.
The Generic Pharmaceutical Association said that between 2002 and 2011, generics saved the country $1 billion every other day, totaling $193 billion in 2011.
"The remarkable findings demonstrated in this report are a testament not only to the generic industry’s tremendous accomplishments over the past decade, but to the even greater achievements that are still to come," GPhA president and CEO Ralph Neas said. "The Generic Drug Savings study shows conclusively that, as Congress and the White House gear up for the fiscal challenges facing them in the coming year, generic and biosimilar utilization are the best places to go for the ‘offsets’ that everyone will be desperately seeking. The sustainability of the healthcare system and the national economy depend in significant measure on the availability of affordable medicines."
The study, commissioned by the GPhA and conducted by IMS Health’s research division, also found that 2011 had the highest year-over-year increase in savings from generics since 1998, as savings increased 22%, compared with 2010, and savings from generics that have entered the market since 2002 have increased as well, totaling $481 billion over the decade. Meanwhile, 57% of the annual savings came from generic drugs for central nervous system disorders, such as antidepressants and anticonvulsants, as well as cardiovascular drugs, and nearly 80% of the 4 billion prescriptions written in 2011 were for generics, while accounting for only 27% of drug spending.
Generic drugs can save you up to 80% on the cost of a prescription when compared with the brand name drug. Most often, the savings range from 30% to 50%.According to the National Association of Chain Drug Stores, the average retail price of a generic prescription drug in 2008 was $35.22. The average retail price of a brand name prescription drug was $137.90. Choose a reliable online pharmacy to get your generic drugs.
I agree with you. Generic drugs are indeed a great help for public health care. Thanks to a federal law passed more than 20 years back, pharmaceutical companies can only hold a patent on a drug for so long. When the patent window expires, generic drug companies can copy it and sell it for cheaper as generic. Generic drugs, though bemoaned by Big Pharma, have saved customers over $1 trillion over the past ten years.
Indeed, this news is true. Thanks to a federal law passed more than 20 years back, pharmaceutical companies can only hold a patent on a drug for so long. When the patent window expires, generic drug companies can copy it and sell it for cheaper as generic. Generic drugs, though bemoaned by Big Pharma, have saved customers over $1 trillion over the past ten years, more than one trillion dollars saved thanks to generic drugs.
Rite Aid comps grow 0.5% in July
CAMP HILL, Pa. — Rite Aid reported a 0.5% increase in same-store sales for July, including a 1.2% increase in front-end comps and a 0.2% increase in pharmacy comps. Prescription count at comparable stores increased 4.5%.
Total drug store sales for the month decreased 0.1% to nearly $1.9 billion, compared with July 2011.
Same-store sales for the 21-week period ended July 28 increased 1.5%, including a 2% increase in front-end comps and a 1.2% increase in pharmacy comps. Prescription count at comparable stores increased 3.2%. Total drug store sales for the 21-week period increased 0.8%, to about $10.25 billion, compared with about $10.2 billion during the same period in 2011.
The growth in front-end comps beat analyst expectations; Guggenheim Partners analyst John Heinbockel had predicted 0.5% growth.
Heinbockel also called concerns that Walgreens would recapture much of its lost business following its settlement with pharmacy benefit manager Express Scripts "overdone" and also called pharmacy "the best of both worlds, from a profit perspective."
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Safeway encourages customers to support MDA’s ‘Make a Muscle, Make a Difference’ program
TUCSON, Ariz., and PLEASANTON, Calif. — Safeway has commenced its annual fundraising campaign for the Muscular Dystrophy Association.
Running through Sept. 3, the nationwide campaign gives customers the opportunity to contribute funds to MDA’s "Make a Muscle, Make a Difference" program. Along with Safeway, Vons, Randalls, Tom Thumb, Dominick’s and Carrs stores also will participate. Through its longstanding partnership, Safeway has raised more than $68.7 million for the MDA.
"We are honored to be partners with MDA and support its life-saving research," said Larree Renda, Safeway EVP and chair of the Safeway Foundation. "Our customers’ contributions have helped many people with muscle disease who today, are living longer, stronger and healthier lives."
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