Generic drugs "saved USA $734B" since 1999, GPhA says, more than cost of TARP bank bail out
The Generic Pharmaceutical Association (GPhA) has published data indicating that the use of off-patent medicines in the USA has generated savings of over $734.0 billion in the decade from 1999 to 2008. The report was commissioned from IMS Health and found that, for 2008 alone, health care spending was about $121.0 billion lower than it would have been if only branded drugs had been prescribed.
Kathleen Jaeger, the GPhA's president and chief executive, said: "in 1984, it was predicted that the Hatch-Waxman Act would save our country $1.0 billion in the first decade. Now generic medicines save more than that every three days." She added that "these savings are truly remarkable and demonstrate the real value of generic medicines for consumers and the entire health care system."
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