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Patients paying less for generic medicines

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Generic drugs savings totaled a record $338 billion in 2020.

NEW YORK — FDA-approved generic and biosimilar medicines are key to America’s health care, filling nine out of ten prescriptions dispensed in the United States. Dan Leonard, president and CEO of the Association for Accessible Medicines (AAM), recently partnered with YourUpdate TV on a nationwide media tour to discuss why reliable, affordable, high-quality prescription medication is more important than ever.
Polling shows drug prices and the cost of health care is the number one concerns for most Americans. These nearly 4 billion generic and biosimilar prescriptions are central to containing costs for patients because unlike other sectors of U.S. health care, their prices are falling year after year.

Throughout the pandemic, safe, effective and affordable generic medicines have been readily available to all of America’s patients, whether they are maintaining a chronic health condition or fighting COVID in the hospital. A resilient global supply chain with a strong U.S. presence made sure generic prescriptions were filled even as other consumer goods faced shortages.

The Association for Accessible Medicines (AAM), the trade association of generic and biosimilar manufacturers, just released its 2021 Savings Report detailing the economic benefit of generic and biosimilar drugs to America’s patients.

Here are five important highlights:

  • U.S. health care system saved $338 billion in 2020 through the use of generic and biosimilar drugs.
  • Generics fill 90% of prescriptions but account for only 18% of prescription spending
  • 93% of generic prescriptions have a copay under $20.Average generic copay is $6 (versus $63 for brand name drugs)
  • Biosimilar medicines, new competitors to expensive biologic drugs, have cut the growth rate of spending on cancer drugs in half

To learn more about 2021 U.S. Generic and Biosimilar Medicines Savings Report, visit: accessiblemeds.org


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