June 12, 2017
The Association for Accessible Medicines today released their 2017 Generic Drug Access & Savings in the U.S. report. I am always keen to read these findings, because it reinforces how Mylan along with our generics industry peers are part of the solution to address the critical economic burden faced by the U.S. healthcare system.
In the last decade, generic drugs have saved the U.S. healthcare system $1.67 trillion, generating $253 billion in savings in 2016 alone. Nearly 3.9 billion of the total 4.4 billion prescriptions dispensed in the U.S. are for generics. That’s equivalent to generics accounting for almost 90% of prescriptions, but only 26% of the cost.
Generics are a way we can tackle rising healthcare costs and offer significant value to all stakeholders from patients to payers across the healthcare ecosystem. These high quality, lower-cost medicines are key to improving access for all patients.
Today, biologic and insulin medicines have become the standard of care for many devastating and debilitating diseases like cancer, autoimmune disorders and diabetes. While reliance on these important treatment options continues to increase, access to these medicines is being restricted due to their high cost. As newly appointed FDA commissioner Scott Gottlieb said in his first remarks to his staff, “We still need to be taking meaningful steps to get more low cost alternatives to the market, to increase competition, and to give consumers more options.”
There is an urgent, unmet need for patients to have greater access to more affordable advanced treatment options. The advent of biosimilars was a key topic at last week’s American Society of Clinical Oncology (ASCO) annual meeting, which you can read more about in ASCO’s article, “Biosimilars in the Changing Cancer Care Landscape.” Unlike conventional generic medicines, which are made up of chemical compounds, biosimilars are complex products composed of proteins, sugars or nucleic acids, or may be living entities. These products are developed to be highly similar to an already-approved biologic medicine and have no clinically meaningful differences in terms of safety and effectiveness from the reference product.
Mylan has invested heavily in R&D to develop one of the largest pipelines of biosimilar and insulin analog products in the industry, and looks forward to contributing to driving down costs for patients and the overall healthcare system over the coming years.
Our products can be found in most American homes. When looking across our entire U.S. portfolio, one out of every 13 prescriptions filled – brand-name or generic – is a Mylan product. And as a leading generics company – with one out of every 11 generic prescriptions filled with a Mylan product – we’ll also continue to do our part every day to increase the availability of high quality, affordable medicines.
Our mission of access is inspired by people like Raeanne, a single mother of three in New York City, who relies on generics to maintain her family’s health and uses the savings to go back to school and live life to the fullest.
Read the original article on Heather's LinkedIn blog