September 4, 2018
The Association for Accessible Medicines released its “Generic Access and Savings Report in the United States 2018,” which presents the independent findings of IQVIA about generic drug savings. The 10th edition of this annual report reinforces how the generics industry is part of the solution to address the critical economic burden faced by the U.S. healthcare system.
Key findings include:
- Generic medicines generated a total of $265 billion in savings.
- Average patient copay for a generic prescription is $6.06.
- Ninety-three percent of generic prescriptions are filled at $20 or less.
- Generics account for 90% of prescriptions but only 23% of the cost.
- Patients fail to fill their prescriptions for brand name drugs at a rate 2-3 times higher than for generics.
- The most savings from generic drugs were found in mental health ($42 billion), cholesterol ($34 billion) and hypertension ($31 billion) treatments.
Generics are an essential way for the industry to tackle rising healthcare costs and offer significant value to all players from patients to payers across the healthcare system. 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.
Mylan’s Commitment to Access
Mylan’s roots are in the U.S., and our products can likely be found in most American homes. We offer generic medicines that address a range of health concerns around U.S. from the common cold to serious diseases like cancer, autoimmune disorders, diabetes, respiratory conditions and Alzheimer’s. In 2017 alone, our generics saved the nation’s healthcare system more than $20 billion, and over the last two years we have saved Americans nearly $50 billion. To learn about Mylan’s generics savings by state visit www.betterhealthbetterworld.com.
Mylan also 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.