The Association for Accessible Medicines recently released their 2017 Generic Drug Access & Savings in the U.S. report, which is compiled annually by the QuintilesIMS Institute for Healthcare Informatics. The analysis 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 drugs have saved the U.S. healthcare system $1.67 trillion in the last decade, 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.
- Generics account for almost 90% of prescriptions, but only 26% of the cost.
- The most savings from generic drugs were found in mental health ($44 billion), hypertension ($29 billion) and cholesterol ($28 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 ecosystem.
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.
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, known as the reference product, 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. Read our fact sheet to learn more about how Mylan is a champion for access to biologics.
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, we also will continue to do our part every day to increase the availability of high quality, affordable medicines. Mylan offers hundreds of generic medications in the U.S. that span nearly every key therapeutic area. In fact, one out of every 11 generic prescriptions filled in the U.S. is a Mylan product.
Over the last decade, Mylan’s average share of the generics prescriptions market was 11.2% translating to approximately $187 billion in savings. In 2016 alone, Mylan had 9.1% market share of generic prescriptions, contributing to a potential savings of about $23 billion.