A new study compiled by the QuintilesIMS Institute on behalf of the Generic Pharmaceutical Association (GPhA) found that generic drugs saved the U.S. healthcare system $1.46 trillion from 2006 to 2015 and $227 billion in 2015 alone. Over the same 10-year period, Mylan’s average share of the generics prescriptions market was 11.8% translating to approximately $170 billion in savings. In 2015 alone, Mylan had 9.3% market share of generic prescriptions, contributing to a potential savings of about $21 billion.
The “2016 Generic Drug Savings & Access in the United States Report” reiterates the important role generics companies play in providing patients access to high quality, affordable medicines, with generics representing 89% of prescriptions dispensed in the U.S., but only 27% of total drug costs.
Mylan’s U.S. Portfolio
Mylan offers hundreds of generic medications in the U.S., including eight of the top 10 drugs identified in the study as delivering the greatest savings to the U.S. healthcare system over the last decade. In addition, Mylan was the first to bring three of these generic products to market.
The GPhA study also found the greatest savings in 2015 coming from drugs treating mental health disorders, hypertension, high cholesterol and ulcers. Mylan offers products to treat all of these conditions, and more.
Mylan has a robust generics pipeline, with more than 230 Abbreviated New Drug Applications pending FDA approval. Of these, about 40 represent potential first generic versions of their branded counterparts to be brought to market. Our pipeline also includes several complex products, such as biosimilars, insulin analogs and respiratory medications.
According to projections in the study, introducing biosimilars to the U.S. market will result in healthcare savings ranging from $44 billion to $250 billion over the next decade. Mylan has an extensive pipeline of 16 biosimilar/insulin analog generic products.
Visit gphaonline.org to read the full report. Mylan’s Chief Executive Officer, Heather Bresch, serves on the board of directors of GPhA and is currently its chair.
This release includes statements that constitute “forward-looking statements,” including that according to projections in the study, introducing biosimilars to the U.S. market will result in healthcare savings ranging from $44 billion to $250 billion over the next decade and that of Mylan’s 237 Abbreviated New Drug Applications pending FDA approval, 41 represent potential first generic versions of their branded counterparts to be brought to market. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: changes to or differences in the methodology and assumptions used in GPhA’s study or other factors affecting the study’s projections; any regulatory, legal, or other impediments to our ability to bring our products to market; success of clinical trials and Mylan’s ability to execute on new product opportunities; other uncertainties and matters beyond the control of management; and the other risks detailed in Mylan’s filings with the Securities and Exchange Commission. Mylan undertakes no obligation to update these statements for revisions or changes after the date of this release.