It’s no surprise that the use of generic drugs saves consumers and health plans big money. Now, add the savings being achieved from biosimilars (expected to increase significantly over the next year or two) and the amount is almost staggering!
The just-released report, which can be found here, provides details that support the findings that generic drugs and biosimilars are the real drivers of drug-cost savings.
Some highlights from the report include the following:
- $373 billion: S. healthcare system savings (up from $338 billion in 2020)
- 91%: Portion of U.S. prescriptions filled by generic drugs – the first time that prescribing rates have climbed above the 90%-mark and yet they account for only 18.2% of spending on prescription drugs in the U.S.
- $6.16: The average generic copay or money paid by patients at the pharmacy counter, which is nine times less than the brand-name out-of-pocket expense. 93% of generic copays are under $20 as compared to 59% of brand-name copays.
- Over $7 billion: Biosimilars savings – and considering that biosimilars are really in their infancy, expect greater saving coming soon to a pharmacy near you!
- $119 billion: Medicare savings
- $178 billion: Commercial plan savings
- 3%: Healthcare spending – even at nearly 6.4 billion generic and biosimilar prescriptions dispensed, generics represent only 3% of all healthcare spending.
Just take a look at the savings over the last ten years. Notice a trend developing?
There’s a lot of good additional information in the 42-page report. Check out how generic and biosimilar legislation has impacted your life as a patient and/or taxpayer!