ICYMI: New Report Highlights How Increasing Access To Generics & Biosimilars Would Bring Affordability To The Marketplace
The 2020 Access & Savings Report Reinforces The Importance Of Reforming Our U.S. Healthcare System To Increase Competition, Save Billions
IN CASE YOU MISSED IT: This week, the Association for Accessible Medicines (AAM) – a member of the Coalition Against Patent Abuse (CAPA) – released their annual report on generic drug and biosimilars access and savings in the United States. The 2020 Access and Savings Report highlights the benefits of increasing access to alternative prescription drugs which can drive affordability for not only American patients, but the healthcare system as a whole.
“It’s no surprise that increasing access to effective, high-quality and affordable generic and biosimilar medicines could benefit the nation as a whole. However, current federal regulations on healthcare and pharmaceutical industries opens the door for abuses that keeps options low and prices high. Some major pharmaceutical companies manipulate U.S. patent laws to prevent generic and biosimilar competition from entering the marketplace, even as millions of Americans and the federal government face unprecedented debt due to hardships caused by the coronavirus pandemic,” stated Matthew Lane, Executive Director for the Coalition Against Patent Abuse. “It’s up to Congress to affect real change that will prevent future abuses, which is needed now more than ever.”
Each year, the AAM Access & Savings Report routinely determines that the U.S. healthcare system saves billions of dollars through affordable alternatives for prescription drugs. In fact, generics represent 90 percent of prescriptions yet only account for 20 percent of prescription drug spending. Further, 92 percent of generic prescriptions are filled for less than 20 dollars. The reality is, some major drug companies have been engaging in anti-generic, anti-competitive strategies to prevent a functioning free market.
- “In 2019, according to data provided by IQVIA, U.S. savings from generic drugs added up to $313 billion — including $96 billion and $48.5 billion in Medicare and Medicaid savings, respectively. The last decade has seen close to $2.2 trillion in savings. Those health care system savings could be even greater by increasing Americans’ access to low-cost generics.”
- “Patient access and affordability are just as important to Americans as the research and development that produces new treatments of diseases. After all, patients can only take the drugs they can afford. Patent incentives are important, but so is the competition that is supposed to come after a patent expires.”
- Annual savings from generics from 2010 to 2019 equate to nearly $2.2 trillion and the 10-year savings for biosimilars amount to $4.5 billion.
Learn more about the cost-savings of generics and biosimilars here.