Generic medications saved the government and Medicare prescription drug plan beneficiaries about $33 billion in 2007, according to a Congressional Budget Office report.
The report, highlighted on Wednesday by the trade group Pharmaceutical Care Management Association, says an additional $14 billion is expected as first-time generics enter the market through 2012. Medicare Part D is Medicare's prescription drug program.
"This new research highlights the importance of this proven pharmacy benefit management cost-savings tool," the Pharmaceutical Care Management Association said in a statement. "Tools pioneered by pharmacy benefit managers, including encouraging the use of generic medications, have lowered costs and expanded access to prescription drugs for seniors in Medicare Part D."
Sunday, September 19, 2010
Generic drugs saved Medicare $33 billion in 2007 - BusinessWeek