Generic drugs saved Medicare $33 billion in 2007 - BusinessWeek

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."

via businessweek.com

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