Health Trade Group Encourages the Use of Generic Drugs
Generic drugs have been a great help to most people given the state of the economy. They have also been a help to health insurance companies, particularly because generic drugs cost less and are easier to maintain in their drug formularies. In the past year alone, generic drugs have saved the economy a whopping $157 billion and potentially even more for this year going into next.
Generic drugs have long been encouraged by health insurance companies, but the problem lies in the capitalistic view of drugs in general. Prescription drugs mean big money for many companies and the fact that the government doesn't provide the funding or support to increase the use of generic drugs just means that less people know what the benefits are and turn to expensive prescription drugs as a result. The political agenda may be to increase health insurance coverage through ObamaCare but it doesn't do enough to tell people about the savings they could already put into place just with the help of generic drugs.
According to the Generic Pharmaceutical Association's chief Ralph G. Neas the U.S government has done little to publicize the benefits these types of drugs have to offer. Released in their report was the need for a change in the focus of the government to generic drugs. According to the group, the political agenda on generic drugs would have to be strengthened in four major areas specifically. The first would be to increase the number of generic drugs in Medicaid; to ensure that the FTC was kept away from settlements relating to patents; improve the time taken from generic drug approval and to break down the monopoly of biological drugs in the market.
The information used for the report was submitted by the IMS. They are an analytics firm specialized in using technology to achieve data results. In order to come up with their findings, the group compares the prices of generic drugs with their counterpart branded medicines. They also compared quantities of the product in order to make an accurate co-relation.
The report showed not only the costs savings of the average American in terms of actual money spent on drugs but also encouraged allocating time and effort into pushing generic drugs in the political arena.
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