The Growth of GenericsIt is a measure of the increasing integration of generics in the healthcare markets that they account for more than 60% of the prescriptions filled in the United States, yet total a mere 12% of the dollars spent on medications.This snapshot illustrates perfectly the cost difference – ranging from 30 to 80 percent, according to the Generic Pharmaceutical Association - between generic and brand-name equivalents. Consequently, consumers, insurers, and government programs such as Medicaid save billions of dollars each year purchasing generic rather than brand-name medicines. As awareness of the benefits of generic drugs has grown, so has the industry – and its role in contributing to a more cost-effective healthcare system. The $22 billion generic-drug industry grew by over 20% from 2005 to 2006 and is forecast to grow rapidly in the future. With respect to total number of prescriptions dispensed, four out of the top five U.S. pharmaceutical companies are generic manufacturers. Today, approximately 75% of the drugs approved by the FDA have generic equivalents. As patents expire on brand-name medicines, Qualitest leads the way with other generic distributors in applying for the right to create more available, affordable generic equivalents. |
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