How much savings?
When Protonix, a heartburn medication, came off patent and could be produced in a generic form, the monthly cost dropped from $170 to $16. Co pays for the original ranged from $25 for a preferred class of drugs up to $35 or higher for non preferred ones. Generics , on average cost about $6.00 to fill. Liptor usually costs $150 per month, Plavix $200 per month and Diovan $150 per month to fill without insurance. The out of pocket costs for each may be below $10.00, which is good new for the uninsured.
The drop in price doesn't happen right away, as usually only one generic version is available in the six months or so after the original patent expires. Usually other generic version follow into the market, which brings the overall costs downward.
The flood of new generics to the market will also produce significant savings for businesses and taxpayers who pay for employee coverage or subsidize government programs. Also, its reported that upwards of 25% of consumers don't refill prescriptions due to the expense, so there should be an improvement in that area as well.
Generics are chemical equivalent to brand name drugs and usually work just as well. Over the next 14 months or so, consumers will see generic alternatives of more expensive offerings including medications for asthma, diabetes, depression, bi-polar disorder, high blood pressure and HIV treatments among others.
Sources:
http://www.suntimes.com/lifestyles/health/6699801-423/new-surge-of-generic-drugs-expected-to-lower-prescription-prices.html?wpisrc=nl_wonk
http://eon.businesswire.com/news/eon/20091111006219/en/doctor%27s-instructions/Generics/Health-care-costs
http://finance.yahoo.com/news/Drug-prices-to-plummet-in-apf-1218230833.html?x=0
No comments:
Post a Comment