Generics Cut U.S. Drug Spending By One-Third Over Decade

Generic medications have reduced national prescription spending in the United States by one-third since 2001. Between 2001 and 2010, prescription drug spending in the United States nearly doubled from $172 billion to $307 billion. Over the decade, national spending on prescription medications totaled $2.5 trillion; however, according to the Government Accountability Office (GAO), without access to generic alternatives, spending would have been $3.5 trillion. These are findings of “Drug Pricing Research on Savings From Generic Drug Use” by the GAO. The report was presented to the Senate Committee on Finance on January 31, 2012, which had requested . . .