Lower Priced Drugs Act Of 2006 Would Help Speed Affordable Medicines To Market - Consumers Benefit From Stabenow-Lott Bill, Says GphA, USA
The Generic Pharmaceutical Association (GPhA) today said American consumers would benefit from the "Lower Priced Drugs Act of 2006," because the legislation would remove onerous hurdles that slow affordable generics from coming to market. The bill was introduced today by Senators Debbie Stabenow (D-MI) and Trent Lott (R-MS).
"Despite continued efforts to close unintended loopholes that delay generic competition, unnecessary barriers to market entry remain. These loopholes delay the timely introduction of affordable medicines, forcing consumers, insurers, and the government to pay brand prices for years to come," said GPhA President and CEO Kathleen Jaeger.
"By closing some of these unintended loopholes, the Lower Priced Drugs Act will improve consumers' timely access to affordable medicines. We commend Senators Stabenow and Lott for their efforts," said Jaeger.
The Lower Priced Drugs Act includes important provisions to facilitate greater access to generic antibiotics, combat frivolous patent abuse by brand companies, and bring meaningful reform to the pediatric exclusivity period.
Ensuring that generics reach the market in a timely manner could result in significant cost savings for consumers, given that generics cost 30% to 80% less than brands. For every one percent increase in generic utilization, consumers could save $4 billion annually.
In addition to providing consumers with health care savings, Jaeger pointed out that generic drugs are an essential cost containment tool for public health programs such as Medicaid and Medicare. Earlier this month, the Centers for Medicare and Medicaid Services acknowledged that costs for the Medicare prescription drug benefit will be $8 billion less than expected, in part because of the lower cost of generic medicines.
GPhA represents the manufacturers and distributors of finished generic pharmaceuticals, manufacturers and distributors of bulk active pharmaceutical chemicals, and suppliers of other goods and services to the generic drug industry. Generics represent 53% of the total prescriptions dispensed in the United States, but less than 12% of all dollars spent on prescription drugs.
For more information about the industry, visit http://www.gphaonline.org
"Despite continued efforts to close unintended loopholes that delay generic competition, unnecessary barriers to market entry remain. These loopholes delay the timely introduction of affordable medicines, forcing consumers, insurers, and the government to pay brand prices for years to come," said GPhA President and CEO Kathleen Jaeger.
"By closing some of these unintended loopholes, the Lower Priced Drugs Act will improve consumers' timely access to affordable medicines. We commend Senators Stabenow and Lott for their efforts," said Jaeger.
The Lower Priced Drugs Act includes important provisions to facilitate greater access to generic antibiotics, combat frivolous patent abuse by brand companies, and bring meaningful reform to the pediatric exclusivity period.
Ensuring that generics reach the market in a timely manner could result in significant cost savings for consumers, given that generics cost 30% to 80% less than brands. For every one percent increase in generic utilization, consumers could save $4 billion annually.
In addition to providing consumers with health care savings, Jaeger pointed out that generic drugs are an essential cost containment tool for public health programs such as Medicaid and Medicare. Earlier this month, the Centers for Medicare and Medicaid Services acknowledged that costs for the Medicare prescription drug benefit will be $8 billion less than expected, in part because of the lower cost of generic medicines.
GPhA represents the manufacturers and distributors of finished generic pharmaceuticals, manufacturers and distributors of bulk active pharmaceutical chemicals, and suppliers of other goods and services to the generic drug industry. Generics represent 53% of the total prescriptions dispensed in the United States, but less than 12% of all dollars spent on prescription drugs.
For more information about the industry, visit http://www.gphaonline.org
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