WASHINGTON, March 3, 2011 /PRNewswire-USNewswire/ -- The Generic Pharmaceutical Association (GPhA), which represents the world's leading generic drug manufacturers and suppliers, has honored Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt with the industry's prestigious "Outstanding Contribution" Award.
The award was presented at GPhA's Annual Meeting in Orlando, Florida. PCMA represents the nation's PBMs which improve affordability and quality of care through the use of electronic prescribing (e-prescribing), generic alternatives, mail-service pharmacies, and other innovative tools for 210-plus million Americans.
"I'm honored to receive this award and proud to stand with GPhA, employers, and consumer groups in the fight for affordable prescription drugs," said PCMA President and CEO Mark Merritt.
Proven PBM tools and techniques – including increasing the use of generic medications – has helped result in drug spending during the 2007-2009 period growing at its slowest annual rates in more than 40 years. Research released by the Congressional Budget Office (CBO) found that the use of generic medications rather than brand-name medications in Medicare Part D saved beneficiaries and the program about $33 billion in 2007 with an additional $14 billion in savings expected as first-time generics enter the market through 2012. Over the past decade, generic medications have helped save the United States health care system $824 billion.
The Generic Pharmaceutical Association (GPhA) represents the manufacturers and distributors of finished generic pharmaceuticals, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals fill 75 percent of the prescriptions dispensed in the U.S. but consume just 22 percent of the total drug spending.
SOURCE Pharmaceutical Care Management Association