PITTSBURGH, Sept. 22, 2011 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today applauded a new study released by the Generic Pharmaceutical Association (GPhA) as further evidence of the savings and access that high quality, cost effective generic prescription drugs can bring to American consumers.
According to the independent analysis of data conducted by IMS Health, the world's leading provider of market intelligence to the pharmaceutical and health care industries, the use of generic prescription drugs in place of brand name counterparts saved consumers, patients and health care providers more than $931 billion within the past decade (2001-2010). In addition, the report found that in 2010 alone, generic drug use generated nearly $158 billion in savings, an average of $3 billion every week.
Mylan President Heather Bresch said: "Expanded use of generic drugs is one of the most effective ways to reduce health care costs. It's also one of the only universally agreed upon solutions to concerns related to health care expenditures. With one in every 11 prescriptions dispensed in the U.S. being a Mylan product, we are proud to do our part in helping to reduce costs for consumers, payers and the U.S. health care system. While generic drugs now account for more than 75% of prescriptions dispensed in this country, there is still room to increase utilization, expand access and further increase savings.
"The substantial savings generated by generic drugs can be credited in large part to the successful implementation and evolution of the 1984 law, which Congress intended to encourage increased access to generic prescription drugs. We now have an opportunity to achieve far greater savings through increasing access to biogeneric medicines in the U.S.
"Effective biogeneric competition within the biologics market will provide consumers with enhanced access to lifesaving treatments – treatments out of reach to many who cannot afford the tens and even hundreds of thousands of dollars a year in current costs. However, the statutory framework passed last year to bring consumers access to biogenerics has not yet resulted in a fully effective approval process.
"Mylan urges the U.S. Food and Drug Administration, the White House and members of Congress to encourage approval of, and earlier access to, interchangeable biogenerics. Without the establishment of a viable biogenerics approval pathway, consumers and payers will not benefit from the significant savings biogenerics can deliver."
The report released by the GPhA on Sept. 21 outlines a series of policy recommendations for the U.S. government. These include:
- increasing the use of generics by Medicaid and Medicare programs,
- avoiding a ban on patent litigation settlements,
- increasing funding to the FDA's Office of Generic Drugs, and
- creating an approval pathway for biogeneric pharmaceuticals.
Mylan echoes these recommendations as they will help to ensure that millions of Americans can continue to count on a reliable supply of safe, effective and affordable generic prescription drugs.
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com. For more information about generic drugs, please visit www.ChoosingGenerics.com.
SOURCE Mylan Inc.