Continuously growing over the years, the generic drug industry has saved the U.S. health care system over $1.07 trillion from 2002-2011. According to the Food and Drug Administration, in 2010 alone, FDA-approved generics calculated to a savings of $3 billion every week. Generics will pay a huge role in helping payers find approved drugs that treat patients at a cost the consumer is looking to pay.
Nearly 80% of prescriptions are filled as generic medications. We will continuously see an increase in this number as many drugs continue to come off patent. Healthcare reform also plays a huge role in affecting this industry. With the Affordable Care Act, the preference for lower cost drugs is increasing, and cheaper does not mean lower quality. ObamaCare will allow the FDA to approve more generic drugs in order to drive competition up and prices down (http://buff.ly/192Nesb).
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