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If we needed further proof that generic medications save money, a new report posted by Pharmacy Times finds that Medicare would have saved $2.7 billion between 2011 and 2016, if lower-cost generics had been prescribed in place of the 10 most expensive drugs.
researchers estimated that Medicare could have saved $925 million on generic substitutes in 2016 alone
Researchers used data from the Medicare Part D Prescription Drug program. They selected 29 oral brand-name medications that accounted for the highest total spending by Medicare in 2015. Conditions the drugs were used to treat included cardiovascular, neurological, endocrine, infectious disease, urological, gastrointestinal and pain.
By estimating the difference in the amount spent for the brand-name vs. generic drugs used for the same number of doses, researchers estimated that Medicare could have saved $925 million on generic substitutes in 2016 alone.
Here are more staggering statistics: The federal government’s Centers for Medicare and Medicaid Services reports spending for prescription drugs in the U.S. topped $328.6 billion in 2016.
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