Generic Drug Competition Equals Consumer Price Relief

THOMAS HEMPHILL | July 31, 2017

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Generic drugs make up about 88 percent of prescriptions filled in the United States, providing generally low-cost relief for the overwhelming majority of Americans who are presently afflicted with a variety of health-related maladies. A 2015 study published in the Journal of the American Medical Association found that among American adults 20 years and older, 59 percent take at least one prescription drug. Yet, since 2010, the prices of 315 generic drugs had seen extraordinary price increases of “at least 100 percent,” according to a U.S. Government Accountability Office (GAO) report from September 2016. The GAO report also notes that “drugs with extraordinary prices increases moderated the overall decline in generic drug prices.” In fact, generic drug prices declined 59 percent from the first quarter of 2010 through the second quarter of 2015. In other words, the impact of these extraordinary price increases was mitigated by the fact that the vast majority of the drugs that experienced these extraordinary price increases did not appear among the 100 most commonly used generic drugs under Medicare Part D.

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The Pharmaceutical Manufacturing Technology Centre (PMTC) is hosted by the University of Limerick with core funding from the Irish government (Enterprise Ireland and the IDA Ireland). Income is supplemented with co-funding from industry and other public sources. PMTC, established in December 2013, is led by an industry steering board with an active research program informed by its industry members. Companies access PMTC to create projects and execute world-beating industry-relevant research in advanced technology solutions to address contemporary manufacturing issues.

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