Generic medicines are nearly 90% of all prescriptions filled in the United States every year but only 27% of total drug costs. The Food and Drug Administration states that generics are typically 80-85% less expensive than their brand name drug equivalents. Separate studies project that biosimilars, alternatives to costly brand biologic medicines, could save our health care system up to $250 billion in the next ten years. Policies that reflect these market realities and appropriately differentiate the generic drug and brand drug business models can help increase patient access.
“Patients featured in our campaign, like Raeanne, a single mother of three in New York City, rely on generics to maintain their families’ health and use the savings to put the rest of their lives in reach, like filling the gas tank, paying for rent and putting food on the table. Without generics, so many Americans – our family, friends and neighbors – would face incredibly difficult choices between their health and life’s other essentials,” said Davis.
The new association identity was revealed during the industry’s annual meeting. The first patient stories will be featured in broadcast, cable and digital advertising, and are available on the association’s new website www.accessiblemeds.org as well as through Twitter and Facebook.
AAM also announced that Jeff Watson, President, Global Generics, Apotex Inc. was elected AAM Chairman, succeeding Mylan CEO Heather Bresch. The association elected Peter Goldschmidt, President, Sandoz U.S. and Head of North America, Sandoz, Inc. to be Vice-Chairman and Paul McGarty, President, Lupin Pharmaceuticals Inc. US, was elected Secretary-Treasurer. The AAM Board of Directors will expand to include representatives from all AAM member companies.
“Our evolution to the Association for Accessible Medicines reflects an industrywide recognition that it is time to amplify the critical cost savings and access that generics and biosimilars make possible,” said Watson. “I look forward to working with the AAM Board and leadership as well as policymakers, regulators, patient advocates, and other partners in support of patient-centered and market-based solutions designed to increase competition and have a positive impact on patients’ lives.”
AAM is driven by the belief that access to safe, quality, effective medicine has a tremendous impact on a person’s life and the world around them. Generic and biosimilar medicines improve people’s lives, improving society and the economy in turn. AAM represents the manufacturers and distributors of finished generic pharmaceuticals and biosimilars, manufacturers and distributors of bulk pharmaceutical chemicals, and suppliers of other goods and services to the generic industry. Generic pharmaceuticals are 89 percent of prescriptions dispensed in the U.S. but only 27 percent of total drug spending. Additional information is available at www.accessiblemeds.org.
Contact: Steve Arnoff
SOURCE Association for Accessible Medicines (AAM)