Increased use of generic drugs helps to save Medicare Part D billions

Share this article:
The Medicare Part D prescription drug program saved more than $33 billion in 2007 due to the use of generic drugs, according to a new government report. 

The Congressional Budget Office report also shows that another $14 billion per year in savings to the seniors' drug program can be expected as new generic drugs become available through 2012, The Associated Press reported. Trade lobbying group Pharmaceutical Care Management Association, which represents the interests of pharmacy benefits managers, was quick to trumpet the report's findings.

“Policymakers can increase savings for seniors and Medicare by leveraging additional generic opportunities and rejecting special protections in Part D that insulate drugmakers from competition by requiring drug plans cover ‘all or substantially all' drugs in at least six different drug classes, despite no evidence that patients have had difficulty accessing these drugs,” PCMA president and CEO Mark Merritt said in a statement released Wednesday.

Share this article:

More in News

Also in the news for July 28, 2014

Nursing home aide accused of choking a resident....Monitoring pulse after stroke may prevent another stroke...Slow walking speed may predict dementia

Site-neutral payments likely to move forward, experts believe

Site-neutral payments likely to move forward, experts believe

As the Centers for Medicare & Medicaid Services and the Medicare Payment Advisory Commission evaluate site-neutral payments, a new brief from Health Affairs and the Robert Wood Johnson Foundation explores ...

Early intellectual stimulation may result in better cognition in older adults

Life experiences with intellectual stimulation may have more impact than demographic influences on cognitive abilities in older adults, researchers find.