New York residents save $21B by purchasing generic medicine, study shows

New York residents saved $21 billion in 2016 by purchasing generic medicine instead of brand-name drugs, according to a recent study by the Association for Accessible Medicines.

 

The study, which revealed the amount generic medications saved each state, said that creating more generics may be a solution to escalating prescription drug costs, according to the report.

"While FDA does not play a direct role in drug pricing, we can take steps to facilitate entry of lower-cost alternatives to the market and increased competition. This is especially true when it comes to safe and effective generic medicines," Scott Gottlieb, MD, commissioner of the Food and Drug Administration, told the House of Representatives in May, according to The Watertown Daily Times.

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