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.

Advertisement

 

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.

More articles on healthcare finance:
6 largest gifts from individuals to healthcare organizations in 2017
Oregon House narrowly passes $670M healthcare tax package
12 recent hospital, health system outlook and credit rating actions

Advertisement

Next Up in Financial Management

Advertisement

Comments are closed.