PARSIPPANY, N.J., Aug. 2, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today applauded the publication of the fourth annual Generic Pharmaceutical Association (GPhA) Generic Drug Savings Study demonstrating that the generic pharmaceutical industry has saved the U.S. healthcare system more than $1 trillion in the last decade. The study is available on the GPhA website: www.gphaonline.org.
The study, based on an independent analysis of data by IMS Health the world's leading provider of market intelligence to the pharmaceutical and health care industries found that in 2011 alone, the use of generic drugs generated nearly $193 billion in savings, an average of $1 billion every other day. The study also highlighted that 17 of the 22 first-time generics launched in 2011 were the result of patent settlements that have enabled dozens of first-time generics to come to market many months and even years before patents on the counterpart brand drugs expired.
"As the third largest generic pharmaceutical company in the United States, Watson is proud of its contribution to this extraordinary record of savings," said Paul Bisaro, President and CEO and past Chairman of the Board of GPhA (2010-2011). "Generic drugs are an integral part of the solution in reigning in U.S. health care costs. Through the hard work of Watson's scientists, manufacturing, quality and other employees in every division across our company, and those of our colleagues in the U.S. generic industry, consumers save when they use FDA-approved, safe and effective generic prescription drugs at prices they can afford."
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
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SOURCE Watson Pharmaceuticals, Inc.