Ranbaxy Pharmaceuticals Inc. Commends New IMS Study Which Credits Generic Prescription Drugs With $1 Trillion Savings In U.S. Health Care Costs Over Past 10 Years
Published: Aug 03, 2012
PRINCETON, N.J., Aug. 2, 2012 /PRNewswire/ -- Ranbaxy Pharmaceuticals Inc. (RPI) today acknowledged an important, new study released by the Generic Pharmaceutical Association (GPhA) which further demonstrates the vital role played by the generic pharmaceutical industry in lowering prescription costs for consumers and the U.S. health care system.
The fourth annual Generic Drug Savings study reveals remarkable reductions in healthcare costs over the past 10 years (from 2002 to 2011). The researchconducted by the IMS Institute for Healthcare Informatics, the leading provider of market intelligence to the pharmaceutical and health care industries for over 55 yearsreveals a $1 trillion savings to consumers, patients and the U.S. health care system due to the use of generic prescription drugs. The study found that in 2011 alone, the use of generic drugs in place of their branded counterparts generated nearly $193 billion in savings, an average of $1 billion every other day.
"We are proud of Ranbaxy's contribution to such a considerable record of savings for consumers and reduction in U.S. health care costs," said Venkat Krishnan, Senior Vice President and Regional Director Americas. "Through the diligent work of employees in every division of our company, Ranbaxy is committed to providing patients across the country with affordable and accessible, safe and effective generic prescription drugs that enhance their health and well-being."
He added, "Today, thousands of generic drugs are available in the U.S., and all are manufactured and inspected under the same strict guidelines as brand name drugs. With every prescription filled (some 80 percent of all prescriptions written in 2011), patients taking generics receive the same medicine, with the same quality and result, but at a much lower cost. We are happy to be a part of the solution to the problem of escalating costs facing the U.S. health care system."
According to the GPhA study, the proven track record of savings for consumers using traditional generic drugs can be duplicated in the biopharmaceutical market. The approval of biosimilars will inject the competition needed in the biologic market to lower costs and provide significant savings for patients in need of these life saving treatments.
"We view biologics as the next generation of generic innovation, and Ranbaxy has been hard at work positioning itself as a player in this space. It is important that the FDA maintains its commitment to biosimilars and that it ensures a workable pathway for such life saving treatments in the U.S. market," Krishnan concluded.
Since the implementation of the Hatch-Waxman Act in 1984, which opened the door to the generic pharmaceutical industry, consumers and patients have had a steady stream of lower cost, safe and effective generic treatments.
Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India's largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. health care system.
SOURCE Ranbaxy Pharmaceuticals Inc.