Influx of generic medications will reduce consumer expenses
A new study reveals that prescription medication spending will significantly drop in the coming years because of the emergence of low-cost generic drugs.
A new study reveals that prescription medication spending will significantly drop in the coming years because of the emergence of low-cost generic drugs.
According to The Associated Press, pharmaceutical market research firm IMS Health predicts that an increasing number of low-cost versions of brand-name drugs will hit the market over the next several years. The group estimates that almost half of all pharmaceutical spending across the globe will go to generic drugs by 2015.
IMS stated that the influx of generic medications will help consumers save approximately $98 billion in developed countries by 2015. From 2006 through the end of 2010, prescription buyers saved $54 billion due to generic brands, the news provider reported.
According to the Montreal Gazette, after a drug is sold between five and seven years in Canada, the formula can be copied by generic drug makers. These intellectual property regulations can benefit consumers, since they allow generic drug manufacturers to sell the same products at lower prices.
Thus, consumers may be interested in buying cheap versions of popular medications through a Canadian online pharmacy.
Many Americans have already opted to purchase cheap medication from Canada. As more patents on top-selling drugs expire, drugs at a Canadian pharmacy are likely to become even more affordable for consumers.
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