Patients spent more on generic drugs than brand-name products in 2010, study reveals
Many patients may save a substantial amount of money by obtaining their prescription medications from a Canadian online pharmacy, especially if they buy generic drugs in place of more costly brand-name products.
Many patients may save a substantial amount of money by obtaining their prescription medications from a Canadian online pharmacy, especially if they buy generic drugs in place of more costly brand-name products. In fact, the 10 most popularly prescribed medications in the U.S. are generics, according to the findings of a study conducted by the IMS Institute for Healthcare Informatics.
The paper, entitled The Use of Medicines in the U.S.: Review of 2010, revealed that Americans are spending significantly less money on prescription medicines.
The purchase of brand-name products decreased 0.7 percent, while the sales of generics rose 21.7 percent in 2010.
"Last year, we saw the convergence of key dynamics leading to diminished growth in drug spending, which included the greater use of generics, loss of patient protection for major branded products, slower demand and less spending on new therapies," said Michael Kleinrock, director of research development for the IMS Institute.
He added that the slower economy may also be responsible for the fact that fewer patients initiated new chronic therapy treatments last year.
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