Research finds that 87 of consumers choose generic drugs
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Study Shows 87% of Consumers Prefer Generic Drugs
Summary
Recent research reveals that nearly 87% of consumers switch to generic versions of brand-name drugs shortly after they become available.
Article
A recent study has highlighted a significant trend in consumer behavior regarding the purchase of prescription drugs. The research, conducted by Medco Health Solutions Inc., focused on four drugs: Allegra, Arava, Amaryl, and Zithromax. After these drugs lost their patent protection in 2005, their generic counterparts were chosen by consumers at a striking rate of 87% within just 30 days.
Medco Health Solutions, based in Franklin Lakes, is the largest drug benefit management company in the U.S., negotiating lower prescription drug prices on behalf of its clients.
One of the key findings was the rapid substitution of Zithromax, an antibiotic from Pfizer Inc. with $1.85 billion in annual sales. Once it lost its patent in November, pharmacies replaced it with a generic version at a rate of 90%.
The study underscores a growing trend where doctors increasingly prescribe generics, even for acute care drugs like Zithromax. Dr. Glen Stettin, a senior vice president at Medco, expressed optimism about the future, noting that many popular medications will lose their patent protection in the coming years, leading to considerable cost savings.
According to Medco spokeswoman Ann Smith, over 70 brand-name drugs, including 19 blockbusters, are projected to lose their patent in the next five years, amounting to $45 billion in annual sales. This shift could result in billions of dollars saved for consumers, employers, and insurance companies.
Consumer groups have welcomed these findings. Bill Vaughan, a senior policy analyst at Consumer Union in Washington, D.C., noted that past concerns about the safety and effectiveness of generic drugs are diminishing as the focus on health-care costs increases.
"The FDA has approved these generics as being just as safe and effective as their brand-name counterparts, but they cost significantly less," Vaughan said. "This trend is incredibly positive and could save consumers billions in the near future."
Despite these developments, major pharmaceutical companies argue that brand-name drugs offer superior care, ultimately saving money. Hank McKinnell, Pfizer's Chairman, mentioned this during a recent session with analysts in New York, saying, "If you don't like the high cost of health care, try the high cost of sickness."
Overall, the trend towards generics is gaining momentum, potentially transforming the landscape of prescription drug purchases and offering significant savings to consumers.
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