Generic drugs “save European 100 billion euros per year”

Generic drugs “save European 100 billion euros per year”

Through generic medicine competition, twice as many patients were able to get treatment without any impact on the treatment cost, according to the conclusions of the IMS Institute for Healthcare Informatics study on The Role of Generic Medicines in Sustaining Healthcare Systems: A European and Italian Perspectivepresented today in Rome during the Assogenerici Public Assembly.

The Assembly was attended by high level officials from the Italian authorities, Medicines for Europe executive members, and more than 200 participants ranging from patient groups, physician organizations, scientific groups and the main bodies of the Italian pharma supply chain. Ahead of the presentation of the study, Enrique Hausermann, president of trade group Assogenerici, commented: “Generic medicines bring great benefits for patients and enable European states to increase patient access to treatment while simultaneously decreasing expenditure.” This is especially important for Italy where out of pocket expenses for medicines can be high. Use of generics saves European 100 billion euros ($112 billion) a year, the research showed.

Generic medicines also drive economic development. Pierluigi Antonelli, Medicines for Europe vice president, highlighted that: “The generics industry is a fundamental part of the future of the Italian and European healthcare systems and we have to be a central stakeholder in the light of the future challenges for our healthcare systems around Europe. Our industry is a significant contributor to economic growth, with major production located in Italy.”

Millions of European patients have benefited from better access to gold standard therapies, treating most acute and chronic ailments ranging from cardiovascular to diabetes and even to cancer. The generic medicines industry employs more than 160,000 people in Europe and generic medicines today represent 56% of the medicines prescribed in Europe.

12-10-2016

http://www.thepharmaletter.com.

 

October 13, 2016 / Pharma News