News: Press Releases
Fougera Says New Study on Generic Drug Savings Is Proof that Industry
Is Critical to Reducing Nation’s and Consumers’ Health Care Costs
Study Reports $734 Billion in Prescription Drug Savings over Last Decade
Melville, NY, May 7, 2009 – Fougera said today that a study released this morning by the Generic Pharmaceutical Association (GPhA) vividly demonstrates the vital role generic manufacturers play in lowering prescription costs for consumers and the Nation’s healthcare system. The report, based on an independent analysis of data by global information provider IMS Health, revealed that the use of generic drugs has saved consumers, patients and healthcare providers $734 billion over the past 10 years (1999 through 2008).
“We are proud that Fougera, through the hard work of our scientists, manufacturing, quality control, and other employees in every division across our company, was able to contribute to such an extraordinary record of savings,” said Paul McGarty, CEO and President of Fougera. “Quality prescription drugs made by our company and the other manufacturers in the generic pharmaceutical industry fill nearly 70% of all prescriptions dispensed in the U.S. Today, when consumers go to their pharmacies, there are more than 10,000 FDA-approved safe and effective generic prescription drugs available to help them get the same medicine as offered by the counterpart brand product, but at much more affordable prices,” Paul McGarty added.
“Important to New Yorkers is the fact that increasing the use of generic medicines in our state-sponsored drug benefit programs, such as Medicaid, is key to lowering total healthcare cost for our citizens and our government,” Paul McGarty said. According to data from the Centers for Medicare and Medicaid Services (CMS) in Washington, total spending for prescription drugs in New York’s Medicaid program in fiscal year 2008 was $3.6 billion, which paid for about 41 million Medicaid prescriptions. Notably, 60% of those 41 million prescriptions were filled with safe and effective generics, at a cost that consumed just 15% of the total Medicaid drug spend. According to the CMS data, that works out to an average $197 for each brand prescription compared to only $22 for each generic prescription purchased by Medicaid. As a result, an increase of just 1% in generic use in the Medicaid program would save the state an estimated $71 million yearly, critical savings during our challenging economic times,” McGarty said.
“This year marks the 25th Anniversary of America’s generic pharmaceutical industry and Fougera's 160th anniversary,” McGarty added. “When you consider that our industry saved the U.S. healthcare system $120 billion last year – approximately $1 billion every three days – the value of safe and affordable generic drugs cannot be overstated. At Fougera, we look forward to continuing the work of providing safe and affordable medicines to consumers,” Paul McGarty said.
About Fougera
Founded in 1849, Fougera is a division of Nycomed US Inc. and is the leading manufacturer and distributor of a wide range of topical products. For more information on Fougera’s complete line of products, please call Fougera Customer Service at (800) 645-9833 or visit the company online at www.fougera.com.
About Nycomed US Inc.
Nycomed US Inc. is a subsidiary of Nycomed. In addition to Fougera, Nycomed US Inc. operates two additional divisions of specialty pharmaceuticals. The PharmaDerm® division is dedicated to bringing innovative products to dermatologists so they can best care for their patients. Nycomed US Inc. also markets and sells Savage Laboratories products, which focus on emergency care. More information is available at www.nycomedus.com.
For more information about the generic savings Study visit http://www.prnewswire.com/mnr/GPhA/38110/ , or about GPhA, visit www.gphaonline.org
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