In 2023, the average out-of-pocket cost for a generic medicine was $7.05, while the average out-of-pocket cost for a brand drug was nearly four times higher — at $27.10, reports the Association for Accessible Medicines' 2024 U.S. Generic & Biosimilar Medicines Savings Report 📕
The low prices delivered by generic competition are critical to ensuring that life-saving medications are more affordable and widely available. But, while price competition is a long-standing feature of the U.S. generic drug market, generic medicines are seeing extended and unchecked price deflation. In fact, according to the report, the overall value of all generic sales in the U.S. has declined by $6.4 billion since 2019 despite increased volume and new generic launches.
This poses the risk of rendering the market unsustainable for many manufacturers. Without legislative and regulatory action by policymakers in Congress, the White House and state governments, it is very possible that the drug shortages we’ve seen recently will be further exacerbated, hindering the ability for patients and caregivers to access the medicines they need, when they need them.
What happens next must happen now.
Learn more about what Sandoz is doing at www.us.sandoz.com
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