Benefits Of Using Generic Drugs For Cancer And Autoimmune...

In 2014, it was estimated that Americans spent over $373 billion on pharmaceuticals, which is an increase of 13 percent and considered the highest increase since 2001. With the Affordable Care Act in place, it is estimated that patients filled approximately 24 percent more prescriptions in 2014 than in 2013. There are several reasons to account for this spending growth. The first is the increased spending of $20 billion on new medication brands. Secondly, over 161,000 people started treatment for hepatitis C treatment, which is approximately ten times more than the previous year. The third reason is an increase for recent innovative treatment for cancer and autoimmune diseases (IMShealth.com, 2015). With health care spending continuing to rise, Americans have at least three options to help reduce out-of-pocket expenses. Cost-saving methods include switching from brand name drugs to generic medications, discussing potential alternative medications that are less expensive with healthcare providers, and rallying lawmaker to change current laws to restrict the amount pharmaceutical companies can charge for medications. Generic Drugs In 2012, the Food and Drug Administration (FDA) reported that in 2004, the â€Å"average price for generic prescription drug was $28.74, while the average price of a brand-name prescription drug was $96.01.† The FDA recognizes that the high price of medications puts the public at a high health risk. To help Americans be able to have access