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Generic and Brand Drugs

Generic and Brand Drugs

generic and brand drugs

PHARMACEUTICAL POLICY

As reported in 2012, Americans spend more than $271 billion dollars on prescription medicines annually. Total spending on drug therapy total about $300 billion dollars, including over-the-counter (OTC) drug remedies,valued at 31 billion.

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STATE REGULATION

Compounding pharmacies are a long-standing yet less frequently discussed element in the complex matrix of prescription drug manufacturing, distribution and patient use. The term refers to any physical pharmacy that is licensed to mix or "compound" chemical ingredients into a finished medication ready to use by an individual patient, based on a prescription ordered by a physician or other legally authorized prescriber.

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OVERVIEW

Buying more generic prescription drugs instead of their brand-name equivalents and purchasing brand-name drugs with discounts can significantly reduce overall prescription drug expenditures. Federal actuaries recently reported that the use of generic medications and an increase in Medicaid prescription drug rebates would continue to slow spending. Eighty percent of all prescription medications dispensed in 2011 were classified as generic drugs, an increase of 13 percent from 2007.  At the same time. many newer drugs, including all biological products, have no approved generic equivalent and can play a central role in life-extending situations.

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