New research highlights growing role of generics in global healthcare

The role played by generic medicines in meeting global healthcare needs is expanding, according to new research.

Studies from QuintlesIMS have been presented at the Sandoz-sponsored annual conference of the Medicines for Europe trade association in Lisbon, revealing the substantial savings that healthcare providers are experiencing as a result of this trend.

The research indicated that generics accounted for 62 percent of all medicines prescribed in Europe in 2016, up from 47 percent in 2006. Generic medicines were also shown to account for 89 percent of all prescriptions in the US market, but only 26 percent of the total cost.

In the US alone, this amounts to savings of $253 billion (198.63 billion pounds) in 2016, or $1.67 trillion when considered over the span of the last decade.

Alan Sheppard, principle for thought leadership at QuintilesIMS, commented on the findings by noting that there remains scope for drug companies and policymakers to harness the potential of generics more effectively.

He said: "To have an effective generics market, there needs to be a coherent generics policy. Cutting medicine prices is not the solution to reduce costs; improving outcomes should be the objective."

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