Current generic drug manufacturers are not meeting the needs of patients, nor the promise of the generic marketplace.
Here’s the problem:
Unpredictable fluctuations in price and supply of generic medications substantially contributes to the healthcare crisis in the United States.
More than 20% of generic drugs experienced price increases of 100% or more from 2010 to 2015.
Many drugs had increases of 1000% in price from 2010-2015.
What’s Causing the Escalation in the Cost of Life-Saving Generic Drugs?
Consolidation of generic companies and exclusive agreements have limited competition, particularly in cancer and infectious diseases areas.
Drug shortages are becoming more widespread.
Why it Matters
The cost of high-priced medicines takes a serious toll on many patients and their families. According to research conducted in 2019 by the Kaiser Family Foundation:
- 30% of Americans say they have not taken medications as prescribed due to the costs.
- 45% of Americans believe a major health event could leave them bankrupt (2019 Gallup/West Health poll).
- Oncology researchers coined the term “financial toxicity” to describe the financial hardship cancer patients face when undergoing treatment. These patients describe a markedly reduced quality of life. They are more likely than other patients to delay, ration, or forgo treatment altogether.