Millions of prescription drug customers will be able to save a lot of money within the next 14 months as seven of the world’s 20 best-selling drugs watch their patents expire, allowing generic drug manufacturers to create cheaper alternatives for those brand names.
Among the top drugs with expired patents will be cholesterol drug Lipitor and blood thinner Plavix.
According to EvaluatePharma, between now and 2016 even more patents will expire with currently patented drugs going off patent to the tune of $255 billion annually.
The extreme slashing of prices on those drugs will allow hospitals and patients to receive better pricing, helping the overall health industry save money while delivering the same quality to patients.
Putting those numbers into perspective Lipitor is taken by 4.3 million Americans while Plavix is consumed by 1.4 million people.
Among drug types going off patent will be medicines for blood pressure, diabetes, depression, asthma, HIV and bipolar disorder among others.
In one decades time news gets even better for patients with 120 brand-name prescription drugs losing their exclusive patent rights.
To place brand name versus generic drugs into perspective, co-payments for generics last year were $6 per fill, while brand-name drugs which were given preferred status by an insurer were $24 and non-preferred drugs were $35 on average.
Will you be making the switch to generic drugs?