Excellus: New Generics To Hit Market Will Mean Millions In Savings
Utica, NY (WIBX) - A new report from Excellus Blue Cross Blue Shield estimates upstate New York will save nearly $900 million annually with the release of 42 new generic medicines.
Forty-two generics will hit the market this year and next, according to John Giacovelli, the director of Pharmacy Industry Relations for Excellus, including generic forms of Lipitor, Plavix and Singulair.
"Their patents are running out. With that, there is allowed generic competition. Actually the greatest savings accrue after the first six months when more generics become available and prices are driven down," Giacovelli said.
Other name brands drugs whose patents exprie in 2011 and 2012 include Xalatan, Nasacort AQ, Lexapro, Actos, Avalide, Avapro, Diovan and Diovan HCT.
"This is very good news, both for consumers who will be saving money immediately in terms of lower out of pocket co-pays, and for private and government employers who will realize lower premiums because of the new generics on the market," Giacovelli said.