Savings made through generic versions of blockbuster drugs coming off patent will eliminate the need for further PBS cuts, the Generic Medicines Industry Association (GMiA) believes.
Dr Martin Cross, GMiA chairman, said patent expiries in 2012 had the potential to create a windfall of hundreds of millions of dollars in savings for the economy if Australians opted for generic alternatives.
“Every time a consumer chooses a follow-on generic medicine, there are substantial benefits to national savings,” he said.
“In Australia, the presence of generic medicines will effectively pour hundreds of millions back into the 2012/13 Federal Budget.”
However, use for generic medicines in Australia has been low compared with other countries, in the US, 78 per cent of all medicines dispensed are generic follow-on...
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