A less bitter pill to swallow: Generics of top-selling meds coming soon

There’s good news on the horizon for people who have to pay for costly prescription drugs, as seven of the world’s top-selling prescription medications are set to lose their patent protection over the next 14 months.  This means that generic competition to these brand-name drugs can come in; it’s anticipated that this generic competition will dramatically reduce sales of the brand-name drugs and also cut costs to patients and to the companies that provide health benefits.

The two best-selling drugs, Lipitor (which fights cholesterol) and Plavix (a blood thinner) are among the seven prescription drugs whose patents are expiring.  Currently 4.3 million Americans take Lipitor, while 1.4 million take Plavix.  Around the time that those two brand-name drugs can have generic competition, major drugs to treat asthma, diabetes, blood pressure problems, depression, HIV, bipolar disorder, and high triglycerides can also have generic competition.  Joel Owerbach, Chief Pharmacy Officer for Excellus Blue Cross Blue Shield, believes that at least 15% of the population is currently using one of the drugs whose patents are set to expire in the next 14 months.

So what does this mean for the consumer?  It means that the patients who use these drugs—along with the businesses and taxpayers who help pay for these drugs through various prescription plans—are poised to save a lot of money, as generic drugs tend to cost between 20-80% less than brand-name drugs.  With some insurance plans, generic medications can cost as little as $5.  It means that patients who don’t go get their prescriptions filled because their brand-name drugs are too costly for their budget will soon have a more affordable option, and that could result in better health for these patients.  For those who have health insurance, prescription co-payments will be smaller, and those who are uninsured will be able to save big on these medications as well.

If you’re a patient who’s concerned with saving money on your prescriptions, make sure to talk to your doctor about what generic medications are currently available, or will soon be available, for any brand-name prescription medications you take regularly.