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News Release
16 January 2012
Generic medicines key to ensuring Australia can afford increased use in prescription medicines
A new Government-funded survey into the increased use of medicines by an ageing population underscores the need for policies that encourage the uptake of high quality generic medicines, says the peak body for the generic medicines sector in Australia.
The report published in the Medical Journal of Australia (MJA) shows that blood pressure-lowering and cholesterol-lowering medicines were among the most commonly used medicines in Australia and that those Australians now taking an anti depressant has nearly trebled – to one in 10.
Medicines for many of these conditions and more are about to come off patent this year – triggering a saving of tens of millions of dollars for the Australian economy as patients access the more affordable, follow-on generic medicines.
“Every time a consumer chooses a follow-on generic medicine, there are substantial benefits to national savings,” the Chief Executive Officer of the Generic Medicines Industry Association, Ms Kate Lynch says.
GMiA has analysed PBS expenditure from April 2005 to April 2009. The presence of a generics sector has saved the PBS at least $1.4 billion (Government contribution) over this 4-year period. Further, savings stemming from the presence of the generic medicines sector are growing over time.
“GMiA understands that the Government has set itself a strict target aimed at returning the Budget to surplus by 2012-13. The generic medicines sector is in a position to help the Government meet this target through the PBS,” says Ms Lynch
‘We need to ensure the PBS remains sustainable and affordable. Supporting the uptake of follow-on generic medicines in Australia provides a three way win for the patient, the taxpayer and the economy.”
ENDS
Contact: Kate Lynch CEO 0432 500 308
BACKGROUND:
The Generic Medicines Industry Association (GMiA) is the national association representing companies that manufacture, supply and export generic medicines. The generic medicines sector is a high value-add sector delivering significant benefits to the Australian public by way of affordable medicines and high skilled jobs.
The availability of generic medicines in this country helps to deliver:
· timely access to affordable medicines;
· substantial savings to the Pharmaceutical Benefit Scheme;
· hundreds of highly skilled jobs; and
· significant manufacturing and export markets to the nation
Generic medicines deliver exactly the same health benefit to all Australians as their branded equivalents and they must meet the same strict Australian standards, including the same manufacturing requirements, as branded medicines.