GPhA declared that the availability of safe and effective generic versions of biopharmaceuticals, or biogenerics, could save the Medicare system billions of dollars annually.
GPhA declared that the availability of safe and effective generic versions of biopharmaceuticals, or biogenerics, could save the Medicare system billions of dollars annually and help to ensure the solvency of the program in future years. GPhA officials noted that, according to the Medicare Trustees Report, the "additional burden that would be imposed on federal finances by Medicare over the 75-year projection period would be $24.8 trillion," more than five times the current federal debt. Kathleen Jaeger, president and CEO of GPhA, said, "We need to ensure that the Medicare program will remain viable for future generations. Although CMS has reduced some of its program costs through its promotion of affordable generics, it could save even more with biogenerics." She added that it is critical for Congress to approve legislation to create a flexible, science-based pathway for the FDA to review and approve biogenerics.
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