Report

How a Competitive Biopharmaceutical Marketplace Helps Control Costs

PhRMA September 3, 2015

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Too often conversations on the cost of medicines fail to acknowledge the competitive biopharmaceutical market that exists in the U.S., which helps to control costs while encouraging the development of innovative new therapies.

Spending on retail prescription medicines has consistently accounted for just 10 percent of health care spending – a figure that is projected by government actuaries to remain stable through the next decade. This is possible because of high utilization rates of generics, competition among brand-name medicines and aggressive tactics by insurers and pharmacy benefit managers to negotiate lower prices.

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