FDA Attributes Savings of $11.8 Billion in Drug Costs to Generics

The FDA estimates that its generic drug approval pathway — which led to a record-setting year of generic drug approvals in 2017 — helped consumers save $11.8 billion in drug costs through February 2018.

The FDA logged a record-high 843 fully approved applications and 184 tentatively approved applications in 2017. It estimates that fully approved 2017 ANDAs contributed to $8.8 billion in savings through December 2017 and $11.8 billion in savings through February.

The report, which is the first of its kind, drew from several data sources, including the IQVIA National Sales Perspectives, the Bureau of Labor Statistics’ consumer price index and the FDA’s Orange Book.