Payers, consumers benefit as patents expire

The generic drug market seems ready to explode, according to reports from IMS Health and the Generic Pharmaceuticals Association. They estimate that the industry will grow by 13 percent in 2006. In 2005, more prescriptions were filled with generic drugs than with brand name products — 56 percent to be exact.

Generic market share is expected to grow as many high-profile brand-name products lose patent protection over the next several years. In 2005, U.S. brand -name pharmaceutical sales reached $229.5 billion. Sales figures for the generic pharmaceutical market reached $22.3 billion.

Who has benefited? In the consumer marketplace, generic drugs have never been stronger. In the face of rising prices for brand name products, payers and consumers have been taking advantage of the increasing availability of generic drugs.

Patents expiring soon, 2006–2009

Source: Caremark 2006 Trends Rx Report

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HAP, a subsidiary of Henry Ford Health System, is a nonprofit health plan providing coverage to individuals, companies and organizations. This executive develops strategies to meet membership and revenue targets through products, pricing, market segmentation and advertising.  Aligns business among Business Development, Commercial Sales, Medicare and Public Sector Programs and Product Development. Seeks to enhance and be responsible for business development and expansion through the development of an effective product portfolio, strong interpersonal relationships and service excellence.

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