Univera: Generic drugs = big savings

With more than 40 generic medicines coming on the market in 2011-2012, Upstate New York health care consumers could see savings of nearly $900 million annually, according to a new report by Univera Healthcare.
Univera’s new report on generic drugs, analyzes prescription drug patterns in 39 counties. The report identified 18 brand name medicines, which will become available in generic form this year to treat such conditions as cholesterol and heart conditions (Lipitor and Plavix), to asthma (Singulair).

The report, “The Facts About Opportunities for Generic Savings in 2011 and 2012,” was released May 18. The analysis is based on drug utilization data of 1 million people from the pharmacy management division of Excellus Health Plan, the Rochester-based parent of Univera Healthcare, for the second half of 2010.
Dispensed as brand name products, the prescriptions accounted for about $340 million annually. Once available as generics, Univera projects savings of $272 million annually. Joel Owerbach, vice president and chief pharmacy officer at the company, said those savings will be felt by both consumers and employers.
“Consumers will see major savings from the generics in the form of lower co-pays, and those paying the larger tab of health insurance coverage will see lower prescription cost assumptions built into future premium rates,” he said.
The generic versions of drugs are available after the expiration of patents held by the drug manufacturers. On average, the cost of ...