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But first we begin with an issue.
Critical to us to millions of Americans.
The high cost of prescription drugs the big drug companies are -- -- new push to keep generic versions of some of their Blockbuster medications.
Off the market the latest -- isn't just happening in Washington where the drug lobby spends most of its money but in statehouses all across the country.
Now the effort to limit generic competition also calls into question the -- savings that we're supposed to come our way through Obama care.
With us now injury hit man Giannone from the association of mature American citizens if you're welcome -- -- show it's great to have you here.
I wanna start with the idea of this cost and rising cost of health care in this -- country.
Obama care was supposed to fix this it seems like generics should be part of the solution to rising costs.
This doesn't help.
But generics are definitely part of the solution.
I think it's important that we define -- -- of generic that we're talking about Jerry this is uncharted territory these are biologic drugs.
And there are no standards the FDA hasn't come up with any standards and how to regulate these from a generic perspective.
So it's it's kind of a conundrum no question about it.
Let's talk about some of the savings that people get from generic drugs one trillion dollars over ten years a trillion dollars over ten years.
Now listen me it seems to be a critical way.
-- protecting this country from rising medical costs what do these drug makers hope to gain.
By keeping generics off the shelf.
Well I think that whether -- -- and in the area biologics Jerry.
There is a safety issue no question about it because when I mentioned before that we're in uncharted territory.
Of these medications are out.
Complex molecule -- and what they're hoping to gain is new standards we need some leadership from not only the administration.
But from the FDA in coming up -- new standards.
To determine the generic equivalents see of these biologic medications.
All right in -- course to be clear here at a lot of drug companies have -- generics across the board not just this specific category.
What we see is -- 80%.
Of the four billion prescriptions that are issued each and every year are for generic -- so think about that the numbers are impressive we just wanted to walk through.
And -- I think you'll enjoy this some comparisons for people out there.
On the cost of the branded version of a drug and it's generic component starting with Plavix 224.
For the branded version.
A 112 for the generic that the difference -- a 112 dollars.
A one month supply Lipitor.
Generic 96 that's a savings of 95.
For people who are getting that on a monthly basis.
What does this mean in particular the members of your organization.
Seniors must think about this very seriously.
You're absolutely right -- we don't want to see -- an advocate for older Americans GMAC does not when he see our members.
Medical bills specifically.
A drug costs go up a penny so there's a lot of concern you're -- at an older population who suffer from chronic conditions.
That -- are high utilized years of medications.
This is an issue that has to be addressed to not only it it's it's two pronged.
The federal government has to work in concert with the drug organizations to make sure they come up with a fair and equitable solution but they should not do it on the backs of senior citizens.
And those are people buying these drugs that's for sure and people on fixed incomes let's keep that mind.
Two point six trillion -- the amount of spending each and every year on health care up all sorts including pharmaceuticals.
And we've seen those prices go up on pharmaceuticals.
Roughly 5% each and every year if you don't have generic with generics in the marketplace -- you bring those prices down -- It's it's awful tough to I would say it's nearly impossible without the generic competition -- well.
Before -- -- out there.
You know these companies are trying to take your generics off the shelf and Andrea thanks for explaining it to us appreciate your time.
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