Ken Calvert: “as cochairman of the Generic Drug Equity Caucus, I would like to talk about generic drugs and how they make prescription…”

“as cochairman of the Generic Drug Equity Caucus, I would like to talk about generic drugs and how they make prescription drugs more affordable. Currently, generics fill over 40 percent of all prescriptions in the United States and are extremely affordable, at only 10 to 15 cents per dollar spent on brand names. The Congressional Budget Office reported in 1994 that generic drug competition results in a cost savings to consumers of $8 to $10 billion annually, while meeting the FDA's requirement on bioequivalence, meaning that generics have the exact same effect on the human body as brand names. Too many of the brand name companies seek to extend their patents, thereby restricting prompt market access by generics and raising drug costs. Americans have a right to be concerned about the high cost of prescription drugs. The solution could be as simple as encouraging the use of generic substitutes and providing co-pay differentials between brand name and generic drugs, and preventing abusive marketing and regulatory practices.”