Generic drugs reduce healthcare spendingThe use of generic medicines have increased recently, which has resulted in cost savings for the U.S. health care system.

According to recently released industry-funded statistics, U.S. healthcare spending has reduced by more than $1 trillion over the past decade.

The fourth annual Generic Pharmaceutical Association discovered that the use of prescription drugs in the United States saved close to $193 billion last year, which was a 22 percent increase from the $158 billion saved from the use of generic drugs in 2010.

The $193 billion was also three times more than the savings the United States saw in 2002, according to the report. It also stated that the use of inexpensive versions of usually expensive prescription drugs now saves the country an estimated $1 billion every other day.

Four billion prescriptions were placed in the United States last year and close to 80 percent of them were generic drugs. As a result of the drugs being less expensive, they accounted for 27 percent of total U.S. spending on prescription medicines.

The FDA recently approved the first generic versions of Singulair to treat asthma, which could decrease the cost of healthcare spending even more. The generic drug aims to relieve symptoms of indoor and outdoor allergies.
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