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Quicker Generic Drug Approvals Should Mean Lower Drug Prices

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Quicker Generic Drug Approvals Should Mean Lower Drug Prices The FDA set a record last year for the number of approvals for new generic drugs. But, the experts add, even more can be done to get generics on pharmacy shelves and keep drug prices coming down. Holley noted that studies have shown some drug prices dropping as much as 80 percent when generics enter the marketplace. Generics were also being approved more quickly last year. Quicker approvals By comparison, more than 90 percent of nongeneric drug applications typically win approval in the first cycle, Dr. Kathleen Uhl the director of the FDA's Office of Generic Drugs, said last spring. Those first-cycle approvals have been rising since 2012, she said, and a Drug Competition Action Plan announced in May was supposed to further ramp up approval of generics. There's only so much the FDA can do, however. Getting Congress to act The bill "could fulfill some of the promises made during the State of the Union on reducing drug prices," Holley said. Generics are likely to be an increasingly large portion of the drug market no matter what happens.
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