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Generic drugs saved $193 billion in 2011

Growing use of generic medicines has reduced U.S. health care spending by more than $1 trillion over the past decade, according to an industry-funded study released Thursday.

By Linda A. Johnson | Updated on August 02, 2012
Atorvastatin Calcium tablets, or generic Lipitor, is being sold under a deal with Pfizer .(AP Photo/Watson Pharmaceuticals Inc., Bill Gallery)

TRENTON, N.J. (AP) — Growing use of generic medicines has reduced U.S. health care spending by more than $1 trillion over the past decade, according to an industry-funded study released Thursday.

The fourth annual report, produced for the Generic Pharmaceutical Association, found use of generic prescription drugs in the U.S. saved about $193 billion last year alone. That amount was up 22 percent from the $158 billion in savings from generics in 2010, and was more than three times the $60 billion in savings in 2002, the report states.

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