A new study out of the University of Michigan Kellogg Eye Center says switching from brand to generic ophthalmic drugs could save Medicare Part D prescription costs $882 million a year, and negotiating prices like the deals afforded the United States Veterans Administration could save $1.09 billion in total annual ophthalmic drug costs.
Researchers reportedly studied 2013 data and found glaucoma medications made up half of prescription ophthalmic drugs prescribed at a cost of $1.2 billion, followed by dry eye medications at $371 million in spending. They also found those two categories, plus ocular inflammation and infection medications, made up 96 percent of drugs prescribed.
According to researchers, eye care providers turned to brand medications for 79 percent of the total Medicare Part D payment claims. However, the study points out there are some barriers to using generics, including familiarity, lack of data, industry influence, medical worries, and optimizing care.
Additionally, researchers believe a policy change, such as allowing Medicare to negotiate drug prices, would also lead to more substantial savings.
The study was recently published in the journal Ophthalmology.
Click here to read the full press release.
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Source: University of Michigan