Innovation keeps rolling along in the pharma world, seemingly unaffected by potential pandemic slowdowns. With the year not yet over, the US Food and Drug Administration (FDA) has so far approved 46 new medications, with the most common treatment area being oncology drugs, as well as 80+ first generic approvals. First generics are the first approval by the FDA for any manufacturer to market a drug product in generic form.
These impressive numbers come on the heels of 2020’s blockbuster year of approvals, when the FDA approved 53 new medications, as well as 72 first-time generics. One of the most noteworthy generics of 2020 was the generic version of the multiple sclerosis medication, dimethyl fumarate (Tecfidera).
The expanding field of generics in both 2021 and 2020 serves as good news for patients and healthcare providers alike, who benefit from more choices and cost savings. Generics become available when a drug patent expires and another manufacturer applies for FDA approval to manufacture and sell the medication. Generic medications, which are functional copies of branded medications, provide the same pharmacological effects at a lower cost point. The price difference between a branded and generic can be as much as 85% lower for the generic version.
As always, BioPlus Specialty Pharmacy is ready to partner with your office as the ‘fast & easy’ way to get your patients referred for the specialty medications they need.