Jun Choi, former mayor of Edison, has stressed the importance of preserving the availability of generic medications in the United States, as it could help most people to save money on healthcare.
Choi is the CEO of Menlo Realty Ventures and the co-chair of the Regional Plan Committee for New Jersey.
In the United States, healthcare cost remains one of the major concerns for most struggling families. In fact, nearly two-thirds of Americans are afraid that they will not be able to afford the care they need this year due to high-priced brand-name drugs.
Choi said, “It’s because of this that we should be working at all levels to protect the things that make medical care and medications more affordable. Helping to keep drug prices low will go a long way towards empowering American families to feel more confident in their ability to afford the care they need, and it will help with our long-term recovery as a result.”
He explained that it is imperative to preserve the availability of generic drugs in the United States, which will be a major step in achieving that end.
Generic medications are usually much cheaper than the brand-name counterparts are. They could help patients to save money, which is one of the key factors in making the cost of care more affordable.
“In fact, between 2015 and 2017, first generics – which introduce competition to the more expensive brand-name drugs – helped to reduce the price of medications by nearly 40 percent and by more than half in the first year they were on the market,” Choi explained.
He went on to explain that in New Jersey, the impact of the generic drugs has particularly been potent, as most companies have made the state their hub to distribute generic medicines, which has eventually been contributing to immense healthcare savings. “In 2019 alone, New Jersey saved around $9.6 billion through the availability of generic drugs,” he added.
“The Biden Administration and Congress will soon take up an effort to build on this progress and consider reforms to the prescription drug market,” Choi noted. “Preserving the ability of generic manufacturers to challenge brand-name drug patents is critical because brand-name drug patents stand between monopoly pricing and free-market competition.”
Increasing the access to generic drugs with FDA approval would benefit many patients who are spending a lot on expensive brand-name drugs.
As the world is grappled by the ongoing COVID-19 pandemic, it is important to keep healthcare affordable and all elected officials should start working on the availability of low-cost generic drugs.
“Preserving the tools available to generic manufacturers to challenge brand-name patents fosters competition and is the best way to make sure that more patient treatment options will remain in the months and years ahead,” Choi added. David Wildstein, Editor in Chief, published the opinion in the New Jersey Globe.
