Morristown, NJ -- (May 14, 2009) -- In these economically challenging times, many consumers are looking for ways to save money on prescription drugs. An independent study released by the Generic Pharmaceutical Association (GPhA) reports that the use of generic drugs has saved consumers, patients and healthcare providers $734 billion over the past 10 years. That amount exceeds the cost of the Troubled Assets Relief Program (TARP) and nearly the cost of the American Recovery and Reinvestment Act passed earlier this year.

“With savings of this size and scope, it’s like the generics industry is providing a stimulus package of its own,” said Doug Boothe, CEO of Actavis Inc. “Our goal at Actavis is to provide high quality, low cost products – and it’s clear from this study that with generics, Americans can save substantially on their prescription drugs.”

According to the National Association of Chain Drug Stores, in 2007, the average retail price of a prescription filled with a generic was $34.34. The average retail price of a prescription filled with the brand-name drug was $119.51.

“When the generics industry was founded 25 years ago by the Hatch-Waxman Act, the goal for our industry was to provide consumers with safe, less expensive products that were the same as the counterpart brand product,” Boothe added. “Last year alone, our industry saved the U.S. healthcare system $121 billion thanks to the availability of high quality generic products. That’s great progress, and the Actavis team is dedicated to continuing the work of providing generic alternatives to consumers.”

For more information about the generic cost savings study, or about the generic pharmaceutical industry, please visit www.gphaonline.org.