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News Summary: Global drug spending rising slower

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News Summary: Global drug spending rising slower
Submitted by Fox First at Ten on July 12th

By The Associated Press
By The Associated Press

MEDICINE SALES: Worldwide spending on medicine will increase at a slower pace over the next four years, health data firm IMS Health forecasts. Many big-selling drugs are losing patent protection at the same time insurers and government health programs are tightening up spending on brand-name drugs.

WELCOME RELIEF: Patients, insurance plans and government programs will save money by being able to choose lower-cost generic drugs.

THE NUMBERS: IMS says total spending for prescription and over-the-counter medicines will grow about 20 percent from 2011 to $1.2 trillion in 2016, or to $1 billion after deducting rebates and discounts from drugmakers.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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