Generic Version of Fosamax (R) Will Save Upstate New Yorkers Millions

ROCHESTER, NY (02/05/2008)(readMedia)-- Upstate New Yorkers who take prescription Fosamax® to treat or prevent osteoporosis will have a significant opportunity to save on prescription drug expenses by switching to the drug’s generic equivalent with the Fosamax® patent scheduled to expire Feb. 6, according to a new report released by Excellus BlueCross BlueShield.

More than 140,000 people in upstate New York annually use about $98 million worth of oral prescription drugs to treat or prevent osteoporosis. Nearly 60 percent use Fosamax® at an annual expense of $59 million. If all Fosamax® users across 39 upstate New York counties switched to generic alendronate, annualized savings could exceed $45 million by the end of 2008. The savings would be even greater if those using other brand-name osteoporosis drugs also choose alendronate.

“Consumers will benefit from a move to generic alendronate because they’ll have lower out-of-pocket costs,” said Dr. Joel Owerbach, vice president and chief pharmacy officer, Excellus BlueCross BlueShield. “The savings potential from generics in the treatment of osteoporosis is significant and consumers can be confident that the generic is a safe and effective alternative because it has been approved by the FDA.”

The retail price of Fosamax® is approximately $90 per month. Generic alendronate, which has the same active ingredients, is expected to cost $60 to $70 per month through August. After that, the generic will likely drop to less than $20 per month as additional companies are allowed to produce the generic equivalent.

“Those who don’t have insurance coverage for prescription drugs may see an annual savings of more than $840 by moving from Fosamax® to alendronate once there are multiple manufacturers of the generic version,” said Owerbach. “Those who have three-tier prescription drugs coverage, or coverage that pays a percentage of the drug’s cost, also will see significant savings.”

Fosamax® is the market leader in the bisphosphonates class of drugs used to treat or prevent osteoporosis. Other brand-name drugs in this category include Actonel® (risedronate) and Boniva® (ibandronate), but their generic equivalents are not yet available. All three drugs are approved by the Food and Drug Administration as safe and effective for the treatment and prevention of osteoporosis.

While generic equivalents for Actonel® and Boniva® are not yet available, anyone taking these drugs can ask his or her doctor if generic alendronate is an appropriate alternative. Because Actonel® and Boniva® are similar in retail cost to Fosamax®, the potential savings of shifting from these brands to alendronate would be comparable to the savings achieved by switching from Fosamax®.

By New York State law, the availability of generic alendronate means that pharmacists must fill prescriptions for Fosamax® with the generic unless the prescribing physician indicates that the prescription be dispensed as written.

Results of an updated analysis of prescription patterns released by Excellus BlueCross BlueShield in January 2008 found measurable increases in the use of generic drugs as alternatives to higher-priced brand-name drugs produced estimated savings totaling $224 million across upstate New York in 2007. Details are available under “Fact Sheets” in the “Public Policy & Research” section of the Web site, excellusbcbs.com. Fosamax® is the latest brand-name drug to become available in generic form. In January 2008, Wyeth Pharmaceuticals, Inc. announced that it is making its heartburn/ulcer medication, Protonix® available as a generic. This is an additional savings opportunity for those taking that drug. Additional brand-name drugs that treat a variety of medical conditions are scheduled to become available as generics during 2008. A summary of these new generics is outlined in a separate fact sheet titled, “Opportunities for Generic Drug Savings in 2008.”

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Excellus BlueCross BlueShield, a nonprofit independent licensee of the BlueCross BlueShield Association, is part of a family of companies that finances and delivers vital health care services to 2 million people across upstate New York. Excellus BlueCross BlueShield provides access to high-quality, affordable health coverage, including valuable health-related resources that our members use every day, such as cost-saving prescription drug discounts and wellness tracking tools in our Step Up program. To learn more, visit www.excellusbcbs.com.