Perhaps the greatest savings on generic brands comes in the pharmaceutical industry. According to the National Association of Chain Drug Stores, in 2006 the average retail price of a generic prescription drug purchase was $32.23, while brand-name drugs went for an average of $111.02.
“The price is the only significant difference,” said Charlie Mayr, spokesman for the Generic Pharmaceuticals Association. “In terms of the way that it is absorbed by the body and the way it works, it is exactly the same.”
About 67 percent of all prescriptions filled in the United States are generic drugs. There are at least 8,730 generic equivalents to the 11,487 prescription drugs approved by the Food and Drug Administration.
“Particularly now with the economy in the condition it is in and people looking for ways to meet their current bills, some people are considering whether or not to continue their medications,” Mayr said. “Generic brands offer them the ability to do both - to continue the medication they need and to have extra money for the bills that they have.”
Rashiv Lal, a marketing professor at Harvard Busine
Sunday, December 21, 2008
Saturday, November 15, 2008
covering illegal imigrants
Hospitals are required to screen and treat all those who arrive at their emergency rooms. But they receive only partial compensation for illegal immigrants, through emergency Medicaid and, for the last few years, through Section 1011 of the Medicare Modernization Act of 2003, a program that expired in October. That partial coverage ends when the patient is stabilized.
But hospitals are also required to discharge safely patients who need continuing care, leading to their quandary: they generally cannot find nursing homes to accept illegal immigrants, or legal ones with less than five years' residency, because long-term care is not covered by emergency Medicaid.
But hospitals are also required to discharge safely patients who need continuing care, leading to their quandary: they generally cannot find nursing homes to accept illegal immigrants, or legal ones with less than five years' residency, because long-term care is not covered by emergency Medicaid.
Saturday, November 1, 2008
FY08 Funding for Prescription Advantage
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The fiscal year 2008 budget included over $60.5 million to fund Prescription Advantage. This funding level for Prescription Advantage is based on Medicare Part D providing the primary prescription drug coverage for most of the program’s members and Prescription Advantage providing supplemental assistance with Part D premiums, co-payments, deductibles and coverage gaps. Prescription Advantage will continue to provide primary coverage for members not eligible for Medicare.
Please note: The legislation which funds Prescription Advantage requires the Executive Office of Elder Affairs to operate the program within its appropriation for the current fiscal year; thus, during the course of the year, the Plan may be required to impose cost containment measures”.
The fiscal year 2008 budget included over $60.5 million to fund Prescription Advantage. This funding level for Prescription Advantage is based on Medicare Part D providing the primary prescription drug coverage for most of the program’s members and Prescription Advantage providing supplemental assistance with Part D premiums, co-payments, deductibles and coverage gaps. Prescription Advantage will continue to provide primary coverage for members not eligible for Medicare.
Please note: The legislation which funds Prescription Advantage requires the Executive Office of Elder Affairs to operate the program within its appropriation for the current fiscal year; thus, during the course of the year, the Plan may be required to impose cost containment measures”.
Saturday, October 25, 2008
VA'S Presciption Drug System
A groundbreaking study, by Frank R. Lichtenberg, Ph.D. of the Columbia School of Business, should put such comparisons to rest. In Older Drugs, Shorter Lives? An Examination of the Health Effects of the Veterans Health Administration Formulary, Dr. Lichtenberg shows the VH approach is not about prices or genuine negotiations. With the VA's tight budget, it is all about restricting veterans' access to new (and many old) medications to save dollars and hit budget targets.
The VA's highly restrictive national formulary excludes 62% of drugs approved by the FDA during the 1990's and 81% of new medications approved since 2000. Even worse, the drug benefit designed for our nation's veterans does not pay for a staggering 78% of new, high-priority prescription drugs approved by the FDA on an expedited basis since 1997 because of their life-saving impact. By comparison, commercial health plans, Medicare Part D drug plans, and state Medicaid programs cover the vast majority of new drugs and move quick to add coverage for most drugs given fast-track by the FDA.
Dr. Lichtenberg's 2005 study shows that the VA's prescription drug system - seen by many as the "model" for Medicare Part D - reduced the life span and survival rates of vets since its 1997 introduction. Note to Congress: Death is always cheaper than life but rarely preferable.
The VA's highly restrictive national formulary excludes 62% of drugs approved by the FDA during the 1990's and 81% of new medications approved since 2000. Even worse, the drug benefit designed for our nation's veterans does not pay for a staggering 78% of new, high-priority prescription drugs approved by the FDA on an expedited basis since 1997 because of their life-saving impact. By comparison, commercial health plans, Medicare Part D drug plans, and state Medicaid programs cover the vast majority of new drugs and move quick to add coverage for most drugs given fast-track by the FDA.
Dr. Lichtenberg's 2005 study shows that the VA's prescription drug system - seen by many as the "model" for Medicare Part D - reduced the life span and survival rates of vets since its 1997 introduction. Note to Congress: Death is always cheaper than life but rarely preferable.
Saturday, October 11, 2008
PRESCRITION DRUGS (GENERICS)
4. Prescription Drugs
The FDA must certify all generic medications (including over-the-counter products) as having the same quantity of active ingredient, and no significant difference in performance, says Gabriel Levitt, vice president of research for pharmacy-rating site PharmacyChecker.com. Going generic could cost you as much as 50% less. Just ask your doctor to note on prescriptions when the generic equivalent is OK.
Even if you're insured, tiered co-pays can offer substantial savings for switching to generics, says Tod Marks, senior editor for Consumer Reports. Blue Cross Blue Shield New England, for example, charges $5 for most generic medications, compared with $10 to $25 for brand names. Fill a prescription through Target or Wal-Mart's $4 generic prescription program, and save even more.
Monday, October 6, 2008
Medicare off the hook?
Conservative Republicans still hate Medicare, and would kill it if they could — in fact, they tried to gut it during the Clinton years (that’s what the 1995 shutdown of the government was all about). But so far they haven’t been able to pull that off.
Saturday, October 4, 2008
Hedge fund
From Wikipedia, the free encyclopedia
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Financial regulation
v • d • e
A hedge fund is a private investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment funds and which pays a performance fee to its investment manager. Although each fund will have its own strategy which determines the type of investments and the methods of investment it undertakes, hedge funds as a class invest in a broad range of investments, from shares, debt and commodities to works of art.
As the name implies, hedge funds often seek to offset potential losses in the principal markets they invest in by hedging their investments using a variety of methods, most notably short selling. However, the term "hedge fund" has come to be applied to many funds that do not actually hedge their investments, and in particular to funds using short selling and other "hedging" methods to increase rather than reduce risk, with the expectation of increasing return.
Hedge funds are typically open only to a limited range of professional or wealthy investors. This provides them with an exemption in many jurisdictions from regulations governing short selling, derivative contracts, leverage, fee structures and the liquidity of investments in the fund. A hedge fund will nevertheless voluntarily limit the scope of its activities via its contractual arrangements with its investors, in order to give the investors some certainty over what they are investing into.
The assets under management of a hedge fund can run into many billions of dollars, and this will usually be multiplied by leverage, meaning that their influence over markets is substantial. Hedge funds dominate certain specialty markets such as trading within derivatives with high-yield ratings and distressed debt.[1]
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