Generic Availability of Zocor and Zoloft Will Create Significant Cost Savings for Consumers
Estimates predict that generic versions of Zocor will lower the price by 80 percent over the next six-to-eight months
BOISE – Two popular prescription drugs are now available as generics, and both are expected to reap significant savings on prescription drug costs for consumers and employers who purchase health plans.
The first new generic drug, called simvastatin, is available at pharmacies as a generic equivalent for Zocor, a brand name statin drug used to reduce cholesterol levels and thus reduce the risk of coronary heart disease and stroke. Zocor’s patent expired in June, clearing the way for the introduction of the generic. The generic equivalent of the antidepressant Zoloft is also available at pharmacies.
“Prescription medications are a key driver of escalating health care costs, so the availability of these drugs is great news for consumers,” said Terrance Killilea, Pharm. D, director of Pharmacy Services for Regence. “These generic drugs offer the same safety as the brand drug, while saving people money on their prescription drug costs.”
As required by the Food and Drug Administration, generic versions of brand-name drugs must have quality, strength, purity and stability equal to the brand-name drugs. It is estimated that the generic versions of Zocor scheduled for release will lower the price by 80 percent over the next six-to-eight months.
The introduction of the generic versions of Zocor in particular could potentially save members in Regence’s four-state service area more than $60 million annually. The company insures people in Idaho, Oregon, Utah and Washington.
Regence has several programs that help members save on their prescriptions, and more programs are being added that will further enhance the savings of switching to generic drugs. Among these is RegenceRx, the company’s in-house Pharmacy Benefit Management program (PBM). The program goes far beyond the FDA’s review of new medications in order to provide consumers with safe, cost-effective and clinically sound medication options.
Additionally, Regence members can now access pharmacy-related information on the Regence Engine (myregence.com), an interactive environment that can advise, navigate and reward members in all their health care decisions. Members who access the Engine have the opportunity to become more motivated to take accountability for their health because they can quickly and easily perform health care tasks, explore events and rewards for healthy living, and plan ahead for annual health care needs.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho has more than 700 employees statewide and is headquartered in Lewiston and maintains offices in Boise, Coeur d’Alene, Pocatello and Twin Falls. It is an independent licensee of the Blue Cross and Blue Shield Association, an association of 38 independent, locally operated Blue Shield and/or Blue Cross companies that collectively provide coverage to 88.8 million people – nearly one in three Americans. It is an affiliate of Regence, which consists of four Blue Shield and/or Blue Cross plans located in four states, including Idaho, Oregon, Utah and Washington. For more information, visit our Web site at www.id.regence.com.
Regence News Release
For Immediate Release August 18, 2006
Contact Georganne Benjamin (208) 395-7723 – office (208) 867-6888 - cell
georganne.benjamin@regence.com