WASHINGTON - Older Americans paid an average 9.6 percent less in 2007 for generic drugs, the biggest drop since at least 2003, said retiree lobbyist group AARP.
Forty-three of the most used generics, including Teva Pharmaceutical's copy of Merck's cholesterol pill Zocor, had price declines of up to 70 percent, a report found. Only nine of 185 generics tracked by the nonprofitwere more costly for wholesalers. Most prices were unchanged.
Healthcare spending has soared as the population ages and more people face chronic conditions such as high blood pressure, and diabetes. Copies of brand-name drugs offer a thrifty alternative, especially since an earlier study found a 7.4 percent price increase last year in the top 220 brand-name drugs, said AARP.
