On July 22, 2019, the FDA announced approval for a generic version of Lyrica, a popular drug for nerve pain. The patent for Lyrica expired on June 19, 2019.
Lyrica currently costs roughly $9 a pill, while the generic version costs about 57 cents per pill. This drastically reduces prescription medication exposure in workers’ compensation claims involving nerve pain.
In reviewing one medical cost projection report, switching from the brand name Lyrica to a generic form of the drug, resulted in a savings of over $300,000. The savings is not limited to claims in the temporary disability phase. Pharmacies are expected to start carrying the generic versions this month.
The Collins & Lacy Workers’ Compensation Team recommends clients review older claims where the indemnity portion has been resolved, but the medical portion remains open. Claims involving high medical costs may now be ripe for settlement.