McClellan: generics key to limiting costs.(Mark McClellan)

WASHINGTON -- Generics are a key part of lower Medicare prescription drug costs, according to Mark McClellan, administrator of the Centers for Medicare and Medicaid Services (CMS).

"The new drug coverage is the most important new benefit in Medicare in 40 years, and as a result of strong competition in the marketplace it will cost much less than had been expected," he said earlier this month in testimony before the Senate Special Committee on Aging.

"With lower prices, more use of generic drugs and other effective steps to slow down drug spending the winners are the beneficiaries and the taxpayers."

McClellan's comments were applauded by Kathleen …