The prices of prescription drug will fall within the next 14 months as the patents of seven of the world’s 20 best-selling drugs are about to expire. Due the expiration of the license, the drug manufacturers will have to create cheaper alternatives for branded drugs.

The decline in prices will allow hospitals and patients to receive better pricing. It will also help the overall health industry to save money while delivering the same quality to patients. Recent figures reveal that Lipitor is taken by 4.3 million Americans while Plavix is consumed by 1.4 million people.

The top drugs with expired patents would include cholesterol drug Lipitor and blood thinner Plavix.

According to Labor Department data, due to the expiration of patent, pharmaceutical companies will have to cut about 10% of the U. S. jobs in four years. It will reduce the workforce from 297,000 to about 268,000.

According to EvaluatePharma, between this year and 2016, even more patents will expire. According to the Generic Pharmaceutical Association, the proportion of prescriptions filled with generic drugs gained 78% in 2010, up from 57% in 2004.