Congress, patients step up campaign for more generic drugs
Washington, D.C.-While global sales of pharmaceuticals are slowing, the generic drug market continues to grow. The latest report from IMS Health predicts generic drug sales will rise 13% to 14% to $65 billion next year, almost 10% of projected worldwide drug sales of $685 billion, compared with a 5% to 6% increase in the global pharmaceutical market.
WASHINGTON, D.C.-While global sales of pharmaceuticals are slowing, the generic drug market continues to grow. The latest report from IMS Health predicts generic drug sales will rise 13% to 14% to $65 billion next year, almost 10% of projected worldwide drug sales of $685 billion, compared with a 5% to 6% increase in the global pharmaceutical market.
The prospect of added savings is driving the campaign for access to new generic treatments. A hot issue in Washington is whether the Food and Drug Administration will establish a pathway for approving generic versions of high-priced biotech therapies. And with the Democrats now setting the agenda, the campaign for generic biologics has gained impetus.
The legislation also encourages manufacturers to conduct additional testing to demonstrate that a product is "interchangeable" with the reference product, instead of just comparable. And the measure aims to prevent brand-name firms from maneuvering to extend patents and block new generics.
The bill's sponsors say that FDA set a precedent for such an approach by approving Sandoz's Omnitrope (human growth hormone) last May. FDA is somewhat reluctant, however-it took FDA nearly three years to approve this "follow-on" version of a biotech therapy, and the agency considers Omnitrope too unique to establish a pathway for other biotech products to come to market.
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Briana Contreras, editor of Managed Healthcare Executive, spoke with Nancy Lurker, CEO and president of EyePoint Pharmaceuticals. Nancy shared a bit about EyePoint and how the organization’s innovative therapies are addressing patient needs through eye care, and most importantly, she addressed C-Suite positions like the CEO role. Nancy shared advice for those seeking to reach the CEO level, especially toward women in healthcare and other roles, and what it takes to run a biopharma company.
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The deliberate disconnection of Change Healthcare to ring fence a cyberattack entered its seventh day today. Prescribers are finding ways to get pharmacy claims processed, and UnitedHealth Group says disruption to the dispensing of prescriptions has been minimal. But independent pharmacies want more information and protection from financial consequences from pharmacy benefit managers.
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