- Citing the Initiative for Medicines, Access & Knowledge’s (I-MAK) report, Reuters said that several makers of top-selling drugs in the U.S. face no competition and will cost an estimated further $167 billion before competition arrives.
- “U.S. prescription drug spending, which exceeds $400 billion today, is projected to reach nearly a trillion dollars by 2030,” said I-MAK in its report.
- “Patent abuse is not limited to a few bad actors. A growing body of evidence demonstrates that an essential part of the pharmaceutical industry’s business model for top-selling drugs is now built on maintaining market control by exploiting an outdated patent system,” the group said.
- I-MAK said generic copycats of Bristol-Myers Squibb Co’s (NYSE:BMY) / Pfizer Inc’s (NYSE:PFE) blood clot treatment Eliquis and AbbVie Inc’s (NYSE:ABBV) Humira, and Amgen Inc’s (NASDAQ:AMGN) Enbrel for rheumatoid arthritis, have been available in Europe for an average of 7.7 years before their expected U.S. launch.
- “Pharmaceutical companies secure hundreds of patents to block competition because they can,” the report concluded.
- Manufacturers of the top ten selling drugs in the U.S. filed an average of 140 patent applications per drug, 66% of which followed FDA approval, I-MAK said. An average of 74 patents were granted on each drug in Europe.
- Photo by Arek Socha from Pixabay
Related Posts
Analysis: What Movies Audiences Wanted (And Rejected) During The First Half Of 2022
The first half of 2022’s movie year was marked with several intriguing surprises that could reshape film production and exhibition trends for years to come.
And The Winners Are: For the films that were in U.S. theatrical release from New Year’s Day through June 30, here are the top 10 grossing films, as per data published by Box Office Mojo:
Guess, Ralph Lauren, DISH Network, NVIDIA And Other Big Stocks Moving Higher On Thursday
U.S. stocks traded mostly higher, with the Nasdaq Composite gaining over 1% on Thursday. Here are some big stocks recording gains in today’s session.
Visa Pilots ‘Paymaster’ Feature To Simplify Crypto Gas Fees
Visa is testing a feature to simplify on-chain gas fee payment in crypto transactions, reported Forbes India.