Originally published November 16 2003
Pharmaceutical companies block introduction of generic drugs to milk profits from consumers
by Mike Adams (see all articles by this author)
It's hardly a surprise: pharmaceutical companies are once again sticking it to consumers by attempting to block the introduction of generic drugs that undercut their own monopoly drug prices.
- For example, according to a Federal Trade Commission report, a generic version of antidepressant Paxil was held up more than four years by its patent holder, GlaxoSmithKline. It was only after actions by the Food and Drug Administration and the FTC that a generic version of the drug came to market this September. "Generics usually sell for at least a 35 percent discount off the brand," said Barry Edwards, co-CEO of generic drug manufacturer Impax Laboratories. But lawmakers believe Americans are waiting too long for cheaper prescription medications to hit the market. The proposed legislation is attached to the current Medicare bill, better known as the Medicare Prescription Drug and Modernization Act of 2003.
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