Supporting opportunities for enhanced competition in the marketplace

Promoting competition is an important focus for the biopharmaceutical industry. Since 1984, the Hatch-Waxman Act has fostered robust competition through the timely entry of generic medicines into the marketplace. Thanks in part to the incentives in the law, 90 percent of prescriptions today are filled with generics. And for brand medicines facing generic entry in most recent data from 2013-2014, generics captured an average of 93 percent of the market (by volume) within a year of entry. This dynamic of robust generic marketplace uptake and competition is only set to increase in time. All the while,multiple sources confirm medicine spending growth on medicines was between just three and five percent in 2016, the slowest rate in years.

Source: The Catalyst - November 22, 2017 Category: Pharmaceuticals Tags: FDA Intellectual Property REMS Source Type: news