News November
Generic Drugs May Gain From Stronger Democrats
The newly empowered Democrats' vow to cut healthcare costs might
spell bad news for the brand-name pharmaceutical industry, but could
provide new momentum for generic drug rivals, the Wall Street Journal
reported on its Web site on Tuesday.
Boosting the generics industry may prove to be a politically palatable
way to follow up on the party's campaign promises, the paper reported.
It quotes Jake Hansen, a vice president at generic
drug manufacturer Barr Pharmaceuticals Inc., as saying that
because of the shift in Congress, next year could be the most important
year to the generics industry since 1984 -- when Congress passed
the law that opened the door to the modern generics business.
Earlier in November, Barr Pharmaceuticals Chief Executive Bruce
Downey told Reuters that Democrats might be more likely to pass
legislation that sets a path for approval of cheaper copies of biotech
medicines, a major priority for generic manufacturers.
A top official at rival generic maker Teva Pharmaceuticals Industries
Ltd. told Reuters both parties had become supporters of the less-expensive
drugs as a means to control rising health-care costs.
Source http://today.reuters.co.uk/news/
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