Prescription Drug Pricing Will Drop Within 2 Years
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With patents for several brand-name drugs expiring in the next year and a half, the generic drug market is poised to replace dozens of the most familiar and extensively promoted prescription drugs on the market today. For users globally, this will mean changing from the usual brands such as Plavix to generic prescription drugs that are typically much cheaper than their brand-name equivalents. The impact on patients and drug companies is briefly discussed below:
Which Prescription Drugs Will Have Generic Alternatives?
According to some, six of the top 10 bestsellers will lose their patents, including the number one prescription drug Lipitor, which is used to control cholesterol levels (patent expires next November). Plavix, which is used to prevent blood clots, will lose its patent in May 2012. Other drugs that treat common complaints such as high cholesterol and arthritis will also become available in generic form.
Why so Many Patent Expirations in a Short Timeframe?
During the 1990s, pharmaceutical researchers were "wildly successful at creating pills that millions of people take every day for long-term conditions, “according to the Associated Press. Patents for prescription drugs typically last 20 years and since patents were filed during the development process many are now due to expire.
Does This Mean Cheaper Prescription Drugs?
In short, yes it does since generic alternatives to name-brands can be up to 80% cheaper. This is an obvious advantage to those on fixed incomes such as the elderly, unemployed or for those who need to take a prescription drug on a daily basis, for example, diabetics, those with high blood pressure and other chronic conditions. In addition, the benefits to hospitals, clinics, retirement homes are clear, with reduced costs on essential medication for all patients under their care.
