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Published:March 13th, 2009 09:33 EST
Congress Introduces New Generic Biotech Drug Proposal

Congress Introduces New Generic Biotech Drug Proposal

By Christopher HIllenbrand

On Wednesday, Legislators revealed a new bill that would give the Federal government the power to authorize companies to produce generic versions of costly biotechnology drugs. Brand name biotechnological medicines currently run into the tens of thousands to patients every year.

 

        Democratic Rep. Henry Waxman, chiefly responsible for authoring the bill, stated that biotech medications are the fastest growing fields in the drug industry as well as being one of the priciest. In accordance with the president`s plan to nationalize health care, this would cut costs dramatically in marketing that would be passed along to patients, insurers, employers, and ultimately, the Federal government.

 

        Coming attached to the Democrat`s plan, a stipulation would entitle the companies who originally produced the drug type five years of market exclusivity. Another condition present in the bill would grant those same companies another three years to improve the pre-existing drugs on a case-by-case basis. This time allowance might be postponed for a maximum of one more year for pediatric research or new applications for the medicine. All of this information was obtained from a summary of the bill provided by Congressmen.