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While the generic drug industry expressed support for recommendations in the Bush administration’s proposed fiscal 2008 budget that would speed up the approval process by collecting fees from manufacturers, the White House should focus on resolving key obstacles that impede bringing generic drugs to market, industry sources say.
In a development likely to fuel the argument that Medicare and Medicaid need major overhauls, the Congressional Budget Office (CBO) is predicting that these programs will grow by 124 percent over the next 10 years, outpacing economic growth two to one.
Despite a 28 percent increase in profits and an 11 percent rise in sales, AstraZeneca will cut approximately 3,000 jobs to help with anticipated losses from generic competition, the company announced.
Optimata, an Israeli company, has signed an expanded collaboration agreement with Eli Lilly, under which Optimata will use computer simulations to help the pharma giant narrow down the possible conditions under which investigational new drugs are to be tested, saving effort at both the preclinical and clinical testing stages.
A Beijing court has ordered three local drug manufacturers in China to pay a $38,000 fine, apologize publicly and stop making counterfeit versions of Pfizer’s blockbuster impotence drug, Viagra, a company spokesman said.
Pfizer is making major changes in the way the company is run in an effort to drive down costs, increase revenue and enhance innovation, Pfizer announced at a meeting of its senior staff.
Despite a 28 percent increase in profits and an 11 percent rise in sales, AstraZeneca will cut approximately 3,000 jobs to help with anticipated losses from generic competition, the company announced.
Eli Lilly’s profits took a hit in the fourth quarter of 2006, dropping 81 percent due to a nearly $500 million product liability settlement involving its antipsychotic Zyprexa.
Abbott Laboratories posted a net loss of about $476 million, or 31 cents per share, in the fourth quarter of 2006, a different story than the net income of $976.4 million, or 63 cents per share, posted in the same period a year earlier, the company announced.
Generic drugmakers successfully capitalizing on the multi-billion dollar antihypertensive market are driving large brand producers to redirect their R&D strategies toward a more profitable market, a new Datamonitor report says.