Per Senator Rockefeller's opinion that we need to legislate branded generics out of existence, we are once again faced with the immutable Theory of Medicare Relativism — when politics wins, patients lose.
If the honorable gentleman gets his way, the category of medicines known as “authorized generics†(also referred to as “branded genericsâ€) will vanish — and drug prices for millions of Americans could go up by as much as 17%. (This calculation is based on a comparison of what consumers actually spent on generics during the 180-day exclusivity period to what they would have spent to purchase the same quantity of generics at higher prices in the absence of a branded generic launch.)
The deliverable to the American patient? Higher prices and fewer choices. Needless to say, Rocky's “modest proposal†is being greedily embraced by the generics industry and Big Pharma bashers. And greedy is hardly hyperbole since profits on generic medicines exceed 45% even when there is a competitive branded generic on the market.
This is what we get for Medicare modernization? It’s Voltaire’s famous aphorism come to life, “The art of medicine consists in amusing the patient while nature cures the disease.†It would be far better if Senator Rockefeller followed the advice of Professor Einstein who said, “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage — to move in the opposite direction.â€
Here's a link to a new study providing more data:
http://www.genengnews.com/news/bnitem.aspx?name=16644361
It's either the facts or Rocky's Horror Picture Show.
If the honorable gentleman gets his way, the category of medicines known as “authorized generics†(also referred to as “branded genericsâ€) will vanish — and drug prices for millions of Americans could go up by as much as 17%. (This calculation is based on a comparison of what consumers actually spent on generics during the 180-day exclusivity period to what they would have spent to purchase the same quantity of generics at higher prices in the absence of a branded generic launch.)
The deliverable to the American patient? Higher prices and fewer choices. Needless to say, Rocky's “modest proposal†is being greedily embraced by the generics industry and Big Pharma bashers. And greedy is hardly hyperbole since profits on generic medicines exceed 45% even when there is a competitive branded generic on the market.
This is what we get for Medicare modernization? It’s Voltaire’s famous aphorism come to life, “The art of medicine consists in amusing the patient while nature cures the disease.†It would be far better if Senator Rockefeller followed the advice of Professor Einstein who said, “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage — to move in the opposite direction.â€
Here's a link to a new study providing more data:
http://www.genengnews.com/news/bnitem.aspx?name=16644361
It's either the facts or Rocky's Horror Picture Show.
