The Food and Drug Administration’s new leader at the helm has the right idea to tackle drug prices in the U.S., Bloomberg says.
Scott Gottlieb has set his attention to bolstering competition from generic drugs to tackle rising drug costs. But the current health care landscape has seen generic drugmakers struggle to thrive under current regulations which give brand name drugs a leg up.
According to Bloomberg, Gottlieb has said generic drugs have saved the U.S. health care system some $1.6 trillion.
But generics have slower approval rates as compared to brand name drugmakers as the FDA permits 5-7 years of market exclusivity for new drugs.
“At the same time, brand-name drug makers engage in some questionable behavior to extend their monopolies,” Bloomberg says. “They find ways to prevent generics companies from buying the hundreds of doses needed to conduct comparative studies, for example.”