Patents are an official documents conferring a right or privilege. This document secures to the inventor a term of years exclusive rights to the invention. According to a report by PHARMA there are a number of prescription drug patents set to expire in 2018.
The National Pharmaceutical Services, the FDA’s Orange Book, Drugs.com, and The Center for Biosimilars lists over 26 nationally known brand name medications that are targeted to “go off patent” in 2018.
As we all know, there is a high cost related to medication today in the field of health care. So, how much money is actually involved in this process? The EvaluatePharma – World Preview 2017, Outlook to 2022 report, states that $194 billion (that’s billion) in brand-name sales are at risk during this period. The companies that patent and sell these medications will probably forfeit $31 billion (that’s billion) in sales.
As you go to your medical provider this year and he/she writes you a prescription for medication, take a moment to ponder on the “behind the scenes” industry connected to the words written on that little piece of paper.
Medications, and the patents for them, are a big business. It doesn’t matter if they are targeted toward generics, pain relief, easing respiration, erectile dysfunction, curing cancer, biosimilars for autoimmune diseases or diabetes management all are researched, developed, marketed, distributed, patented and sold by someone. They are targeted to you and your medical provider to improve the quality of life. Use them wisely but remember that there is a business behind the benevolence.