President’s Budget Calls for Biotech Medications to Face Generic Competition in Seven Years, Not Twelve
(Washington, DC)— Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt released the following statement on President Obama's budget proposal that would grant brand-name drug manufacturers seven years of market exclusivity before generic versions of biologic products can enter the market, instead of the 12 years that was passed in the health reform bill:
"We applaud the President's effort to finally make expensive biotech medications subject to the same kind of competition that other brand-name drugs have faced for almost three decades. This reform would save billions for consumers and taxpayers while making life-saving medications more affordable for everyone.
"While we still agree with the Federal Trade Commission's claim that not even one year of market exclusivity is needed to protect the incentives to innovate, the President is right to insist that biotech medications face generic competition in seven years instead of twelve."