CINCINNATI, March 31 /PRNewswire/ -- Prasco Laboratories, a Cincinnati- based independent authorized generic company, commends the Federal Trade Commission (FTC) for beginning a study on the short- and long-term competitive effects of authorized generics in the prescription drug marketplace. (a)
“It is important for all stakeholders to fully understand the positive impact of authorized generics, which is why we support the FTC as it engages in this comprehensive marketplace assessment. We believe this thorough analysis will build upon the existing literature supporting the pro-consumer impact of the increased competition that authorized generics bring to the generic drug industry,” said E. Thomas Arington, CEO and founder of Prasco.
“In 2003, Congress wisely modified the 180-day exclusivity period to permit more than one ANDA drug to enter the market. It would be a grave mistake-and cost consumers millions in higher prices for drugs-to go in the opposite direction and begin protecting monopolies in order to benefit a few giant, multi-billion dollar generic corporations,” Arington stated.
A 2004 Food and Drug Administration Talk Paper stated: “Marketing of authorized generics increases competition, promoting lower prices for pharmaceuticals, particularly during the 180-day exclusivity period in which the prices for generic drugs are often substantially higher than after other generic products are able to enter the market."(b)
“The importance of this study can not be overstated,” Arington commented. “In 1984, Congress enacted The Drug Price Competition and Patent Term Restoration Act, commonly known as Hatch-Waxman, to encourage the development of the generics industry in order to help consumers receive lower prices on prescription drugs. The reality is that the generics industry is a large business presently estimated to be a $28 billion industry and is expected to double over the next 10 years. Authorized generics now have and will continue to have an important role in the generic marketplace by providing consumers with additional savings.
“In conclusion, the practice of authorized generics embodies the spirit in which Hatch-Waxman was created to bring Americans, high quality low-priced pharmaceuticals. We welcome the FTC study, in support of making pharmaceuticals more cost-effective for the American consumer,” Arington concluded.
About Prasco
Prasco, an independent authorized generic company, is currently America’s fastest growing pharmaceutical company in terms of relative dollars and prescriptions. (c) Its mission is to provide both quality products and significant cost-savings to the consumer. Prasco’s goal is to provide patients with brand sameness through Prasco Independent Authorized Generics, which are brand-products sold under the Prasco private label. To find out more about Prasco Independent Authorized Generics, visit www.authorizedgenerics.com.
(a) http://www.ftc.gov/opa/2006/03/authgenerics.htm
(b) July 2, 2004 - FDA Talk Paper
(c) December 2005 IMS Data
Prasco Laboratories
CONTACT: Kimberly Carroll, Vice President Communications & MarketingServices of Prasco Laboratories, +1-513-618-3333
