we could not support the bill” if the industry is given less than 12 years of competitive protection for the expensive products.
Didja know the average cost to bring a new drug to market is one billion dollars? The FDA requires a myriad of hoops, politics and barriers for approval. Many FDA cronies end up on boards of directors for drug companies as payback or political intrigue. Who would invest in drugs and drug companies if there is not the possibility of profit? Does your 401k have a mutual fund that includes pharmaceuticals? The generics and knock-offs will eventually come from China. KEEP GOVERNMENT OUT of all aspects of American entrenpreneurship of business.
Biotech products run in excess of $1B - average is two to three to develop. Losing out on the exclusivity period coupled with price controls coming down the road will kill much innovation.