Word: genericism
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...Oracle tends to be a generic system and Harvard has some uniqueness," Segall says. "They assumed it would work in some key areas, but you never know where it won't work until...
Indeed, the price of drugs has been both rising and falling. Spending on all prescriptions amounted to $100 billion last year and is growing 11% to 14% annually. Competition among generic drugmakers has depressed prices nearly 40% since 1995, saving consumers between $8 billion and $10 billion annually. As generics have got cheaper, their share of all drugs prescribed has risen to nearly 45%, almost tripling since 1984. On the other hand, since 1995 consumers have paid nearly 20% more for brand-name medications...
...drugs. Last year the company helped found a lobbying group called the Campaign for Fair Pharmaceutical Competition. The group is currently pushing to eliminate sections of the Waxman-Hatch Act, a landmark 1984 law designed to promote drug competition. One target: a provision that prevents the FDA from reviewing generic-drug applications for 30 months if the patent holder sues...
...opposing lobbyists have a slightly different spin. Proprietary medications can work better and sometimes protect consumers from potentially unsafe or ineffective generic compounds, according to Alan Holmer, president of PhRMA, a lobby for the brand holders. He derides Mylan's lobbying as "nothing more than a brazen attempt to deflect attention from the generic industry's embarrassment at its recent dramatic price increase and calls for antitrust investigations of their practices...
Whatever happens to Mylan, America's generic-drug industry is likely to emerge much stronger from the current turmoil. Even with delays, brand-name drugs that now account for sales of more than $40 billion a year could become available in generic form by 2008. Based on current pricing, consumers might save an additional $16 billion. And that's not too hard to swallow...