Word: indianism
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...India's copycat pharmaceutical firms are increasingly becoming a throbbing headache for Big Pharma. Not only are they expanding aggressively in the U.S. and Europe, they are also making inroads by challenging patents on some of the world's most profitable drugs so that inexpensive Indian alternatives become more widely available. The strategy is proving to be an unexpected boon to governments of developed and developing countries that are pushing to make cutting-edge drugs more affordable for their citizens...
...claims that its generic version of Lipitor doesn't infringe on Pfizer's patent and is scheduled to argue its case in a Delaware court late next year. And this wasn't the first jolt that the world's biggest pharmaceutical company has suffered from an Indian rival. Last December, a New Jersey court ruled that another Indian company, Dr. Reddy's Laboratories, could sell a generic version of Pfizer's Norvasc, an antihypertension drug that garnered $3.8 billion in sales last year. Pfizer is appealing the decision...
...showed two years ago it could take on the giants on their home turf when Dr. Reddy's won the right to hawk generic versions of Eli Lilly's best-selling antidepressant, Prozac. That success opened the floodgates: there are currently at least a dozen patent challenges filed by Indian firms against U.S. drugmakers. In all, Indian companies have received either judicial or administrative clearance to sell 87 generic drugs in the U.S., and 68 more are awaiting approval. "It's a great time for the Indian pharmaceutical industry," exults G.V. Prasad, CEO of Dr. Reddy...
...reason Indian companies are doing so well in America: they have learned to exploit U.S. patent laws that two decades ago were amended to allow for the sale of generic pharmaceutical products. In the mid-1990s, Indian companies searching for overseas revenue streams began pushing into the U.S., where chronically high prices for prescription drugs created a ready market for generics. Dr. Reddy's, for example, now generates one-third of its sales in the U.S. Though domestic sales for Indian drugmakers as a whole are growing at less than 10% a year, their exports soared by 20% last year...
...Even as they succeed overseas, however, trouble is brewing at home. As part of an agreement with the World Trade Organization (WTO), India will apply international patent standards to its domestic pharmaceuticals market in 2005, ending three decades of protectionism and making it easier for multinationals to compete on Indian soil without being relentlessly copied. Currently, India's top 10 pharmaceutical companies spend only 3.3% of their revenues on research into new products?compared with the 10-15% their Western peers spend. Once the new patent laws are enforced, local drugmakers that don't want to be buried by multinationals...