Challenges and opportunities abound as generic wave hits the shore
WHAT IT MEANS AND WHY IT’S IMPORTANT — One analysis report after another seems to confirm that the generic drug market is in for a huge shift as the number of blockbuster drugs losing patent protection is set to dwindle over the next several years. A recent report by Frost & Sullivan seems to confirm that sentiment.
(THE NEWS: Frost & Sullivan forecasts strong growth in generic drug market through 2017, click here.)
Generic drug makers accustomed to reaping profits from the 180-day exclusivity periods they get when they are the first to file for Food and Drug Administration approval of a drug will face new challenges as those exclusivity periods end as part of the broader trend commonly called the patent cliff. For example, Ranbaxy Labs may have hit pay dirt on Nov. 30, when it launched the first generic version of Pfizer’s cholesterol drug Lipitor (atorvastatin calcium), but at the end of May, when Ranbaxy’s exclusivity period ends, any generic drug company that wins FDA approval will be able to market its own version.
In response, many are looking to move up the value chain, creating products that are more innovative, such as branded generics, and also delving into biosimilars. Sandoz has some big plans in this area, with clinical trials of biosimilar versions of Amgen’s Neupogen (filgrastim) and Neulasta (pegfilgrastim) that it hopes will support their approval in the United States. Of course, this all costs money for generic drug makers, which will have to hire new scientists and develop new infrastructure to support these investments.
While this transition will be a complicated and difficult one for generic drug makers, it also may open opportunities for pharmacy retailers. According to analysis by the Federal Trade Commission, generics tend to generate higher profit margins for retailers, and analysis by Credit Suisse showed that the generic wave could add 6% to 7% to their earnings in 2012. And unlike drug makers, retailers can offer a wide range of other products and services to customers who come through the door to pick up their prescriptions, meaning that even a 30-day supply of a generic drug sold for $4 can have a multiplier effect.
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Mscripts introduces new mobile app platform features
SAN FRANCISCO — Users of Mscripts’ mobile pharmacy application platform will have a host of new features to make managing prescriptions and shopping easier, according to a presentation the company gave Friday at the Health Innovation Summit.
Mscripts announced that it would add new features to the platform that included integrated shopping lists, upgrades to the Mscripts coupon module and proxy prescription management that will allow one person to manage prescriptions for multiple family members. With the shopping list feature, users can add items to their list by browsing a store’s inventory, scanning barcodes, taking photos or typing in the product’s name. The upgraded coupon module will allow pharmacies to design and manage coupon campaigns and collect metrics, distributing coupons to shoppers on their phones through text or email messages.
"Pharmacies want to make the process of managing prescriptions and visiting the pharmacy more efficient for their customers," Mscripts CEO Mark Cullen said. "These features, combined with our robust couponing capabilities, save customers time and money."
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Extraordinary mobile pharmacy application platform has created by Mscripts where this leading platform has been offering customer satisfactory and flexible with robust mobile pharmacy solution.Great strategies to make this more interactive among the customer by integrating shopping lists, upgrades to the Mscripts coupon module and proxy prescription management.Specially for pharmacies its an awesome mobile technology based platform.urgent care directory
Bristol-Myers Squibb donates $6.9 million to benefit cancer patients
PRINCETON, N.J. — Drug maker Bristol-Myers Squibb has donated $6.9 million to a nonprofit group that helps people pay for medical treatments, the company said.
Bristol made the donation to the HealthWell Foundation, which provides financial assistance to eligible people for covering co-insurance, co-payments, healthcare premiums and deductibles for certain treatments. The drug maker’s donation is targeted toward underinsured cancer patients.
"Bristol-Myers Squibb had robust patient assistance programs for cancer patients, and this contribution reinforces our commitment to helping patients gain access to the medicines they need," Bristol VP U.S. medical John Tsai said. "We are proud to support the HealthWell Foundation in its mission to reduce barriers to care for underinsured patients."
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