If the honorable gentleman gets his way, the category of medicines known as â€œauthorized genericsâ€ (also referred to as â€œbranded genericsâ€) will vanish â€” and drug prices for millions of Americans could go up by as much as 17%. (This calculation is based on a comparison of what consumers actually spent on generics during the 180-day exclusivity period to what they would have spent to purchase the same quantity of generics at higher prices in the absence of a branded generic launch.)
The deliverable to the American patient? Higher prices and fewer choices. Needless to say, Rocky's â€œmodest proposalâ€ is being greedily embraced by the generics industry and Big Pharma bashers. And greedy is hardly hyperbole since profits on generic medicines exceed 45% even when there is a competitive branded generic on the market.
This is what we get for Medicare modernization? Itâ€™s Voltaireâ€™s famous aphorism come to life, â€œThe art of medicine consists in amusing the patient while nature cures the disease.â€ It would be far better if Senator Rockefeller followed the advice of Professor Einstein who said, â€œAny intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius â€” and a lot of courage â€” to move in the opposite direction.â€
Here's a link to a new study providing more data:
It's either the facts or Rocky's Horror Picture Show.