Brand Name Patent Losses Raise Pharma Cost Concerns
A number of popularly prescribed medications are set to lose their patents in the near future. This is causing a great deal of concern among healthcare providers and consumer advocates. Once a medication’s patent runs out, other companies can legally produce that medication in its generic form. While this is usually a good thing because it brings in competition and often brings prices down, changes in the pharmaceutical industry have negated much of the cost saving advantage of generic drugs.
There are several reasons why healthcare providers and consumer advocates fear this may increase medication prices for patients. For one thing, many of the smaller companies that manufacture generics have consolidated into larger corporations, thus cutting down on competition and the desire to keep prices low. Another fear is that, in order to offset the impending financial losses manufacturers of brand name drugs anticipate when their patents run out, those manufacturers may increase the price of other medications they still hold the patents for.
Like insurance companies, pharmaceutical companies like to tout their dedication to helping people and saving lives. In reality, pharmaceutical companies are most concerned with making as much profit as possible. If you or a loved one has trouble paying for a needed medication, or has suffered a side effect you feel has been caused by a medication, you need to contact a skilled pharmaceutical litigation attorney.
Pharmaceutical companies are huge corporations with deep pockets and large insurance policies. Don’t let their unethical greed jeopardize your health or the health of a family member. To find out more about your legal rights and options, contact the legal team at the law offices of Farah & Farah.
Call (800) 533-3555 today for a free case evaluation.