Re-Marketing Drugs For Profit
Say what you want about pharmaceutical companies, but you can never say that they pass up a chance to make a profit. Back in the 1980s, a law was passed in the U.S. that came to be known as the Orphan Drug Act of 1983. This law offered financial incentives to pharmaceutical companies that developed medications to treat rare disorders and diseases.
Pharmaceutical companies tend to shy away from developing medications that only a small part of the population can benefit from. This is because they would lose money on such a project. The Orphan Drug Act of 1983 also offered fast-track approval by the Food and Drug Administration (FDA) for medications with a limited public need.
Jump to 2016 and we see trouble with the Orphan Drug Act. Medications approved under the act are being slightly altered and retooled and then repurposed, re-marketed, and sold at high prices. What’;s happening is that pharmaceutical companies that received easy approval for their products in the past are exploiting that umbrella protection to turn products into easy cash.
If you feel you’ve been the victim of unfair practices by the pharmaceutical industry, you need to speak to a pharmaceutical litigation attorney. Farah & Farah handles pharmaceutical litigation claims nationwide. It’;s our mission to stand up for people hurt by the negligence of large corporations.
Call us today for a free consultation at (800) 533-3555.