In a recent development, there is an effort going on to increase the competition and bring down the prescription of the drug prices, as said by Dr. Scott Gottlieb, who is the FDA Commissioner. He wants to make the approval time faster for rivals. As a result, it will be a promising act for new first-to-market medicines.
The chief of the US Food and Drug Administration has said that it had committed speeding up the approvals of the cheap generic medicines. These approvals are the agency’ main contribution to the Trump’s administration push to cut the drug costs to the consumers. The primary effort was led by the Department of Health and Human Services.
According to the Gottlieb, he said that they are trying to do it on the generic side, but also they are trying in a new drug side. He said this in an interview which was held on Saturday at the American Society of Clinical Oncology (ASCO) meeting in Chicago, which is the World’s biggest cancer conference.
If the companies have products and they have invested a lot of money, then they should get the opportunity take a call on the price of that product which is based on the market. Gottlieb said by adding that, they will be going to have the monopoly, but the monopoly will not be lasting forever.
He thinks that in the last 10-15 years, the time to market for the second drug is a new class which has gotten longer. The agency is now undertaking analysis to see that if this thesis is correct or not and also looking for the ways to fast the approvals.
The theory which was put forward by the Gottlieb now seems to be creating some disagreement among some cancer drug executives. As per Liz Barrett, who is the former global president of oncology at Pfizer Inc asked Gottlieb to give an example of what he presented. She added by saying that if that is right in the evolution of oncology in the last few years, then it is also very competitive in each class.
When this comes to the new prescription drugs, then the competition is not always bringing down the prices.