January 12, 1990 |
A federal judge fined Par Pharmaceutical Inc. and its Quad Pharmaceuticals unit a total of $400,000 today for their role in a Food and Drug Administration payoff scandal involving generic drugs. Par was fined $150,000 and Quad $250,000 in a proceeding before U.S. District Judge John Hargrove.
November 18, 1989 |
The outgoing commissioner of the Food and Drug Administration told members of Congress on Friday that the agency has found no evidence so far that generic drugs currently on the market are not safe and effective. But he cautioned: "Our work is not done yet." Dr. Frank E. Young, who will leave his post on Dec. 18, told members of the oversight subcommittee of the House Energy and Commerce Committee that "no serious problems with the safety of generic drugs have been found to date."
June 20, 2003 |
The Senate on Thursday approved a long-stalled measure to make it easier to get cheaper generic prescription drugs to market, adding an important cost-control provision to legislation that would expand Medicare to cover pharmaceuticals. The generic-drug measure, a compromise offered as an amendment to the Medicare bill, would close patent-law loopholes that allow brand-name drug manufacturers to protect themselves from competition by delaying the sale of generic equivalents.
May 11, 1997 |
Generic drugs, those low-priced copies of brand-name medicines, are so popular that they now make up nearly half the 2.4 billion prescriptions written in this country every year. That popularity hasn't filtered down to the bottom lines of the generic drug makers, however, and the industry's troubles mean consumers could soon see prices rising and their selection limited. Last year, heavy competition slashed the industry's profits and stock prices.
May 21, 1993 |
Maxicare Health Plans' doctors are urged to prescribe generic drugs when possible. The result: About 40% of all prescriptions are now filled by generics--a $5-million savings last year in the HMO's drug purchasing budget. San Diego allergist Dr. Eli Meltzer used to prescribe a brand-name drug called Theodor only for his asthma patients. But recently, he has been comfortable recommending a generic version of the medication for unclogging bronchial tubes. His patients save $12 a prescription.
February 6, 2004 |
Watson Pharmaceuticals Inc. on Thursday said its fourth-quarter profit rose, lifted by strong sales of generic drugs, women's health products and a patch to treat overactive bladder. The Corona-based company reported net income of $52.9 million, or 48 cents a share, compared with $43.1 million, or 40 cents, a year earlier. The quarter included one-time gains and charges that resulted in a reduction of net income by about $10.3 million.
December 11, 2008 |
Finally, a little good healthcare news for consumers: U.S. prices for generic prescription drugs, which already cost as little as one-third what their brand-name cousins do, have been getting cheaper and probably will keep doing so. The causes? The ultra-low prices for generic prescriptions offered by giant retailers and drugstore chains and intense competition among the many generic drug makers fighting for sales, according to health information firm IMS Health Inc.
March 14, 2006 |
Making a bid to stay near the top in the eat-or-be-eaten generic-drug business, Corona-based Watson Pharmaceuticals Inc. said Monday that it would buy a smaller rival for $1.9 billion in cash. Under the deal, Watson would pay $25 a share for Davie, Fla.-based Andrx Corp. The purchase, which must be approved by Andrx shareholders and federal regulators, is expected to be final in six months.
March 17, 2008 |
In the contentious debate over insuring Americans' health, the value of generic prescription drugs is a rare point of consensus. Patients, physicians, employers, politicians -- all hail generics as powerful treatment for a swelling healthcare tab. On average, these copycat medicines cost less than a third of the brand-name drugs they mimic. In turn, the competition they provide drives down the cost of those first-to-market drugs.