Bi-Partisan Waxman-Deal Bill will increase access and savings for American consumers
NORTH WALES, Pa., March 11 /PRNewswire-USNewswire/ -- Teva Pharmaceuticals USA, the leading generic pharmaceutical company, today applauded the introduction of a landmark, bi-partisan bill that would bring safe and affordable generic biologics to all Americans. Energy and Commerce Chairman Henry Waxman and Ranking Health Subcommittee Republican Nathan Deal, together with Representatives Frank Pallone and Jo Ann Emerson, introduced the Promoting Innovation and Access to Life Saving Medicines Act in the House of Representatives today following years of debate over the establishment of an FDA approval pathway for biogenerics.
"Representatives Waxman, Deal, Pallone and Emerson have reached a remarkable milestone with this bill; one that can have an enormous positive impact on our biopharmaceutical market," said William Marth, President and CEO of Teva North America. "But more importantly, it's a law that can provide a vast benefit for all Americans and save billions at the same time. Teva looks forward to working with Congress, the White House and stakeholders nationwide to see their work become a reality," Marth concluded.
The average daily cost of a biologic product is approximately 22 times greater than a traditional drug. The potential savings from biogenerics are huge. A 2008 economic study found that a U.S. biogenerics market would both promote competition and generate cost savings of just over $100 billion over the next 10 years. Large employers, pharmacy benefits managers, health plans, consumer groups, generic drug manufactures and others have been waiting for legislation that will establish a sound scientific regulatory pathway and properly balance the need for patient access with incentives for continued innovation.
Just last month, Teva launched the "Year of Affordable Healthcare," a nationwide campaign to recognize the important role that generic drugs play and commemorate the 25th anniversary of the landmark Waxman-Hatch Act which created the modern generic drugs industry and has resulted in billions of dollars of savings.
Teva USA is a wholly-owned subsidiary of Teva Pharmaceutical Industries Ltd., one of the largest generic pharmaceutical companies in the world and among the top 20 pharmaceutical companies. For more information, please visit www.tevausa.com or www.tevadc.com.
|SOURCE Teva Pharmaceuticals USA|
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