FDA Approves Generic Lipitor
Lipitor, the best selling drug in history, has officially gone generic.
This comes as well-received news for the many patients who use the drug to manage high cholesterol. They can now manage it more affordably.
“This medication is widely used by people who must manage their high cholesterol over time, so it is important to have affordable treatment options,” according to an FDA statement released Wednesday.
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The conglomerate manufacturer of the drug, Pfizer, lost its patent when it expired Nov. 30.
Over the last decade Lipitor has earned Pfizer an estimated $106 billion dollars in sales according to a New York Times report.
It’s no wonder that the pharmaceutical giant has taken some aggressive efforts to offset the prospective sales of its generic rival.
Pfizer has offered many drug stores discounts on its products for refusing to stock the generic alternative.
Corporate power Medco Health Solutions sells high volumes of the drug manufacturer’s product to pharmacists and has agreed to encourage its clients to continue filling Lipitor prescriptions for the next six months according to a New York Times report.
Since Lipitor is so much more expensive, it may be no easy task for the market to refuse the new generic alternative.
The Wall Street Journal reports that co-pays for Lipitor range on average between $29 and $49, whereas new generic versions of the drug will yield co-pays of $10.
The FDA approved the new manufacturer of the generic drug to Ranbaxy, the largest drug manufacturer of India according to Reuters.
Although FDA spokeswoman Sandy Walsh has said that Ranbaxy will be manufacturing the pills under a partnership with Ohm Laboratories at its New Jersey facility.
Bloomberg has reported that Ranbaxy stock gained as much as 11% once the Bombay Stock Exchange closed the day of the FDA approval.
