The FDA and FTC Announce an Effort to Deter Anti-Competitive Practices Among Drugmakers
The Food and Drug Administration (FDA) and the Federal Trade Commission (FTC) made a joint announcement on Monday about their plan to tackle anticompetitive practices among the major drugmakers. The agencies are trying to encourage more competition to hopefully help lower drug prices.
The announcement specifically addresses a class of drugs known as biosimilars, which are similar to generic drugs in that they are cheaper than exclusive, patented drugs already on the market. Unlike generic drugs, which are identical to the already approved drugs they compete with, biosimilars are not exact copies but are similar enough that they produce almost the same effect.
Image source: Getty Images.
Source Fool.com
