Drug Sales Slow
I’m not a big fan of handing Big Pharma your paycheck. So this made me smile. In 2007 U.S. drugs sales grew at their slowest rate since 1961. Reuters reports:
Total U.S. prescription drug sales reached $286.5 billion last year with slowing growth blamed on factors including patent expirations of lucrative medicines that opened the door to cheaper generic versions.All I can say is—tough noogies!
Other reasons cited by IMS in its annual U.S. Pharmaceutical Market Performance Review were fewer new product approvals, safety concerns, and the leveling of year-over-year growth from the Medicare Part D program.
The 3.8 percent growth rate compares to 8 percent growth seen in 2006.
"The moderating growth trend that began in 2001 resumed last year following the one-time impact on market growth in 2006 from the implementation of Medicare Part D," Murray Aitken, IMS's senior vice president for healthcare insight, said in a statement.
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