US trade group hits back over report into patents and innovation
In a blog post, the leading trade group for the US pharmaceutical industry has slammed a recent report from the Initiative for Medicines, Access & Knowledge (I-MAK).
While I-MAK accuses biotech companies of preventing competition and innovation, the Pharmaceutical Research and Manufacturers of America (PhRMA) argues that “new patents do not extend old patents, and they do not prevent competitors from launching new products.”
The group said that America’s intellectual property system in fact “paves the way for generic and biosimilar competition,” highlighting that more than 90% of current US prescriptions are filled by generics.
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