It takes over five years after a patent is issued, to get a new drug that gets final FDA approval to market. Why not just prohibit all research and development in the U.S. since no one wants to pay for the advances in medical science? I suspect Mr. Waxman has no one in his family who is hoping for a cure for a terrible illness.
The cat is dead and it took a nice bounce yesterday thanks to Pandit the Pundit CEO of C. He may be learned but he's also a two-faced liar. Not sure why VRTX is heading South today? Probably concerns over the merger deal with Schering Plough and Merck.
House Energy and Commerce Chairman Waxman is introducing a bill allowing the FDA to approve copies of biotech drugs, and gives 5 years of exclusivity for original biotech drugs and 3 years of additional exclusivity for modified approved drugs in some cases. This may be the reason the entire biotech sector is being punished.