Top 10 Pharma’s Profits Up $8 Billion from January to June, Waxman says; Rep Vows to Support Biogenerics

U.S. Representative Henry Waxman has just analyzed the profitability of the world's 10 pharmaceutical companies, and finds that their profit margins increased by $8 billion over the first half of this year. (waxman_report_on_drug_profits.pdf) He attributes that to the new Medicare Drug Program and such things as "induced demand" and a failure to limit drug price increases.  In a speech today before the Generic Pharmaceutical Association today, Waxman said he plans to prod FDA to set clear guidelines that could speed the approval of biogenerics.  Read here for the report from Associated Press.