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High costs, lack of creativity cited for poor development of new medicines in China
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About 97 percent of medicines on the Chinese market are generic drugs due to a lack of creativity and the high cost of developing new drugs, industry insiders told a pharmaceutical forum in Shanghai today.
Launched by Shenyang-based Original Pharmacy, experts discussed how to regulate and boost generic drugs in China.
A generic drug is the bioequivalent to a brand name medicine in dosage, safety, strength, quality, performance characteristics and intended use.
Although generic drugs are nearly identical to branded counterparts, they usually sell for much cheaper, according to the US Food and Drug Administration.
The developer of a new drug receives a 20-year patent. This gives the developer the sole right to sell the drug during the patent period. After the patent expires, other companies can apply to make a generic version of the drug.
The US FDA has said 326 drug patents will expire this year and another 293 in 2015.
Experts said the expiration of patents provide an opportunity for domestic pharmaceutical companies.
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