In a recent move to combat alleged patent abuse by pharmaceutical companies, the Federal Trade Commission (FTC) has challenged hundreds of “junk” patents held by companies for 20 brand-name drugs, including Novo Nordisk’s blockbuster diabetes drugs Ozempic, Saxenda, and Victoza.
The FTC argues that pharmaceutical companies are listing unnecessary patents for branded medications in order to keep drug prices high and hinder generic competition in the U.S. market. This announcement is part of the Biden administration’s broader efforts to make healthcare more affordable for Americans, a key goal for President Biden’s 2024 re-election campaign.
The FTC issued letters to 10 companies, including Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals, and Amphastar Pharmaceuticals, as well as some of their subsidiaries, warning them about improperly listed drug patents. Many of these patents are related to Type 2 diabetes, asthma, and inhalers for COPD.
FTC Chair Lina Khan stated that by challenging these “bogus” patent listings, the FTC is fighting against illegal tactics that drive up prescription drug costs for Americans. The FTC has also informed the Food and Drug Administration (FDA) about these challenges, as the FDA manages patent listings for approved drugs in the Orange Book.
This recent action follows the FTC’s previous challenges to branded drug patents last fall, which resulted in three drugmakers delisting their patents with the FDA.
At Extreme Investor Network, we understand the importance of staying up-to-date on key developments in the pharmaceutical industry that can impact investments and financial decisions. Stay informed with our in-depth analysis and expert insights on breaking news and trends in the business world.
