Intellectual property's impact on pharma innovation and competition
Assessing the role of Intellectual property in pharmaceutical innovation and market competition (770 words, 4 minutes)
Pharma professionals need to understand the role of intellectual property (IP), which is essential for navigating the complex dynamics of pharmaceutical innovation and competitive forces.
One of the most important aspects of pharmaceutical innovation is intellectual property protection. According to a report by the Organization for Economic Co-operation and Development, this exclusivity is meant to foster innovation, pushing the boundaries of medical science and leading to the discovery of effective therapies.
The granting of patents affords pharmaceutical companies a period of market exclusivity during which they can recover their investments and generate profits. According to the Chicago-Kent Journal of Intellectual Property, this exclusivity can span two decades or more in most countries including Canada, depending on the patent's lifespan, effectively shielding the company from generic competition. Patents enable companies to charge premium prices for their products, considered essential for funding ongoing research and development efforts.
Pharmaceutical patents can also contribute to increased drug costs. Another article in the Chicago-Kent Journal of Intellectual Property notes that pharma companies can limit competition for a drug by extending the time of their patent protection.
However, once patents expire, generic manufacturers step in, producing lower-cost versions of the original drugs. Research published in Clinical Pharmacology & Therapeutics notes that this process generally lowers prices. In the U.S. generic manufacturers may also challenge the validity of existing patents or seek approval for their products through Abbreviated New Drug Applications or biosimilar pathways.
Additional sources:
THIS WEEK 09/19/23
The U.S. FDA approved GSK’s momelotinib (Ojjaara) for the treatment of intermediate or high-risk myelofibrosis, including primary myelofibrosis or secondary myelofibrosis in adult patients with anemia.
BioLineRx announced the U.S. FDA has approved motixafortide (Aphexda) in combination with filgrastim to mobilize hematopoietic stem cells to the peripheral blood for collection and subsequent autologous transplantation in patients with multiple myeloma.
Health Canada authorized Moderna’s updated Covid-19 vaccine, SPIKEVAX XBB.1.5, to prevent Covid-19 in patients six months of age and older.
Paladin Labs announced that the Canadian Agency for Drugs and Technologies in Health recommended that the company’s cenobamate tablets (Xcopri C) be publicly reimbursed as adjunctive therapy in the management of partial-onset seizures in adults with epilepsy.
LISTEN UP
In season 10 of the NPC Podcast, Shanil Ebrahim, Partner and National Life Sciences and Healthcare Consulting Leader at Deloitte Canada discusses improving healthcare literacy, expanding the use and integration of healthcare data, and public-private collaborations promoting equity in healthcare. Hear him in conversation with podcast hosts Mitch Shannon, Jim Shea and Mark McElwain.
HEALTHBIZ REWIND
This feature of NPC Healthbiz Weekly looks back at some of the most insightful moments from previous NPC Podcast episodes. In Healthbiz Rewind, you’ll read bold life sci predictions made during the renowned “Prognostication Korner” segment of the NPC Podcast.
Justin Bates
CEO
Ontario Pharmacists Association
Toronto
Season 10, episode 04
Listen to this episode here
What bold predictions will you make about the life sciences industry during the coming 12 to 24 months?
I think we are very much at the beginning or maybe in the middle of a disruption curve. I think we are going to see massive disruption in the core model of pharmacy over the next 12 to 24 months, driven by entities like Amazon Pharmacy, Talis and others that have vertical integration components to their business models.
When it comes to advancements, if you look at the life sciences side, we’re moving to more oral oncology and more injectables, which are going to need community pharmacies, not the traditional specialty providers. When we look at the potential that these have for prolonging life and bettering quality of life, it’s simply amazing. What we’re already seeing in terms of advancements in many of the pharmaceuticals is amazing.
Second, are we ready for another pandemic? What’s the next pandemic, or will we see another pandemic in 24 months? And are we better equipped now to deal with the public health crisis? Some would say yes, and some would say no. It would not shock me if there was another type of pandemic, whether it’s a continuation of Covid-19 or something else in the next 24 months.
Register now for the 2023 NPC End of Summer Webinar on Sept. 27
The webinar will be held virtually starting at 11:00 a.m. on Wednesday, September 27, 2023, will be one hour long, and is free to attend. Speakers include Peter Brenders, GM of Beigene Canada, Fanny Sie, Head of AI at Roche International, and Leandra Wells, VP of general medicines at GSK. Space is limited, so sign up today.
Coming up soon: It’s the 17th Annual National Pharmaceutical Congress on Wednesday, November 22, 2023
The 17th Annual National Pharmaceutical Congress will be held on November 22, 2023, at the Mississauga Convention Centre. As Canada’s most significant stage for leaders in the pharmaceutical industry, the Congress presents industry reflections, ideas, and innovations. The Congress is attended by more than 200 delegates annually and is an opportunity to learn, reflect, and network with the industry’s most prominent thought leaders and visionaries. Register now for 50% off the regular price.
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