What did BIO, Genentech, Biogen Idec and other biotech drugmakers spend money on last quarter? Lobbying, of course. BIO, the industry's advocacy group, spent $1.9 million lobbying Congress on a variety of issues, including patent reform, stem cells, reimbursement and biogenerics. The lack of generic drug competition has been a major boon for biotech companies since they don't have to worry about patent expiration and generic competition the way pharmaceutical companies do. But that may be changing. With a new President headed for the White House, the previously-stalled efforts to create a faster biogeneric approval pathway will probably be revived. Biotech drugs are generally far more expensive than pharmaceuticals, which won't escape the notice of an administration focused on cutting high healthcare costs.
For example, Genentech and Biogen Idec forked over $570,000 and $180,000 respectively in Q3 lobbying on biogeneric drugs. And last week, we reported that Amgen and Amylin Pharmaceuticals spent big bucks on the same issue. Generic drugmakers and biotech companies can't agree on how biogenerics should be allowed onto the market, and how long biotech drugs should be given patent protection.
- see the AP articles on BIO, Biogen and Genentech