• Reuters, Thursday, March 12, 2009 10:46 AM

A bipartisan proposal unveiled in Washington, D.C., yesterday would open a vast new market for generic drugmakers and lead to competition for brand-name biotechnology companies. Biotech drugs, or biologics, are man-made forms of human proteins and tougher to produce than traditional medicines, Lisa Richwine reports.

Rep. Henry Waxman, D - Calif., joined by a Democratic colleague and two Republicans, said biotech drugs are the fastest-growing and most expensive part of the nation's prescription drug bill. Generic versions could provide safe alternatives while saving money for patients, employers, insurers and the federal government, the lawmakers said.

Similar bills died in the previous Congress, but prospects may be better now with support from President Obama and a desire to cut soaring health costs. Brand-name companies are pushing for 14 years of exclusivity for biotech drugs. That time is needed to entice manufacturers to develop new treatments, the companies say.

Read the whole story at Reuters »