Debate over patent law and production of low cost generic drugs in India
India has made a generic version of a drug called Gleevec which is used to treat leukemia. The drug is made by an american company named Novartis. The Indian company won there court case to make a generic version of this drug that costs $2,500 a year compared to the name brand at $70,000 a year. Novartis argues that this is an infringement on intelectual property, while India argues that U.S drug companies use loopholes to aquire patents of small formula changes to pre-existing drugs to extend patents and keep prices high. I have very good insurance through work and I still wouldnt be able to afford a drug at this inflated price. There is no way that this company is making such a small proffit margine on this drug that it needs to cost $70,000 a year. even with 80% covered by insurance I would still be paying about a quarter of my salery for this one drug.
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