The FTC (Federal Trade Commission), in a recent report, proposed that the 12-14 years that are currently being allotted as a period exclusively for the innovation of products in biotech companies is much longer than required for the purpose.
The report also showed that the development of the generic biotech drugs could be a boon to the health care cost in the U.S. These drugs cost about 10-30%lesser than the conventional drugs in the market today.
The U.S. President, Obama, after the publication of the report, included in his talk to the AMA, the American Medical Association, that the introduction of generic biotech drugs could save the country enormous money. But no one knows how much that money will be and how fast it will be earned.
It is definite that the introduction of generic biotech drugs will be a boon to the economy but this boon is not quantifiable. Also, the biotech sector will undergo some changes that will be immeasurable according to the industry insiders.
According to Mouli Cohen, investor, entrepreneur, philanthropist and the founder of the Voltage Capital is of the view that this proposal shall make innovation less attractive. He believes that innovation and the capability of driving processes towards outcome that are quantifiable is what business is all about. And killing this process can reduce them to just mediocre players. He says that innovation is needed to run a business and there is no alternative to that.
» Read more: What Mouli Cohen Has to Say About Biotech Drugs and Innovation
