April 15 & 19, 2006
-- A federal judge ordered the FDA to rule on a four-year-old application by Sandoz, Novartis, generics unit, to market Omnitrope, a version of human growth hormone. Just a few days later, Sandoz obtained approval from European regulators to market the drug in the European
Union.
April 11, 2006 --
According to a report by consulting firm Ernst & Young, in 2005 the U.S. biotechnology industry surpassed pharmaceutical companies for the third consecutive year as the primary source of new medicines. Biotech revenue jumped nearly 16 percent last year to a record $50.7
billion.
April 10, 2006 --
After spending six months poised on the auction block, and rejecting bids from several companies, Serono removed itself from bidding. In lieu of selling itself, Serono will seek several smaller deals or one large-sized acquisition to support its
growth.
April 6, 2006 --
In cases where early use of a drug is likely to save lives or ease severe suffering, the European Union will allow drug companies to market new medicines without the customary regulatory processes. Conditional authorization is only valid for one year, and the sponsoring company will be legally bound to complete safety and effectiveness
studies.
March 20, 2006 --
Analysts from Boston Consulting Group predict that by 2010 Chinese drug sales could double, reaching $25 billion per year. If realized, this would put China in fifth place in terms of drug sales--more profitable than Britain and Italy. By 2050, even the United States will play second fiddle to China.
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