Pfizer plans reduction in Viagra Price as Patents Expire

Henrietta Strickland | December 10, 2017

Viagra’s cheaper alternative-a small, white pill-hits the market, just as another pharmaceutical company called Teva, plans to sell the first-ever generic version of Viagra, which will also go on sale Monday in the United States, the company told CBS News.

Though the pharmaceutical giant’s patent protecting Viagra from generic competition ends only in 2020, it has signed a settlement with Teva Pharmaceutical Industries, which allows the latter to sell its competitive product from December 11, 2017, paying Pfizer a royalty for a license to produce its generic version.

Pfizer negotiated a deal four years ago allowing Teva Pharmaceuticals USA Inc.to begin selling a generic version in the United States on Monday, Forbes reported .

“Patients are paying fortunes. When generic Viagra comes out, they will be very happy”, Dr. Nachum Katlowitz, a urologist at New York’s Staten Island University Hospital said. It transformed a private frustration for many aging men into a publicly discussed medical condition with an easy treatment, far more appealing than options like penile injections and implants. In year 2016, Pfizer registered $1.6 billion in worldwide sales for its erectile dysfunction pill. Viagra has been enjoying patent protection for close to two decades after it got the approval of the U.S. Food and Drug Administration in 1998. More than 12 million prescriptions were filled for Viagra and Cialis stateside in 2016 for almost a combined $3 billion in sales. In the Chinese market, Viagra, sold under the Chinese name of Wan Ai Ke, is being produced in a joint venture factory between Pfizer pharmaceutical and Dalian pharmaceutical in the northeastern Chinese city of Dalian.

Pharmaceutical companies specializing in generic medicines could even launch a cheaper generic version of the pill.

“We believe that the story for Viagra isn’t done. It’s just going to be a new chapter”.

This means that a month’s prescription could be slashed down to as cheap as a $20 copay. I don’t think the price is low enough. Previously, Pfizer’s patent protected against mimicking the brand name product until 2020.

Elsevier analytics for A.P. reports that Viagra retail prices have sky-rocketed from $10 to about $62 per pill, and from $11 to $61 for a single Cialis pill.

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