In the coming months, Lipitor prices will drop by 10 percent and could decrease by more in the middle of next year, according to a new lawsuit. The reason for the sudden price drops is because Pfizer is competing with generic manufacturers to get the market share they’re losing. In the meantime, the company plans to offer its original Lipitor at or below generic prices to increase its sales volume. However, it will require a prescription.
Drug companies have had to adjust their prices due to a number of factors, including the fact that the patent for Lipitor expired seven months ago. Many manufacturers are trying to keep the price of the drug as low as possible, but many are not. Moreover, the pharmaceutical industry is facing increased competition, tougher regulatory scrutiny, and resistance from cost-conscious health insurance providers. Meanwhile, drug makers have to fight for their existing markets, despite the recent price hike. As a result, Pfizer is launching a campaign to limit generic competitors.
The lawsuit against Lipitor is a sign of the state of American health care. As a matter of fact, it is the leading prescription drug in the country, with sales of up to $13 billion a year. The patent on the drug expires in 2011, which means that a generic version of Lipitor will become available. In essence, generic Lipitor will have the same effect as the brand-name medicine and will continue to be sold in pharmacies across the country.
Although there are fewer generic drugs in the United States, the sale of Lipitor has continued to rise. Its sales peaked at $13 billion a year, helping Pfizer stay atop the list of pharmaceutical companies by total revenues. When the patent expires, generic versions of Lipitor will be available on the market. In addition to the lower prices, the generic version is safe to take and will have the same effect.
Despite the price hikes, the government’s lawsuit is not about the Lipitor prices themselves. Instead, it’s about the rebates Pfizer received from its patients. These rebates should have been subtracted from the price of Lipitor. As a result, it’s claiming that Pfizer kept Lipitor prices artificially high to increase profits. It claims it will pay $20 billion to resolve the suit.
Since Lipitor’s patent expired late last year, generic versions are now available without a prescription. The generic version costs 50 cents a pill at Costco, and the price of the brand-name drug is expected to stay the same. But if you’re still worried about the price, it is a good idea to consult your doctor to make sure you get the best deal. As a result, it will be cheaper for you to buy generic versions of Lipitor than to pay for the brand-name version.
During the patent period, many popular drugs will be cheaper. For example, Lipitor prices in the United States reached a high of $13 billion a year, which is still a lot for a prescription drug. But generic versions are available now, and they are just as effective as the brand-name version. The patent expired seven months ago, so the price of Lipitor has been lower than before. The manufacturer already reduced the price of the medicine to $4 a month for people with private insurance.
In Colorado, the price of Lipitor is higher than at any other place in the country. Its patent expired in April 2010, and Pfizer is expected to lose this advantage to generics. There is a potential for lower prices because the generic product will be cheaper. Further, the cost of Lipitor will be cheaper than the brand name. So, if you need to take Lipitor, go for it. The only thing you have to worry about is the cost.
As mentioned, the drug’s prices are higher than those of its generic rivals. The manufacturer has benefited from rebates for Lipitor, but the government doesn’t disclose the amounts. Because the drug’s patent has expired, the cost of generic Lipitor will be lower as well. In addition, the drug’s price will be lower than that of the brand name. This means that consumers won’t have to spend more money on Lipitor, because the generic version will be cheaper.