Want lower drug prices? Get more competition in drugs. Devon Herrick writes: “A little over a decade ago, many in the public health community began asserting that follow-on or “me-too” drugs offer little added benefit and are a waste of resources that would be better spent to research novel drug therapies. The FDA seemingly took this criticism to heart; in recent years it has fast-tracked approval of new, first-in-class drugs thought to show promise. Yet, as with any new drug, a “me-to drug” could take up to 15 years to research, develop and obtain FDA approval. A drug that comes to market one year after a first-in-class drug could have been first-in-class if that research and development team had been just a little faster. Thus, when the FDA discourages me-too drugs it is discriminating against every competitor that did not cross the finish line first. As a result, approvals for expensive drugs to treat rare diseases are at a historic high while approvals of me-too drugs are down. This limits competition within drug classes, leading to higher prices, and limits patient choices—something the FDA is just beginning to acknowledge.”
