We’ve all heard about the “fiscal cliff,” the combination of federal government spending cuts and tax increases expected to kick in early next year that, some experts say, could have dire consequences for the economy. But fewer have heard about the “patent cliff” currently wreaking havoc on the pharmaceutical industry.
Between 2011 and 2015, the patents on many blockbuster, brand-name drugs are set to expire, which would allow lower priced generic equivalents to move into the market and take sales away from pharmaceutical firms. At stake are, by some estimates, as much as $250 billion in worldwide sales. There is no disputing this is a ripe area for litigation.
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