Pfizer’s
Lipitor patent expired November 30
Watson Pharmaceuticals first company
authorized to sell generic version of Lipitor
Pfizer could lose $6 billion in revenue in
2012, hopes to make $4 billion from new drugs
Pfizer Inc’s U.S. patent on the cholesterol
drug Lipitor expired November 30, allowing competitors to begin manufacturing
and distributing generic versions of the drug. Two companies have already
expressed interested in doing so.
Watson Pharmaceuticals has struck a deal with
Pfizer to market and distribute a generic version of Lipitor, which is manufactured
by Pfizer. Pfizer will receive a portion of the net sales, and Watson began
shipping its drug on November 30. The agreement expires in November 2016.
Indian pharmaceutical company Ranbaxy
Laboratories Ltd. also will be manufacturing a generic Lipitor in its New
Jersey plant.
Currently, the only companies that have been
authorized to make a generic Lipitor for the next six months are Pfizer, Watson
Pharmaceuticals and Ranbaxy Laboratories. After that time, it is expected more
companies will be authorized, and the price of the drug will drop
significantly.
Pfizer’s patent in Canada, Mexico, Brazil and
Spain expired in 2010. In France, generic Lipitor will be manufactured and
distributed by Sanofi-Aventis, beginning in May 2012.
What’s
Next for Pfizer?
Lipitor is the best-selling drug of all time
and has resulted in $100 billion in revenue for Pfizer since it was introduced
in 1997. In the United States alone, nine million people take Lipitor.
In 2010, global sales of Lipitor were $10
billion. Financial analysts predict sales for 2012 could be just under $4
billion.
Pfizer’s total sales for 2010 were $67
billion. The company predicts its sales for 2012 will be $63 billion. Nearly
one-fifth of the company’s revenue is from Lipitor. In addition, Pfizer plans
to sell its nutritional and animal health businesses, which will result in a
loss of about $5.5 billion in revenue annually.
In an effort to compete against other drug
manufacturers, Pfizer plans to work with health insurance providers and pharmacies
to offer new Lipitor patients a 180-day period where they would receive the
drug at or near the price of generic.
The average Lipitor prescription costs $120 a
month. During December that price is expected to drop 30%.
Pfizer’s president of specialty care and
oncology Geno Germano told Bloomberg BusinessWeek: “We’re not going to be a
one-product company. We’re poised to deliver significant new pipeline assets in
the coming year, and in coming years.”
Pfizer is hopeful it will make $4 billion in
revenue by 2014 with the sale of four new drugs: Prevnar, Eliquis, Tofacitinib
and Xalkori. Eliquis, a blood thinner, and Tofacitinib, a rheumatoid arthritis
drug, have not yet been approved by the Federal Drug Administration.
The company may turn to developing countries
to replace revenue, with China alone expected to deliver 1 billion new
customers.
Key Statistics – Global Cholesterol Treatment
Market (source: Global Industry Analysts)
By 2015, it is predicted cholesterol exams and
other cardiovascular testing will total 2.3 billion units globally.
The largest region for cholesterol and other
cardiovascular testing is Asia-Pacific; in Japan, the market is predicted to be
6.7% between now and 2015.
The fastest growing test in the global market
is the lipid panel test/complete lipid profile. The other major test is the HDL
cholesterol test.
The second fastest growing market for
cholesterol exams and other cardiovascular tests is predicted to be
Apolipoprotein B with 7.2% of the market.
Melina Druga
Business & Investment Opportunities
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