CVS praises FTC report on biogeneric competition

WOONSOCKET, R.I. CVS Caremark announced on Thursday that it applauds a Federal Trade Commission report this week supporting a pro-consumer approach to biogeneric competition.

"CVS Caremark serves hundreds of thousands of patients who rely on specialty and other biologic medicines to provide life-saving treatments for their conditions. The FTC's expertise and their findings in support of a legislative pathway allowing the Food and Drug Administration to approve biogenerics in light of market-based competition that drives innovation should be heeded by Congress as we consider health care reform," stated Dave Goldberg, EVP for Specialty Pharmacy services at CVS Caremark.

Goldberg participated in an FTC Roundtable event last fall on the issue. In?addition, the company has provided data to the Commission to assist in its research.

"CVS Caremark supports the Promoting Innovation and Access to Life-Saving Medicine Act because it represents bipartisan legislation that seeks to give patients access to safe and affordable medicines, even while fostering pharmaceutical innovation," Goldberg stated. "Increased competition in the biologics market will benefit health plans, employers and federal programs, and more importantly, will help make these medicines more affordable for patients, many of whom must take these medications for their entire lives."