Nothing drives down a drug’s price like competition. According the U.S. Food and Drug Administration (FDA), a drug’s wholesale price drops by an average of 39% after just one generic competitor enters the market. With four generic competitors, prices tumble by 79%. These reductions translate into billions of dollars in savings for American consumers.
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But before generics can hit the market, a drug’s patent must first expire. In the United States, drug patents last for 20 years from the date a patent application is filed, giving the pharmaceutical company that holds the patent the ability to set the drug’s price without competition during this time.
Here are some key drug patents expiring soon.
