NEW YORK, NY -- (Marketwire) -- 06/01/12 -- Lost revenues as a result of expiring patents have been a growing problem for the big pharmaceutical companies. New products that are being introduced into the market place are not expected to generate the same levels of revenues of top selling drugs that have lost patent protection. Drug manufacturers and medical device companies will look to get a boost as a $6.4 billion plan to speed up FDA reviews was recently approved by the Senate. The Paragon Report examines investing opportunities in the Drug Manufacturers Industry and provides equity research on Johnson & Johnson (NYSE: JNJ) and Eli Lilly & Co. (NYSE: LLY).
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The bill, which the Senate voted 96-1, will raise the user fees the industries pay the FDA for reviews by $2 billion over the next five-year period. The House of Representatives could vote on the bill as early as next week. "This bill's passage is a victory for the millions of Americans who need medicines or medical devices and for the kind of cooperation that we see all too rarely in Washington," said Senators Tom Harkin, and Mike Enzi in a statement. The bill will "improve American families' access to lifesaving drugs and medical devices."
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Johnson & Johnson recently reported that the Food and Drug Administration (FDA) has declined its application to market its one pill a day version of its HIV pill Prezista. The company has stated that it does not have to conduct further trials of the drug to address the FDA's feedback and will respond to the agency as soon as possible.
Eli Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. The company's Jentadueto tablets have been recently recommended for approval for the treatment of adults with type 2 diabetes by the European Medicines Agency.
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