Earlier versions of this article about generic drugs, in referring to Tylenol and its generic version, acetaminophen, referred to Tylenol as "the original product." Acetaminophen was approved as a drug before Tylenol was marketed as a brand name.
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Biotech Campaigns for Easier Access to Generic Drug Market
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"People are waiting for us to do our job," Thomas said. "If we don't, we'll be buying European or Asian products when we could be buying American products produced by Americans."
Biotech drugs are the money-makers in today's drug market. Global prescription sales of biotech drugs increased 12.5 percent in 2007 -- nearly double the rate of the overall pharmaceutical market, which includes the biotech sector -- to more than $75 billion, according to a June report by IMS Health, a health-care information company.
Neupogen generated $1.3 billion in worldwide sales last year.
Insmed certainly isn't alone. Large European pharmaceutical companies are already selling biosimilars in Europe. There are also smaller U.S. companies, such as Hospira in Lake Forest, Ill., breaking in. But the complexity of these biologics guarantees that few companies have the resources to jump into the market.
Insmed's research and development has increased, totaling $10.8 million for the first half of this year, as it continues to develop biosimilars and innovator drugs at its facility in Boulder, Colo. The company posted a loss of $9.5 million for the quarter ended June 30.
But the potential market is big. Four of the six FDA-approved drugs for multiple sclerosis are biologics. Treatment can cost a patient more than $30,000 a year, prohibiting many from obtaining drugs, said Shawn O'Neail, an associate vice president at the National MS Society.
"The bottom line is that it's a good business model," Allan said.
