FDA wants to shorten new drug monopolies to cut costs

In an effort to increase competition and bring down prescription drug prices, FDA Commissioner Scott Gottlieb speaking at the American Society of Clinical Oncology Annual Meeting said he wants to speed approval times for rivals to promising new first-to-market medicines, according to Reuters. The U.S. Food and Drug Administration chief has made a commitment to speeding up approvals of cheap generic medicines, the report added.

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