The Australian Biotech company Biota is suing multinational Pharmaceutical giant GlaxoSmithKline for up to $430 million over damages and loss of
revenue for a flu drug developed by Biota. The company alleges that the pharmaceutical giant, who holds the patent on the flu drug, Relenza, failed to
support the prized drug and the action resulted in the drug being a market flop.
www.theage.com.au
Biota said the damages assessment referred to a conservative market growth scenario which assesses damages at $308 million and a moderate growth
scenario that assesses damages at $430 million.
Biota says it could have achieved a 40 per cent share of the market for flu drugs and that GSK had introduced an improved inhalation device (used to
take Relenza) and had pursued regulatory approval for prevention of flu as well as treatment.
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Is this a case of a multi national buying a patent to bury the competition. By stifling the Relenza, GSK has taken what could potentially be a life
saving medicine and not allowed the drug to be accessible on the open market.
It has been long suspected by many people that the pharmaceutical giants use devious methods to advance their own causes in the world's market place
today and show once again that to these big companies, money is number one aim, peoples health is just the means to attain that wealth at the expense
of the masses.
Related News Links:
today.reuters.co.uk
www.biota.com.au
www.biota.com.au
[edit on 27-7-2005 by Mayet]
[edit on 27-7-2005 by Mayet]
