For those unfamiliar, the original Viagra was a Pfizer drug that was approved in 1998 to treat erectile dysfunction. The drug is now a $12 billion dollar industry. But despite its popularity, Viagra has had its fair share of legal challenges. Most notably, in 2011 the drug was the subject of a class action lawsuit. It was alleged that Pfizer had defrauded the public by falsely advertising the drug as safe and effective for treating erectile dysfunction. The lawsuit was settled out of court and Pfizer did not admit guilt, but did pay $6 million in penalties and fees. The case was seen as a landmark in bringing deceptive advertising practices to light.
Novelty Drugs and Their Regulation
Novelty drugs are those that are either being tested for the first time or that have been recently approved by the FDA. Because of their unproven nature, many states have adopted a ‘gray area’ approach when it comes to regulating these drugs. This means they are considered illegal, but the legal landscape is still emerging as more is learned about their safety and effectiveness. It is a very delicate balance and one that is likely to be tested in the courts over the coming years.
Challenges For The Pharmaceutical Industry
Aside from regulatory challenges, pharmaceutical companies now face an even bigger threat to their bottom line: health care costs. Thanks in part to the Affordable Care Act, many insurance companies now require patients to have coverage for preventative services, including vaccines and medications. And for those in the middle class who can afford it, drugs such as Viagra and Levothyroxine are now considered ‘essential’ medications that should be covered by insurance. This means pharmaceutical companies need to be mindful of their expenses and ensure they are investing in the right areas to remain profitable.
What is the Future of Viagra?
What will the future of Viagra look like? Who knows! To follow are a few interesting tidbits about this incredible drug…