Pres. Obama and Biologics

The Associated Press reports that Pres. Obama would like to find a way to streamline the approval process for "generic" biologic drugs. The article does not say anything about shortening the patent term for these drugs, but it does talk about making sure drug companies do not make small changes to patented processes and get additional years of patent protection. I would have to agree with Pres. Obama on this matter because the patent system is designed to allow people to benefit from their invention for a limited time, and that time should not be extended frivolously. If a way can be determined that allows a safe and faster approval of generic biologic drugs, I think that would be great.

In related stories, the market appears to be over-reacting a bit to this news. Biologic drug company stocks appear to be dropping. I will leave it to other, more qualified persons to comment on any possible market trends.