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Biotech / Medical : Provectus Pharmaceuticals Inc.
PVCT 0.0600+16.5%Nov 26 3:10 PM EST
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From: boomertree26/27/2012 9:31:15 AM
5 Recommendations  Read Replies (1) of 13111
 
Senate Passes FDA Bill Expected To Generate $6 Billion In Fees and Speed Approval Process.

The AP (6/27) reports, "A Food and Drug Administration bill designed to increase inspections of foreign drug factories, while also speeding approvals of new drugs at home, is headed to the president's desk after an overwhelming approval in the US Senate." According to the AP, "the core of the bill is critical to the FDA: It bolsters the agency's budget with billions of dollars in drug industry fees for scientists who review new medicines. For the first time, generic drugmakers will pay review fees to speed the approval of their products." The bill passed the Senate by a vote of 92 to 4. The bill includes a measure "that will quicken the approval process for drugs intended to treat patients with rare diseases." The provision, which was drafted by Sen. Kay Hagan, "passed the Senate as part of a wider bill that updates and reworks the user fees paid by drug companies that are seeking Food and Drug Administration approval for their products." Hagan said it is "significant for patients suffering from diseases that don't have adequate treatment options or might have no treatment options at all."
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