FDA's $6.4 Billion Plan for Quick Reviews Moves to Senate

Mylan Inc.


Pfizer Inc. (PFE)

A $6.4 billion effort to speed U.S. reviews of new drugs and medical devices is a step closer to law as the agreements , and other companies struck with regulators wind through Congress.

The Senate is set to begin voting as soon as today on more than $2 billion in new fees that drug and device companies will pay regulators through 2017 to review products for safety and efficacy. The figure includes $1.56 billion from generic-drug companies such as Canonsburg, Pennsylvania-based Mylan, which had been exempt from such fees.

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Source: Bloomberg