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Article: DRUG PROFITS DISAPPEAR; BRISTOL-MYERS, MERCK PROBLEMS HIGHLIGHT STRUGGLES OF DRUG INDUSTRY; IMCLONE GAMBLE WAS COSTLY FOR BRISTOL-MYERS.(Business)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- July 13, 2002
CopyrightCOPYRIGHT 2002 All rights reserved. Reproduced with the permission of The Herald Co. by the Gale Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: The Associated Press
New York - It's not as if the pharmaceutical companies aren't trying to bolster their bottom lines. It's just that their efforts aren't working.
Consider the past week: Both Bristol-Myers Squibb Co. and Merck & Co. suffered setbacks as strategies each employed to improve their performance backfired, sending their shares tumbling.
If that wasn't bad enough, a Senate committee passed a bill that would make it easier for generic firms to launch their products. The bill is a direct response to drug companies' attempts to extend their patents, which increases sales, by exploiting loopholes in the current legislation.
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