That’s what it’s being called in the industry, and what Instapundit is reporting on currently. The good news is that drugs are indeed going to get much cheaper as patents on the hot drugs expire. The bad news is there isn’t much in the way of new drugs following up to take their place. The reasons for this are complicated, but part of the problem is how insane the FDA has gotten with their expectations on side affects and adverse reactions. If Obama takes credit for this, it will be kind of laughable. This kind of achievement isn’t something I’d like to preside over, because it essentially spells the death of innovation in this industry.
I’ve worked in pharmaceuticals pretty much my entire career, and in my current job search, I’m biased against taking jobs in that industry. Unfortunately, it has farther to fall before it hits bottom, and starts becoming receptive to new business models and new ideas. As much as I’d like to blame it all on the FDA, it is not the case. All the easy targets have been exploited, and the industry is not prepared to accept the kinds of innovations necessary to target the harder ones.
For me, in the IT part of the business, it’s not a huge deal; my skills are in demand in other industries. I feel for my former colleagues, who are going to have a much tougher time, because their skills are not transferrable.