A generic version of the cholesterol-lowering statin drug Zocor has received tentative approval, with final approval expected in late June 2006.
As a result, the drug's manufacturer, Teva Pharmaceutical Industries, is expected to gain significant profits, and has been given a "buy" rating by Standard & Poor's Equity research.
Generic Zocor will likely cost 35 cents or less a day, compared to brand-name cholesterol drugs like Pfizer's Lipitor, which sells for $2 or more a day.
Statin drugs are among the nation's best-selling medications, bringing in $16 billion in 2005. Part of the reason behind the growing popularity of statin drugs may be due to changes in the National Cholesterol Education Program committee guidelines for treating cholesterol back in 1993, and again in 2004.
The changes lowered the LDL cholesterol levels that were advised to be treated with drug therapy -- thereby significantly increasing the statin market.