Pfizer has reached a settlement agreement with Orchid Chemicals, based in Hyderabad, India. The agreement allows Orchid to sell the generic version of Effexor XR. This is on the heels of the U.S. regulators approving the sale of generic Effexor to Mumbai-based Wockhardt in India.
Orchid Chemicals’ stocks dropped this morning, according to information posted by the Bombay Stock Exchange. In 2009, the makers of Effexor XR, Wyeth, sued Orchid in an effort to stop the company from selling the generic version of the popular antidepressant medication. This action was taken because Wyeth didn’t want Effexor sold in its cheaper form before the drug’s patent expires in 2017. According to American patent laws, drug manufacturers can sell generic versions of drugs before the patent runs out on the brand name versions if they can challenge the patent with success.
A spokesman for Orchid Chemicals has confirmed that the settlement occurred, but the spokesperson for Pfizer, which now owns Wyeth, didn’t return emails. While Effexor XR has proven itself to be a high seller in the American market, it isn’t expected to be a blockbuster money earner for Orchid because the company has to share the market with other generic drug manufacturers.
Many lawsuits have been filed against the makers of Effexor due to claims that the manufacturers have not properly warned the public about the drug’s adverse side effects including aggressive behavior, suicidal thoughts, severe mood swings and even suicide. Newer research even suggests that Effexor is no more effective at treating depression than placebos.
If you have taken Effexor and experienced any of the severe side effects that are linked to the drug, contact your doctor immediately. You may also want to talk to a lawyer who might be able to help you recover money for your medical expenses.