Mylan Inc. (NYSE: MYL) announced that its pharmaceutical division has obtained an order from a judge in Florida finding that Levothyroxine Sodium should not be on the state's negative drug formulary.
A drug that is included on Florida's negative formulary cannot be replaced by a generic version of the prescribed brand version by pharmacists. Therefore, Florida patients have been deprived of an affordable, effective, U. S. Food and Drug Administration approved generic version of levothyroxine sodium.
Florida's Board of Medicine and Board of Pharmacy voted not to appeal the order however Abbott Laboratories (NYSE:ABT), manufacturer of the brand name levothyroxine sodium, Synthroid, has filed a formal appeal.
"This ruling is not just a victory for Mylan, it's a major victory for the citizens of Florida who have been denied access to lower cost Levothyroxine Sodium for years," said Mylan's Chief Operating Officer Heather Bresch. "The state will benefit from tens of millions of dollars in savings as a result of this decision, and we are extremely pleased that the judge on this case saw through the brand company's baseless tactics to limit consumer access to affordable and effective medications."
Levothyroxine sodium is used in the treatment of hypothyroidism and pituitary TSH suppression.
[Source: PRNewsWire]
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