The initial agreement will last ten years and is expected to be operating by July 1. The two companies also announced a three-year extension on their existing distribution agreements, which will last through June 2019.
The U.S. is the largest generic drug market, and the demand for generic drugs is rising as patents for brand-name treatments are expiring and the healthcare system pushes for lower costs, according to the report. It adds that 80 percent of prescriptions are now filled with generic drugs.
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