Pharma and Biotech Industry Management
The Orphan Drug Act is a law enacted in 1983 aimed at encouraging the development of treatments for rare diseases, defined as conditions affecting fewer than 200,000 people in the United States. This legislation provides incentives such as tax credits, grant funding, and seven years of market exclusivity to pharmaceutical companies that develop and bring orphan drugs to market. The act has played a critical role in increasing the number of available therapies for rare diseases, reflecting historical trends in drug development and current market dynamics within the pharmaceutical industry.
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