This week represents a milestone of sorts for the pharmaceutical sector. On Wednesday, Pfizer's patent expired on Lipitor in the United States. The company will now be facing generic competition in the lucrative U.S. market.
Lipitor has been the best-selling drug of all time. Pfizer amassed more than $100-billion (U.S.) in revenues since the cholesterol-lowering medication was introduced in 1997. Although Pfizer hopes a significant number of patients will stick with the brand, industry analysts are expecting a price war. In Canada, Pfizer's patent expired last year and the market shakeout has already begun.