Dancing on the Lip of the Generic Drugs Cliff, 12/10/12

The generic drug industry is dancing on the edge of a generic cliff. Plus, as the U.S. gets closer to going over the fiscal cliff, Japan reported falling into a recession, China's exports fell and Germany cut growth forecasts.

There has been bad news around the world, which is especially worrying considering the U.S. is getting ever closer to going over the fiscal cliff. Japan is in a recession now; Germany, Europe’s lone bright spot, cut growth forecasts; and China’s exports fell.

In the medical world Mylan filed a lawsuit challenging Ranbaxy’s exclusive rights to sell the generic version of Novartis’ top-selling blood pressure drug. Baxter’s acquisition of Gambro went through as was expected. Also, a federal appeals court said that a salesman shouldn’t have been prosecuted for advertising the off-label uses of drugs.

The generic drug industry is dancing on the edge of a generic cliff

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ar more drugs came off label in 2012 than is expected in 2013.

This week is all retail all the time. Dollar General, Costco and Williams-Sonoma report in the prelude to the holiday season.

Lastly, there will be a lot of predictions for 2013, but for the most part these need to be taken with a grain of salt.

If you have any questions for Marek, he can be contacted through Twitter at @MarekFuchs.

Watch past Wall Street Wrap Up videos here.

Marek Fuchs was a stockbroker for Shearson Lehman Brothers before becoming a journalist who wrote The New York Times' "County Lines" column for six years. Marek speaks regularly on business and journalism issues at venues ranging from annual meetings of the Society of American Business Editors and Writers to PBS to National Public Radio. His last book, A Cold-Blooded Business, was called "riveting" by Kirkus Reviews and next book, Local Heroes: Portraits of American Volunteer Firefighters is due out in 2012. He is on the writing faculty at Sarah Lawrence College. When Marek is not writing, teaching or filming videos, he serves as a volunteer firefighter.