Orphan Drug
Health Care Term
Orphan Drugs are often expensive to develop, because they serve small patient populations, so there is often little financial incentive for pharmaceutical companies to invest in their development. To encourage the development of these drugs, governments around the world offer financial incentives and streamlined regulatory pathways to help these treatments reach patients.
The Orphan Drug Act of 1983 in the US provided incentives to pharmaceutical companies, including tax breaks, extended exclusivity, and fast-track regulatory review, to encourage the development of treatments for rare diseases. The Orphan Drug program has been successful in developing new treatments for rare conditions such as cystic fibrosis, hemophilia, and sickle cell disease.
Orphan Drugs are critical to the health care industry because they address unmet medical needs in rare diseases that often lack effective treatments. These drugs offer new hope for patients who would otherwise have no treatment options and have been shown to improve patient outcomes and quality of life.
In summary, Orphan Drugs are medications or therapies developed to treat rare medical conditions or diseases that affect only a small number of people. They are crucial in the healthcare industry to address unmet medical needs, serve small patient populations, and improve patient outcomes and quality of life.
More Glossary Terms Beginning with O
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Off-Label
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On Balance Volume OBV
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Oncology
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Open Pit Mine
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Open-label Clinical Trial
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Operating Cost Per Available Seat Mile Cost Per ASM CASM
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Operating Income Growth Rates
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Operating Margin
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Operating Profit Margin
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Operating revenue yield per Available Seat Mile Average Yield per ASM
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Option
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Option ARMs Mortgage Loans
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