Ivax Secures Approval for Generic Version of Cancer Drug

WASHINGTON-Ivax Corp. received federal approval for its generic version of the cancer drug Taxol, making possible a less-expensive version of the blockbuster drug. According to the company, distribution of paclitaxel will begin in a matter of weeks. The drug, widely used to treat breast and ovarian cancers, won tentative approval in August. However, because of pending litigation and patent questions, was unable to receive approval. A spokesperson for the company would not comment on the price but stated that generic versions of brand-name drugs typically cost 30% less. Taxol costs about $7,000 for each course of treatment, but the amount varies depending upon the condition. For more information visit www.ivax.com.