Friends Fiduciary Corporation, along with several co-filers, has urged AbbVie Inc. shareholders to vote in favor of a proposal for the company to issue a report on its patent process. The proposal, to be considered at AbbVie's annual general meeting on May 3, 2024, calls for the Board of Directors to establish and report on a process that considers the impact of extended patent exclusivities on product access when deciding to apply for secondary and tertiary patents. These types of patents are filed after the main active ingredient patent and relate to the product. The co-filers argue that extended exclusivity periods limit patient access, create regulatory and reputational risks, and add unsustainable costs to the healthcare system and economy...Show More

Friends Fiduciary Corporation, along with several co-filers, has urged AbbVie Inc. shareholders to vote in favor of a proposal for the company to issue a report on its patent process. The proposal, to be considered at AbbVie's annual general meeting on May 3, 2024, calls for the Board of Directors to establish and report on a process that considers the impact of extended patent exclusivities on product access when deciding to apply for secondary and tertiary patents. These types of patents are filed after the main active ingredient patent and relate to the product. The co-filers argue that extended exclusivity periods limit patient access, create regulatory and reputational risks, and add unsustainable costs to the healthcare system and economy. AbbVie has been criticized for its use of patent thickets, particularly with its drugs Humira and Imbruvica, which have delayed generic competition and kept drug prices high. The proposal emphasizes the need for transparency and accountability in AbbVie's patent application process, without seeking to limit the company's ability to obtain patents. It also highlights the broader economic and healthcare implications of patent practices, including the strain on public and private budgets and the potential reduction in innovation.