Lipitor Now Available as Generic

As of Wednesday, the world's biggest-selling drug, Lipitor, manufactured by Pfizer, is now available as a generic. At its peak, Lipitor generated sales of $13 billion a year.

Watson Pharmaceuticals will begin offering an "authorized" generic form of Lipitor that is also made by Pfizer. Indian drugmaker Ranbaxy Laboratories is also ready to sell its generic version of the drug.

Pfizer has reportedly secured deals with some health insurers and pharmacy benefit managers that will allow branded Lipitor to be offered at similar or even lower co-payments than the generic Lipitor. This also means that insurers working with Pfizer will pay no more for branded Lipitor than they do for the generics.

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