You can't have "real competition" in the drug industry. While the status of patents is debatable in software (where actual copying is rare), the generics manufacturers are always directly copying from the drug inventors. They don't have the capability to do their own R&D, or often even to develop a lot of the ancillary protocols themselves.
So you either have a regulated market, or massive free-riding, neither of which is "real competition."
You can't have perfect competition in the drug industry, but you can get close. Gilead dropped the price of Sovaldi/Harvoni by almost 30% when Abbvie launched their HCV therapy.
In fact, one of the best way to introduce competition is through "me-too" drugs. You know, the ones everyone complains about.
How much time does it take to analyze the original and copy it, set up for mass production, advertise, etc? Then, how much time until demand shifts from the original to the generic in each market (India, US, etc)?
According to the OP the company was making "billions every quarter" on sales in the US. Considering the research often costs "billions", they should make a profit in the first quarter by selling in multiple markets if it takes around a month until the demand shifts to the generic.
So you either have a regulated market, or massive free-riding, neither of which is "real competition."