State Treasurers Want Gilead To Slash Price Of Remdesivir
In a letter Wednesday, 11 state officials asked the company to "responsibly commit to being a part of our nation's recovery from COVID-19, both medically and economically, by repricing this drug more affordably."
Stat:
State Treasurers Urge Gilead To Lower The Price Of Remdesivir
Nearly a dozen state treasurers are asking Gilead Sciences (GILD) to lower the price of its experimental remdesivir treatment for Covid-19, arguing the company is attempting to market an “old drug at prices that are disconnected from economic reality.” In a letter to Gilead chief executive Daniel O’Day, the state officials cautioned that Gilead should not take “financial advantage” of the pandemic to pursue “unreasonable profits” because it “sets a dangerous precedent for future treatments in development.” (Silverman, 9/17)
ABC News:
11 State Treasurers Call On Gilead To Reduce Remdesivir Pricing
As the U.S. approaches 200,000 coronavirus deaths, a coalition of 11 state treasurers is calling on drugmaker Gilead Sciences to reduce the price of remdesivir, its promising treatment for some patients of COVID-19. In a letter to the California-based drugmaker on Wednesday, the state treasurers, led by Pennsylvania's Joe Torsella and Ohio's Robert Sprague, asked the company to "responsibly commit to being a part of our nation's recovery from COVID-19, both medically and economically, by repricing this drug more affordably." (Bruggeman, 9/17)
In other pharmaceutical and biotech updates —
Boston Globe:
After Expanding Its IPO, Amwell Is Set To Start Trading
Taking advantage of a pickup in demand for new stocks, American Well Corp. expanded its initial public offering Wednesday, locking in a price that valued the Boston telehealth technology company at $4.1 billion. The company, also known as Amwell, said it raised $742 million by selling 41.2 million class A shares at $18 apiece, after increasing the price and number of shares offered. Amwell had planned to sell 35 million shares at $14 to $16 a share, according to a filing last week with the Securities and Exchange Commission. (Edelman, 9/17)
Stat:
5 Takeaways From Venture Capital's Growing Focus On Mental Health
Research suggests that only half of the tens of millions of people in the U.S. with mental health conditions receive treatment in a given year. The venture capital world is increasingly viewing that as an opening. (Runwal, 9/18)
Stat:
Three Lessons From Covid-19 On Accelerating Biopharma Innovation
The health care research ecosystem has shifted into overdrive in response to Covid-19, sparking unprecedented speed and agility. The economic and public health burdens it has generated demand that we rethink our approach to developing new vaccines and therapies. Researchers are now examining what we can learn from these experiences and more broadly apply this innovation to research and development in the future. (White, 9/18)
