Morning Briefing
Summaries of health policy coverage from major news organizations
Don't Look To Biosimilar Knock-Offs For Lower Drug Prices
The Wall Street Journal: Knockoffs Of Biotech Drugs Bring Paltry Savings
Generic drugs have long delivered huge savings over their brand-name counterparts. That isn’t likely to happen, though, with knockoff versions of some of the expensive drugs on the market today. Rival versions of so-called biotech drugs, called biosimilars, are just starting to be released, and health insurers and drug-benefit managers say they expect them to cost nearly as much as the brand-name originals did for years. (Rockoff, 5/5)
Meanwhile, Valeant has formed a committee to set drug prices and Merck beats expectations with its first quarter —
The Wall Street Journal: Valeant Forms Committee To Determine Drug Prices
Valeant Pharmaceuticals International Inc., which has come under heavy fire from politicians because of dramatic price increases for its drugs, said it had formed a committee that will be responsible for those prices going forward. “Valeant has made mistakes in how it priced its drugs in the past, and we are committed to ensuring those mistakes are not repeated,” said new Valeant Chief Executive Joseph Papa, who took the reins of the company from Michael Pearson. (Becker, 5/5)
The Associated Press: Merck Beats 1Q Profit Views With Tight Cost Controls
Merck posted an 18 percent jump in first-quarter income, beating Wall Street expectations, as reduced spending on marketing, administration and research easily offset lower medicine sales outside the U.S. The second-biggest U.S. drugmaker on Thursday raised its 2016 financial forecasts. "We are off to a promising start this year," CEO Kenneth Frazier told analysts on a conference call. (5/5)
