Drug Makers’ Seemingly Whimsical Pricing Leaves Consumers Fuming And Confused
The New York Times examines how Valeant's decision to dramatically increase the cost of a drug affects spending and patients' decisions about care. Other outlets also look at the controversial issue of drug marketping, and AARP is setting up a technology fund to push innovations to help seniors.
The New York Times:
Valeant’s Drug Price Strategy Enriches It, But Infuriates Patients And Lawmakers
J. Michael Pearson has become a billionaire from his tough tactics as the head of the fast-growing Valeant Pharmaceuticals International. And consumers like Bruce Mannes, a 68-year-old retired carpenter from Grandville, Mich., are facing the consequences. Mr. Mannes has been taking the same drug, Cuprimine, for 55 years to treat Wilson disease, an inherited disorder that can cause severe liver and nerve damage. This summer, Valeant more than quadrupled its price overnight. Medicare will now have to cover about $35,000 for the 120 capsules he takes each month, and he will have to pay about $1,800 a month out of pocket, compared with about $366 he paid in May. (Pollack and Tavernise, 10/4)
Reuters:
US Insurers Hold Back Lilly's Death-Defying Diabetes Drug
America's largest health insurers are urging doctors to stick with current standard treatments for diabetes instead of flocking to a new drug from Eli Lilly & Co that is showing it can provide life-saving results for one-third of patients. Aetna Inc, CVS Health Corp and Molina Healthcare Inc said they would need further clinical data and a change in medical society guidelines on Lilly's Jardiance before agreeing to make it easier for patients to receive the $4,800-a-year treatment. That's a process that could take anywhere from 18 months to several years. (Humer and Pierson, 10/2)
Reuters:
Novartis Biosimilar Copycat Takes Aim At Amgen's Drug Enbrel
The U.S. Food and Drug Administration has accepted Novartis unit Sandoz's regulatory submission for approval of a biosimilar copy of Amgen's blockbuster Enbrel drug, the Swiss drugmaker said on Friday. Biosimilars aim to copy biologic products, which are made inside living cells, but they can never be exact duplicates, so biosimilar manufacturers need to conduct clinical trials to show their products work as intended. (10/2)
Reuters:
Amicus To Delay Filing For U.S. Marketing Rights For Lead Drug
Amicus Therapeutics Inc said it was unlikely to submit a U.S. marketing application for its lead drug, to treat Fabry disease, by the end of 2015 as expected, after U.S. health regulators asked for a more comprehensive analysis of trial data. Amicus's stock slumped as much as 59 percent to $5.69, at which point about $956 million had been wiped off the biotechnology company's market capitalization on Friday. (Grover, 10/2)
Bloomberg:
AARP Starts $40M Venture Fund For Technology For Seniors
AARP, the 37 million-member organization for people 50 and older, is establishing a $40 million venture capital fund to boost innovation and technology that will serve its constituents. The fund, administered by a unit of JPMorgan Chase & Co., will invest in enabling aging at home, improving access to health care and expanding the market for preventive health services, said Jo Ann Jenkins, AARP’s chief executive officer. (Lauerman, 10/1)
The Wall Street Journal:
Why Teladoc Needs Medical Attention
Technology holds great promise in many fields, especially health care. But it isn’t a cure-all. Investors in Teladoc learned that the hard way Friday. Shares in the largest and oldest telemedicine company fell by more than one-fifth after a report noted that health insurer Highmark won’t be renewing its contract with Teladoc for fully insured members. (Grant, 10/4)
