FDA Will Allow Florida To Import Medications From Canada: Report
It's a major policy shift and overrides fierce objections from the pharmaceutical industry, The New York Times reported. In other news, Axios reports that, ironically, generic drug shortages across the country are partly being driven by prices that may be too low.
The New York Times:
F.D.A. To Issue First Approval For Mass Drug Imports To States From Canada
The Food and Drug Administration has decided to allow Florida to import millions of dollars worth of medications from Canada at far lower prices than in the United States, overriding fierce decades-long objections from the pharmaceutical industry, according to a senior administration official. The approval is a major policy shift for the United States, and supporters hope it will be a significant step forward in the long and largely unsuccessful effort to reign in drug prices. Individuals in the United States are allowed to buy directly from Canadian pharmacies, but states have long wanted to be able to purchase medicines in bulk for their Medicaid programs, government clinics and prisons from Canadian wholesalers. (Jewett and Stolberg, 1/5)
Axios:
Dizzying Reason Behind America's Drug Shortage: Low Prices
A rash of generic drug shortages across the United States can be partly explained by a somewhat counterintuitive and politically inconvenient factor: The prices are way too low. (Owens, 1/5)
In other pharmaceutical industry news —
AP:
Drugstore Chain Walgreens Cuts Quarterly Dividend To Get More Cash To Grow Its Business
Walgreens is chopping its dividend nearly in half as the drugstore chain looks to strengthen its balance sheet. The health care giant said Thursday that reducing its quarterly payout to shareholders to 25 cents per share will help free up capital to spend growing its pharmacy and health care businesses. (Murphy, 1/4)
Stat:
Allogene Pivoting To New Strategy On Off-The-Shelf CAR-T Therapy
Allogene Therapeutics is making unexpected changes to development plans for its off-the-shelf cell therapy for a type of blood cancer — a concession that competition from personalized CAR-T treatments, already entrenched in the market, has become more challenging. (Feuerstein, 1/4)
Stat:
Susan Tousi Leaves Illumina To Head Cancer Liquid Biopsy Startup
Delfi Diagnostics, a startup devising new ways to use routine blood draws to detect early signs of cancer, told STAT Thursday that it has appointed Susan Tousi, chief commercial officer for genomics giant Illumina, as its new CEO. She is the fourth senior executive to leave Illumina since June. (Wosen, 1/4)
News Service of Florida:
An Appeals Court Will Weigh A Patient Drug Dispute In A Case Involving Publix
An appeals court this month will hear arguments in a long-running battle pitting the Publix supermarket chain and insurers against a state agency and doctors over rules for dispensing medications to injured workers. The case involves whether workers’ compensation insurers should be required to reimburse physicians who dispense medications to people injured on the job. Publix and the insurers say drugs should be dispensed at pharmacies. (Saunders, 1/4)
Also —
Axios:
Vivek Ramaswamy Sells $33 Million In Roivant Stock To Boost Campaign
Vivek Ramaswamy sold $33 million worth of shares in the biotech company he founded, as he fights to stay competitive in the GOP presidential primary race. Ramaswamy will use some of the proceeds to make a "significant investment" in his campaign, a spokesperson confirmed to Axios. (Cai and Primack, 1/4)
