Morning Briefing
Summaries of health policy coverage from major news organizations
Pfizer CEO Has Knack For Making A Profit, But He Misplayed The Optics Of Raising Prices In Current Atmosphere
Stat: How Pfizer’s CEO Kept On Raising Prices — Until Trump's Tweet
As the CEO of Pfizer, the world’s largest drug maker, Ian Read followed a years-long pricing strategy that reaped billions for his company. It was like clockwork: jack up prices every six months. The moves did not go entirely unnoticed, but Pfizer generally escaped much flak because other pharma companies did the same thing. But Read’s pricing game plan didn’t seem so shrewd when President Trump entered the picture last week. Days earlier, Pfizer was virtually alone in raising prices for dozens of drugs — many by more than 9 percent — and it prompted a raging tweet from Trump. In a brief phone call with the president that Read sought on Tuesday night to defuse the uproar, the CEO backed down and deferred the hikes. (Silverman and Sheridan, 7/13)
Stat: Novartis Is The Latest Big Drug Maker To Exit Antibiotic Research
Amid rising concern over drug-resistant superbugs, Novartis (NVS) is ending research into antibiotics and antivirals because these programs are not a “long-term strategic fit.” As a result, the company will eliminate 140 jobs from the San Francisco Bay area, where the work is based, although a Novartis spokesman noted the company will continue to research tropical diseases, such as malaria. And he added that the company’s Sandoz generic unit continues to manufacture and supply many such medicines. (Silverman, 7/12)
Stat: Hugin Comes Under Fire In N.J Senate Campaign Ad For Hiking Drug Prices
“The guy who made a killing” — that’s how a patient advocacy group fighting high drug prices refers to former Celgene CEO Bob Hugin in a television ad set to air Friday. Hugin, who is challenging Sen. Bob Menendez (D) for his seat in New Jersey, has been criticized for price increases that occurred at Celgene under his leadership. Patients for Affordable Drugs, an advocacy group of rising prominence here, said in a statement it spent $1.5 million to air the ad for several weeks across New Jersey. (Facher, 7/12)
Stat: Zogenix To Submit Anti-Seizure Drug For Approval After Trial Shows Benefit
Zogenix has confirmed the efficacy of its experimental epilepsy drug in a second, late-stage clinical trial, paving the way for a marketing submission by the end of the year. The small biotech company, based in Emeryville, Calif., said its lead drug, ZX008, reduced by more than half the average monthly convulsive seizures compared with a placebo in children and teenagers with Dravet syndrome, a rare and severe type of epilepsy. (Feuerstein, 7/12)
