‘There’s No Better Time’ To Address High Drug Prices Than This, Senate Finance Chairman Says
Read about the biggest pharmaceutical development and pricing stories from the past week in KHN's Prescription Drug Watch roundup.
Bloomberg Law:
Long-Delayed Drug-Price Legislation Not Dead Yet, Grassley Says
Senate Finance Committee Chairman Chuck Grassley said that he intends to push for a vote this year on a bill that would limit drug-price increases, even as pharmaceutical companies race to find treatments and vaccines for Covid-19. The drug industry has been pouring resources into researching new therapies as the pandemic wreaks havoc on Americans’ health and the country’s economy. That has helped quiet a long-running debate over rising prescription costs, as policy makers prioritize finding treatments and helping businesses safely re-open. (Griffin and Court, 6/1)
Stat:
Government Watchdog Blasts FDA For Poor Oversight Of Drug Supply Chain
A government watchdog blasted the Food and Drug Administration for fumbling its oversight of the safety of the U.S. drug supply chain, suggesting the agency is not adequately conducting drug safety inspections overseas. The criticisms came in a Tuesday hearing before the Senate Finance Committee, at which a top official for the Government Accountability Office outlined a number of surprising deficiencies in the FDA’s surveillance of foreign drug manufacturing. It highlighted, in particular, the agency’s longstanding practice of alerting drug makers in advance that it plans to conduct an inspection. U.S.-based drug makers do not get a similar heads-up. (Florko, 6/2)
Modern Healthcare:
CVS Sued Over Alleged Generic-Drug Price Inflation
Blue Cross and Blue Shield insurers accused CVS Health of inflating the price of generic drugs, allegedly bilking the health insurer of millions of dollars, according to a new lawsuit. CVS offers hundreds of generic drugs at low, discounted prices for individuals that don't use insurance and pay in cash. The goal, Blues health plans in six states alleged, was to remain competitive as well as obfuscate its true prices from third-party payers. (Kacik, 5/28)
Stat:
Pfizer To Invest Up To $500M In Public Companies With Drugs In The Clinic
Pfizer, the world’s largest drug company, is going to try its hand at picking biotech stocks. The New York pharma giant has set aside up to $500 million that it will invest in publicly traded companies with drugs in the clinic. Pfizer would take non-controlling stakes, with a focus on companies with small to medium market values. The program, called the Pfizer Breakthrough Growth Initiative, would give companies access to the company’s scientists, clinicians, and manufacturing experts, if they want it. (Garde, 6/2)
Kaiser Health News:
A Senator From Arizona Emerges As A Pharma Favorite
Sen. Kyrsten Sinema formed a congressional caucus to raise “awareness of the benefits of personalized medicine” in February. Soon after that, employees of pharmaceutical companies donated $35,000 to her campaign committee. Amgen gave $5,000. So did Genentech and Merck. Sanofi, Pfizer and Eli Lilly all gave $2,500. Each of those companies has invested heavily in personalized medicine, which promises individually tailored drugs that can cost a patient hundreds of thousands of dollars. (Hancock and Lucas, 5/29)
Stat:
The 20 Executives — And Companies — To Know In Chinese Biotech
In China, biotechnology long lagged behind the industry in the West. Now, it’s advancing at supersonic speed. The nation, which only began recognizing intellectual property in the 1980s, rapidly transitioned from relying on traditional medicines to adopting generic versions of Western blockbusters. Now, thanks to hundreds of billions in state investment and some dramatic regulatory changes, the country is developing treatments that rival the best efforts of the drug industry’s incumbents. (6/1)
Stat:
Pharma CEOs Push Back On WHO Patent Pool For Covid-19 Products
The heads of some of the world’s largest drug makers expressed a mix of confusion and resistance to a World Health Organization voluntary pool to collect patent rights, regulatory test data, and other information that could be shared for developing Covid-19 therapies, vaccines, and diagnostics. The WHO effort reflects mounting concern that some Covid-19 medical products may not be accessible for poorer populations. (Silverman, 5/28)
Stat:
Medical Societies Have 'Extensive' Financial Ties With Drug, Device Makers
Many leaders of influential U.S. medical societies have extensive financial relationships with drug and device makers, raising concerns about the extent to which industry may influence research, physician education, and treatment guidelines, a new study finds. Specifically, 72% of 328 individuals who led 10 top professional societies had financial ties with industry. Over a recent five-year period, these individuals collectively received almost $130 million. (Silverman, 5/27)
Reuters:
Canada's New Drug Price Rules Pushed To Next Year
Canada’s drug pricing agency said on Monday that new regulations aimed at lowering costs would come into force in January next year instead of next month after receiving extensive feedback on its proposed rules. Canada in August proposed the new regulations under patent protection despite heavy lobbying from drugmakers that stand to lose billions in revenue. (6/1)
Reuters:
EU Eyes Overhaul Of Pharma Rules To Tackle Vaccine, Antibiotic Shortages
The European Commission on Tuesday started a process that could lead to reforms of drug manufacturing to limit shortages of vaccines and antibiotics and make medicines more easily available. The move comes as the European Union continues to fight the COVID-19 pandemic, an effort that has exposed some healthcare shortcomings and the bloc’s dependence on foreign supplies of essential drugs and chemicals, mostly from India and China. (6/2)
Stat:
Experts Push For A 'Seal Of Approval' To Improve The Quality Of Medicines
Should there be a Good Housekeeping ‘seal of approval’ for prescription medicines?In a new paper, a group of academics and pharmacists argue that assigning scores based on a mix of regulatory actions and chemical analysis would motivate drug makers to produce more “quality” medicines and reduce shortages, while improving public health. (Silverman, 5/26)
