- Some pharma companies have seemingly defied the emphasis on drug costs by raising drug prices.
- Change is coming to prescription drug pricing, whether it’s painful or not for pharmaceutical companies,” Health and Human Services (HHS) Secretary Alex Azar said in a speech Monday at a health policy conference.
- “The drug companies that recently increased prices will be remembered for creating a tipping point in U.S. drug pricing policy,” Azar said.
- Drug prices were raised because Wall Street is their primary customer, not patients.
KEY TAKEAWAY: Large majorities of Republican, Democratic and independent voters say they would be more likely to vote for candidates in this year’s midterm elections who are committed to bringing down the cost of prescription drugs according to a poll released last week by the Kaiser Family Foundation (KFF). Yet companies like AbbVie raised prices of drugs and are blocking generic versions of their medications. Change is coming, but too many pharma CEO’s are still too subservient to Wall Street. Continue reading
(PhRMA) president and CEO Stephen J. Ubl issued the following statement on President Donald Trump’s drug pricing blueprint: “These far-reaching proposals could fundamentally change how patients access medicines and realign incentives across the entire prescription drug supply chain. While some of these proposals could help make medicines more affordable for patients, others would disrupt coverage and limit patients’ access to innovative treatments”. Folks, that is chutzpah. Continue reading
KEY SUMMARY: “Any formal lobbying by companies of Congress or Cabinet agencies must be reported and disclosed quarterly. Novartis’s outreach to Cohen — who isn’t part of the administration, isn’t a registered lobbyist and isn’t an expert in the telecommunications or pharmaceutical industries — falls into a secretive, gray area of influence activity that ethics experts charge is ripe for abuse.” Continue reading
KEY IDEA: Pharma companies still measure success via quantitative analysis rather than qualitative analysis. This has led to a culture of numbers chasers and rather than focusing on the quality of interactions. Continue reading
KEY SUMMARY: In 2001, Acthar sold for about $40 a vial. Today: more than $40,000. An increase of 100,000 percent. 60 Minutes added more fuel to the fire and it’s just another reason why the drug industry is headed for a very rude awakening. Continue reading
KEY TAKEAWAY: Vertex argues that a $250,000-per-year price for Orkambi is reasonable, even though that much money could buy health insurance for 14 families of four. Pharma says they need high prices to support research, but Vertex scheduled a half-billion-dollar stock buyback. Continue reading