Executives from pharmaceutical companies including Johnson & Johnson (NYSE:JNJ), Amgen (NSDQ:AMGN), Merck (NYSE:MRK) and Eli Lilly (NYSE:LLY) met with President Donald Trump today to discuss issues ranging from drug pricing to regulatory approval for pharmaceuticals. The president called on the company execs to increase U.S. production and lower “astronomical” drug prices. Although Trump doubled down on his […]
Capitol Hill
Healthcare industry braces for change on Trump’s executive order
President Donald Trump signed an executive order on Friday that could scale back enforcement of some provisions of the Affordable Care Act, also called Obamacare, and analysts warned that shares of hospitals and Medicaid providers could face new pressure as fears over losing coverage grow. President Trump wrote that government departments should “waive, defer, grant […]
Bipartisan report from senators calls for drug pricing reform
The U.S. Senate Special Committee on Aging released a bipartisan report yesterday suggesting ways to respond to spikes in drug pricing. The report comes after a months-long investigation spearheaded by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Missouri). The senators wrote that massive spikes in drug prices are “gouging” patients and that lawmakers should respond. […]
21st Century Cures Act adds Hatch-Waxman rule to drug-device combos
Section 3038 of the 21st Century Cures Act applies Hatch-Waxman rules to certain drug-device combination products, addressing the regulatory pathway for devices that incorporate already approved drugs. The Hatch-Waxman Act, named for Sen. Orrin Hatch (R-Utah) and Rep. Henry Waxman (D-Calif.), was approved in 1984. It was designed to make it easier for generic drugs to enter […]
Federal watchdog to investigate CMS drug rebate program
The Office of the Inspector General of the Health and Human Services Departments said last week that it will begin investigating whether the Centers for Medicare & Medicaid Services properly monitors its Medicaid Drug Rebate Program. The investigation comes after CMS reported that Mylan (NSDQ:MYL) underpaid Medicaid by not paying appropriate rebates. The Canonsburg, Penn.-based company said […]
Trump comments send pharma, biotech shares down
(Reuters) – President-elect Donald Trump on Wednesday took aim at drugmakers, promising in a magazine interview that “I’m going to bring down drug prices,” and shares of U.S. pharmaceutical and biotechnology companies fell. In a cover story for Time magazine, which named him its Person of the Year, Trump said that “I don’t like what […]
Committee pens letter to Mylan demanding EpiPen price info
Members of the U.S. House Committee on Oversight & Government Reform penned a letter to Mylan (NSDQ:MYL) demanding a more complete look at the pricing of its EpiPen epinephrine auto-injector. At a Sept. 21 congressional hearing, Mylan CEO Heather Bresch testified that the company makes a $100 profit per 2-pack of EpiPens. Last week, Mylan […]
Mylan clarifies $104 profit on $600 EpiPens
Mylan (NSDQ:MYL) acknowledged that the $104 profit it reported to Congress included taxes, after the Wall Street Journal reported that the company applied the statutory U.S. tax rate of 37.5% to calculate its profits for testimony before the Senate, according to Reuters. “Without the tax-related reduction, Mylan’s profits on the EpiPen 2-pack would be closer […]
Senate panel to investigate Mylan’s EpiPen pricing
The U.S. Senate’s investigations panel is reportedly launching a “preliminary inquiry” into Mylan’s (NSDQ:MYL) pricing of the EpiPen epinephrine auto-injector. Mylan came under fire in recent weeks for raising the price of EpiPens nearly 500%, from $100 in 2008 to more than $500 this year, despite stable manufacturing costs. In late August, Sens. Amy Klobuchar […]
Mylan cuts EpiPen price in half after criticism
By Sarah Faulkner Mylan (NSDQ:MYL) said today that it would reduce the out-of-pocket patient cost for its EpiPen product, after being widely criticized for raising the price nearly 500% since 2009. Although the list price for the epinephrine injector remains the same, Mylan said it would increase eligibility for its patient assistance program, which eliminates out-of-pocket costs for uninsured […]
