French Early Access Programme Drugs Experience 16% Price Drop
France initiated its temporary authorization system (ATU) to help expedite access to therapeutics for conditions with limited treatment options. A report by GlobalData found that drugs released under this early access program had price reductions of 16% after negotiations. Half of the drugs investigated were in the oncology field and seven were considered orphan drugs.
Pharma and Payers Gear Up for 2023
Coming off the heels of an upset in the US mid-term elections, drugmakers and payers are preparing for what is set to be a tumultuous upcoming year. A major upcoming event on the minds of stakeholders is the beginning of Medicare negotiations with pharma to lower drug prices, a key provision of the Inflation Reduction Act. This only applies to a few drugs and with Medicare, but some fear it may portend future, more comprehensive legislation.
US Senators Pillory Pfizer Over Coming Price Hikes
US Senators Elizabeth Warren (D-MA) and Peter Welch (D-VT) released a letter addressed to Pfizer’s CEO decrying the pharma giant’s plans to spike the price of its COVID-19 vaccines by $100. The jump would bring the price per vaccine up to $130, a far cry higher than the $20 price tag the federal government paid for the vaccine in 2020.
Employers Reaping Benefits from Patient Assistance Programs
An increasing number of employers are leveraging patient assistance programs intended for patients to help cut spending on employee health plans. These programs, long objected to by many employers, are offered by drugmakers to help cover expensive treatments when a plan deems the treatment nonessential due to cheaper alternatives. This has led to employer plans changing essential status to capitalize on these programs.
Moody’s Report Finds Risk Rising in the Healthcare Industry
A new report from Moody’s Investors Service finds that healthcare companies are facing increasing financial and social risk. The report, which looked at 193 healthcare companies in North America, shows that the number of companies rated B3 negative or lower has jumped from 9 in 2015 to 34 today.
Drug Price May Not Be Magic Bullet for Patient Access in LMICs
There has been a recent push from private, public, and legal fronts for drugmakers to reveal the prices they charge for medications worldwide to help improve access to patients, especially in lower- and middle-income countries (LMIC). However, Christine Truelove argues in a recent Value & Outcomes Spotlight article that this approach may be counterintuitive.
Will Global Drug Price Transparency Improve Access for Patients?
With conversation building worldwide about growing drug prices, many have recommended efforts to increase global drug price transparency. This allows countries to make comparisons when negotiating prices with drug manufacturers. However, easy comparisons are not always possible, and the problem of high drug prices goes far beyond manufacturers.
Drug Price Reductions for Medicare Patients to Come Next Month
New drug price decreases of the Inflation Reduction Act will go into effect next month. The first drug to be affected by the legislation is insulin, which will be capped at $35 a month for Medicare recipients. In addition, the changes this coming month will remove insulin deductibles. Next July, the cost of insulin pumps will also be capped at $35.
Twist Biosciences Unveils Factory It Says Could Make Biologic Prices Competitive
Twist Biosciences, a biotech specializing in DNA synthesis, has revealed details of its new, state-of-the-art facilities the company says may drive competitive pricing in nucleic acid biologics. The facility, set in Oregon, US, is equipped with four DNA manufacturing devices and has room to grow, up to a total of 12. In addition, the upgrades will help speed production in other ways.
Pharma Skeptical of US FDA Plan for OTC Indications of Prescription Drugs
A group of pharma industry organizations have banded together and leveled their complaints and concerns at the US Food and Drug Administration’s recent plans to make a pathway for prescription drugs to receive over-the-counter (OTC) status for certain indications. A key sticking point was that insurers are likely to end coverage of prescriptions of these medications, complicating patient access and drugmakers’ earnings.
PBM Gets Ready for Congressional Investigations
The pharmacy benefit manager (PBM) industry is preparing for increased scrutiny from members of the US Congress. Politico recently spoke with JC Scott, CEO and President of the industry’s main lobbying group, the Pharmaceutical Care Management Association, about the industry’s plans going forward. A key sticking point at the moment is the drug pricing reform in the Democrat’s Inflation Reduction Act.
Podcast Q&A: Making HEOR More Accessible to Patients
This podcast segment features the Q&A from OPEN Health's October 13, 2022 webinar and features an expert panel, including Danielle [...]
Biden Executive Order to Lower Drug Prices May Have Outsized Impact
An executive order issued last month by the Biden Administration could have far-reaching consequences on drug pricing efforts, according to a new article in MedCity News. The order commands officials to explore value-based payment models. These methods may help reduce drug prices by tying payouts to patient health outcomes.
Access to Therapeutics in Northern Ireland in Jeopardy According to Teva
A representative for Teva Pharmaceuticals told members of the UK House of Lords that the impending end of a grace period in the North Ireland Protocol portends reduced access to medicines in Northern Ireland. The Protocol allowed the transportation of certain goods, including medications, into the UK without additional customs checks, mirroring the way things were before Brexit.
Pharmaphorum Speaks Smart Reviewing with EY Consulting
At last month’s Reuters Pharma 2022, speakers from EY Consulting spoke to pharmaphorum. Kornelia Lencz about her company’s EY Smart Reviewer Platform. The software suite uses artificial intelligence (AI) and machine learning-based techniques to help review promotional materials. Alice Blezat spoke about the EY Health Outcomes Platform, that uses AI to support outcome-based payment models for reimbursement.
Congress Still has Pharmacy Benefit Managers on the Mind After Midterms
After a mid-term election in the US that saw the Democrats unexpectedly maintaining control of the Senate, legislative action and congressional hearings into the practices of pharmacy benefit managers (PBMs) will still be on the docket in coming months. The industry has faced increasing scrutiny in recent years for practices that some call anti-consumer and anti-competitive.
Canada and Australia to be Added to South Korea’s Drug Pricing Reference Countries
In a new announcement by the South Korean government, Canada and Australia will be added to the nation’s list of countries it uses as references for drug pricing purposes. Previously, the group of countries used for price-setting includes seven nations. The addition puts Canada and Australia into the cluster, which includes the UK, Germany, Japan, France, Italy, the US, and Switzerland
AHF Hits Apexus for Not Conducting 340B Drug Pricing Negotiations
The AIDS Healthcare Foundation (AHF) has announced a new lawsuit against Apexus, LLC, a company contracted to negotiate 340B price discounts for qualifying non-profit healthcare organizations that serve at-risk populations. The AHF alleges that Apexus has failed to negotiate prices for life-saving HIV and AIDS medications, limiting the non-profit’s efforts to serve at-risk people living with HIV or AIDS.
US Drug Pricing Laws on the Mind of Bristol Myers CEO
Giovanni Caforio, CEO of Bristol Myers Squibb, adds his name to the growing list of C-suite members that say looming US drug pricing laws are causing them to reassess their strategies. In a recent interview, Caforio said that he expects to cancel some drug development programs as the company reevaluates its portfolio. He also noted that oncology is likely to take a big hit.
Japan’s Drug Pricing Policies Cool Pharma’s Ambitions
A new report by the Office of Pharmaceutical Industry Research, a part of a major pharma industry group in Japan, showed that over a quarter of member companies think of Japan as a lower investment priority in recent years. The majority of companies, which are nearly evenly split between overseas and Japan-based, saw no difference in market prospects in the country. The driving force of some companies’ negative outlook was annual drug price revisions.
Accession Digital Platform Hits 7-Year Development Milestone
Accession has announced that its digital platform pathwaypro® has hit 7 years of product development, completing a major goal set by the company 7 years ago. The platform allows healthcare organizations and decision-makers to model drug optimization and value-assessment. In a recent annual ranking of pharma companies in the UK, Accession was rated “one to watch”.
Mid-Terms Change Pharma’s Prospects to Change Drug Pricing Legislation
With the expected “red wave” failing to materialize and the Democratic party likely maintaining majority rule in the US Senate, the pharma industry is reassessing their prospects in challenging looming drug pricing reform. Pharma companies were basing their ambitions on which party controlled Congress, with many expecting favorable treatment if Republicans gained unilateral control.
WHO Draft Pandemic Rules Could Make Pharma Disclose Prices
New draft rules by the World Health Organization (WHO) may force pharma companies to reveal the prices of any drugs under public procurement contracts. This comes after criticism of the industry over a lack of pricing transparency regarding therapeutics like vaccines during the COVID-19 pandemic.
Value-Based Contracting as an Alternative for Drug Spending Caps in Medicare
With drug pricing reform in the US looming over the industry, pharma must look ahead to payment models that serve as a potential compromise to benefit patients, payers, and pharma. In a recent PharmaExec.com article, Girisha Fernando of Lyfegen speaks about value-based contracting as a potential way forward.
PhRMA, J&J, and TrialCard File Amicus Briefs in Support of Pfizer’s US Supreme Court Case
As Pfizer waits on a decision as to whether the US Supreme will take on the company’s case against US anti-kickback laws regarding proposed copay assistance programs, several organizations have entered the fray. PhRMA, Johnson & Johnson, and TrialCard have each filed amicus briefs to the highest court of the land to take on the case, which had been previously blocked by circuit court loss.
