Drugmakers need to learn empathy and not try to defend price hikes that make drugs inaccessible, Andrew Witty, the chief executive of British pharmaceutical giant GSK, told CNBC.
“In all circumstance, we need to be realistic and empathetic, we need to demonstrate better that we understand people are concerned about [drug pricing],” Witty told CNBC on the sidelines of the Singapore Summit 2016.
“I’m not, for a second, going to sit here and defend any historical pricing position,” he added.
Drug prices have come under scrutiny in recent months after Mylan received public backlash for the sharp price increases the Epipen, an injection device to treat fatal anaphylactic shocks from food allergies or insect bites. The price of a two-pack Epipen has risen to nearly $600, from just $100 in 2007.
Pharmaceutical companies have also been a favorite target of both Democrat candidate Hillary Clinton and GOP nominee Donald Trump during the 2016 presidential elections campaign.
Trump has even commented about the potential savings that the U.S. Medicare program could reap if it negotiates directly with drug-makers, something currently prohibited by law. Last September, Clinton tweeted about the “price gorging” of Daraprim, a treatment often used by HIV/AIDS patients, drawing attention to Martin Shkreli, the former CEO of Turing Pharmaceuticals which owns the drug.
“There is a real issue here on affordability… it almost doesn’t matter whether or not you can defend the price because if people can’t afford it, that’s what we have to focus on,” Witty said.
“[Drug] pricing always has to be taken in a very responsible mindset to get the balance right between access and reward for innovation,” he added.
By Pauline Chiou and Aza Wee Sile
Source: CNBC
Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.
On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.