Despite President Donald Trump’s push for his administration to lower drug costs, many drug companies are instead raising prices—and Trump ain’t happy. In fact, the president summoned officials to the Oval Office to voice frustration over the moves, Politico reports.
As the calendar flipped to 2019, dozens of drugmakers raised prices on hundreds of drugs, Rx Savings Solutions CEO Michael Rea, Pharm.D., told FiercePharma. The president caught wind of the increases, and as he has in the past, Trump took to Twitter to voice his disapproval.
As industry watchers know, this year’s price increases come as the Trump administration works to implement its drug pricing blueprint, which aims to boost competition and negotiation in drug markets, and provide incentives for lower list prices and lower out-of-pocket costs. Officials at HHS are working to force drug prices in TV ads, as well as to lower certain Medicare prices, while the FDA has boosted generics approvals and is otherwise working to boost competition.
But the effort hasn’t been without controversy. Last year, amid discussion on the blueprint, Pfizer planned to raise prices on dozens of drugs. Trump tweeted that the company “should be ashamed,” and Pfizer deferred its hikes. Now, the drugmaker plans a set of price increases next week.
Looking ahead, with Democrats taking control of the House of Representatives, drug pricing promises to remain a frequent topic of conversation in Congress this year. Already, Democrats have floated new proposals to fight high prices.
This week’s news comes as thousands of industry players meet in San Francisco for the J.P. Morgan Healthcare Conference. Drug costs were part of FDA Commissioner Scott Gottlieb’s keynote address on Tuesday, when he said the agency shouldn’t be an arbiter of cost-effectiveness. Instead, it’s working to boost competition in drug markets where it’s currently lacking, Gottlieb said. This year, the FDA plans to look at patent issues, complex generics, biosimilars and more.
For his part, Amgen CEO Bob Bradway said on Tuesday that the environment in biopharma is “volatile,” adding that companies won’t be able to grow simply through yearly price hikes on specialty drugs.
By Eric Sagonowsky
Source: Fierce Pharma
CureVac and the University of Texas’s MD Anderson Cancer Center have announced a co-development and licensing agreement to develop novel messenger ribonucleic acid (mRNA)-based cancer vaccines. The strategic collaboration will focus on the development of differentiated cancer vaccine candidates in selected haematological and solid tumour indications with high unmet medical needs.
FUJIFILM Corporation is planning to invest $1.2 billion to expand the planned FUJIFILM Diosynth Biotechnologies manufacturing facility in Holly Springs, North Carolina, US. This news follows the organisation’s announcement of a $2 billion investment in the facility in March 2021. This additional financial boost totals the investment to over $3.2 billion, FUJIFILM confirmed.
Sanofi’s global restructuring and downsizing is now fully underway, with layoffs stretching to the company’s Belgian offices. Belgian newspaper De Tijd reports that 67 employees have been laid off at a site in Ghent and 32 jobs are on the chopping block at Sanofi’s Belgium HQ in Diegem.