We cut into pharma. It is cake. Welcome to the Week In Review.
1. Empty Promises
- Some drug makers in the race to develop a COVID-19 vaccine have pledged to forgo a profit, without offering any details as to what that means. We’ve been doing this long enough to know we can’t trust pharma to make good on their promises. Lawmakers must pass legislation to guarantee fair prices and protect Americans from being price gouged for vaccines we’re paying to create. — (Politico)
2. We Demand a Say
- Moderna could make a profit of $5 billion if its COVID-19 vaccine candidate costs $50 per dose, with the potential to rake in more than $20 billion if priced higher, Wall Street analysts predict. Meanwhile, U.S. taxpayers have funded the potential vaccine every step of the way, from government scientists who helped develop the technology to ongoing clinical trials. As Wall Street and pharma work together to push up prices, it’s clearer than ever that we can’t allow them to hold all the cards. — (FiercePharma)
3. Highway Robbery in Ohio
- Ohio is suing pharmacy benefit manager Express Scripts for overcharging taxpayers by millions. Alleged tactics include mislabeling generics as brand-name drugs and failing to deliver on promised discounts. Lawsuits like Ohio’s illuminate the myriad of ways drug manufacturers and PBMs work together to increase their own profit margins at the expense of the rest of us. — (Ohio Capital Journal)
4. Monopoly Money
- Big Pharma poster child AbbVie has secured dozens of patents on the cancer drug Imbruvica, extending its monopoly and staving off lower-priced competitors for nine years beyond its government-granted period of exclusivity, according to a new report from patent abuse watchdog I-MAK. The estimated cost of Imbruvica to taxpayers and patients over those nine years? $41 billion. Pharma is holding us all hostage. — (I-MAK)
5. New Hampshire Stands Strong
- States continue to take the lead on drug pricing reform. New Hampshire Governor Chris Sununu included a comprehensive bill that would address high drug prices for the state’s patients. It’s long past time for the federal government to advance proposals to lower drug prices for ALL Americans. — (The Conway Daily Sun)