Big Pharma is like “I know a spot” and takes you to their corporate jets and vacation homes.
1. Cashing in on a Crisis
Patients For Affordable Drugs released a new report that found drug companies hiked the prices of 245 medications during COVID-19. What’s worse – 75 percent of those drugs are tied to the pandemic — treating COVID-19 symptoms, being tested as potential treatments for the virus, or treating chronic conditions that put patients at higher risk for COVID-19 complications. Big Pharma’s opportunism underscores how, even in a public health crisis, it’s business as usual for drug corporations. — (P4AD)
2. We Can’t Trust Big Pharma
This week, Gilead made the long-awaited announcement of a price for its drug, remdesivir, which helps to treat symptoms of COVID-19. A five-day course of the drug will cost $2,340 for those covered by government programs and $3,120 for those with private insurance. Let us remind everyone: American taxpayers invested tens of millions of dollars in developing the drug. We’ll now spend even more to access it. History has shown that we can’t trust pharma to look out for our best interests — even in the midst of a global pandemic. — (AP)
3. PhRMA Puts Profits Over Patients… Again
Hours before a Minnesota law providing free emergency insulin to patients took effect, PhRMA sued the state in an attempt to block the law’s implementation. The law is named after Alec Smith, who died when he couldn’t afford the high cost of his insulin. We will keep fighting with Alec’s parents to ensure everyone can afford the medications they need to live. — (Bloomberg Law)
4. Generics’ Questionable Gambits
The U.S. Department of Justice charged generic drugmaker Glenmark Pharmaceuticals with conspiring with other drug companies to artificially inflate the price of a cholesterol drug. The alleged tactic brought in $200 million for the companies involved. Drug companies shouldn’t be allowed to get away with shady dealings, especially at the expense of patients. — (Politico)
5. Unredacted
A records request by drug pricing activists revealed that the BARDA contracts with drug corporations developing COVID-19 treatments left out important reasonable drug pricing protections. The omissions severely weakened the U.S government’s power to ensure future COVID-19 drugs come to market at a fair price for taxpayers. The government cannot afford to bow down to Big Pharma — especially not when our lives are on the line. — (Axios)
1. More Bad Behavior
The U.S. Department of Justice filed a lawsuit against biotech giant Regeneron alleging that the company violated federal kickback laws. The DOJ says the company siphoned tens of millions of dollars into a patient assistance foundation to cover Medicare patients’ copay for its expensive macular degeneration drug Eylea. The move kept more Medicare beneficiaries on the drug, allowing Regeneron to reap billions of dollars from Medicare reimbursements. It’s yet another example of pharma putting profits over patients. — (Reuters)
2. Congress Calls for COVID-19 Action
A bipartisan group of House lawmakers introduced bills this week designed to ensure taxpayers get a fair price on COVID-19 treatments and vaccines. American taxpayers are fueling the research and development of COVID-19 drugs. On behalf of patients, we are grateful for the introduction of these bills and will fight to get them through Congress. — (STAT)
3. Learning From History
A new video released by Patients For Affordable Drugs this week juxtaposes the history of polio vaccine development in the 1950s with the current race to develop a COVID-19 vaccine. The inventor of the polio vaccine, Jonas Salk, refused to profit from his life-saving creation. It’s a history lesson modern day pharmaceutical manufacturers should learn from in the midst of our current health crisis. — (P4AD)
4. Staking a Claim
A new investigation from Axios and Public Citizen found that the National Institutes of Health has filed patents to stake ownership of the technology behind Moderna’s COVID-19 vaccine. This means U.S. taxpayers are not only funding the development of potential vaccines but may own parts of the end product. It’s all the more reason, and opportunity, for the government to ensure COVID-19 drugs are affordable and accessible. — (Axios)
5. Let’s Get Our Priorities Straight
Drug companies and U.S. taxpayers are engaged in a tug of war, with pharma angling to capitalize on the COVID-19 crisis while American taxpayers are calling for affordable vaccines and treatments. Drug companies should be allowed to make a fair profit on their products, but not at the cost of patients and public health. — (NPR)
Survey says: Lower drug prices!
1. More COVID-19 Worries: Drug Prices
A new survey from Gallup shows nearly nine of 10 Americans are worried that the COVID-19 pandemic will give Big Pharma cover to increase drug prices. Americans across the political spectrum support allowing the federal government to negotiate directly with drug makers for a fairly priced COVID-19 treatment. — (Gallup)
2. Who’s Picking Up the Tab?
The White House announced Tuesday that COVID-19 vaccines will be free for any American who is “vulnerable, who cannot afford the vaccine, and [who] desires the vaccine.” That’s good news, but we’re going to need much more transparency to make sure taxpayers aren’t being charged excessive prices for drugs they paid to create. — (CNBC)
3. Memo: You Can’t Have It Both Ways
As the most poorly regarded industry in America, pharma has been eyeing the COVID-19 pandemic as a reputation booster. Experts point out that high COVID-19 drug prices would blow up reputational gains. — (FiercePharma)
While pharma is price fixing, we’ll be fixing drug pricing. Welcome to the Week in Review.
1. Pushing For COVID-19 Profits
Big Pharma and Wall Street are teaming up to push for high prices on COVID-19 treatments and vaccines. That’s why we’re calling on Congress to fix the rigged drug pricing system and pass legislation that will ensure Americans pay a fair price for our taxpayer-funded COVID-19 treatments. — (P4AD)
2. Flipping COVID-19 Molecules Like Houses
A Miami hedge fund manager bought the rights to license a COVID-19 pill funded by $16 million in taxpayer grants from Emory University in March and sold those rights to pharma giant Merck just two months later. The terms? An undisclosed upfront sum plus “milestone” payments and a cut of the net proceeds if the drug is ultimately approved. This brand of speculative fervor exemplifies the impact Wall Street and investors have on pricing for potential COVID-19 drugs. – (The Washington Post)
3. Dr. Fauci Got It Wrong This Week
We respect Dr. Fauci, but he got it wrong when he suggested Tuesday that guardrails on profits for taxpayer-funded COVID-19 drugs would impede the drugs’ development. History has proven that his argument that pharma will work in “good faith” doesn’t hold water. — (Bloomberg Law)
4. Pharma Ally Demands Transparency
The U.S. Chamber of Commerce, the country’s largest business lobby, called for transparency into multi-million dollar deals struck between pharmaceutical companies and the government to fund COVID-19 drug research and development. The about-face for the Chamber, which has lobbied alongside Big Pharma in the past, is a pretty big sign that the pharmaceutical industry is in for a reckoning. – (The Independent)
5. Topical Takedown
State attorneys general filed a third lawsuit in a massive ongoing probe into the generic drug industry. The suit alleges companies colluded illegally to hike prices and reduce competition for topical drugs used to treat skin conditions, allergies, and pain. It’s business as usual for drug corporations as they bend the rules while patients suffer. — (AP)
1. Congress Still Has Time to Address Drug Prices
Senator Chuck Grassley is pushing for a vote on the Prescription Drug Pricing Reduction Act before the November election. The bipartisan bill, which would rein in price gouging and cap out-of-pocket costs for prescription drugs for people on Medicare, is sorely needed always, but especially in the midst of the COVID-19 pandemic’s continued economic devastation. — (Bloomberg)
2. Let’s Put the Public Good First
A prominent Wall Street analyst predicted Gilead Science’s COVID-19 treatment remdesivir will nab $5,000 per course in the U.S., a figure that would reap $7.7 billion in sales for the giant drug company by 2022. Let’s remember taxpayers paid to develop remdesivir, a failed Ebola treatment that has shown only limited benefit in COVID-19. It all underscores why the U.S. government must negotiate for drug prices on behalf of the public and stop letting pharma charge whatever it can get away with. — (Reuters)
3. COVID-19 Drugs Won’t Work if People Can’t Afford Them
House Representatives Jan Schakowsky (D-IL) and Francis Rooney (R-FL) announced plans this week to propose a host of reforms to ensure COVID-19 drug affordability. We agree prices for taxpayer-funded COVID-19 vaccines and treatments must be set fairly to ensure affordability and accessibility for all who need them. — (Newsweek)
4. Details, Please
Chairs of two key House committees wrote to HHS Secretary Alex Azar asking whether the terms of government contracts with pharma companies to develop COVID-19 drugs include safeguards to ensure affordable prices. We are hoping the answer is YES. — (The Hill)
5. We Agree With This Conclusion
A new study examined the price tags of 42 cancer drugs launched between 2009 and 2019, comparing U.S. pricing to that of Germany, England, and Switzerland. The investigators found U.S. launch prices soared above prices of the same drugs in Europe. And, while prices in Europe fell after launch, U.S. prices continued to climb. The difference? European countries negotiate a better deal for their citizens. The U.S. doesn’t. ASCO study authors concluded the U.S. could reduce drug prices by negotiating, and we couldn’t agree more. — (The Center For Biosimilars)
We’re launching drug pricing news into your orbit no matter the forecast! Welcome to the Week In Review.
1. Hold the Applause
A change to the payment model on out-of-pocket insulin costs for some Medicare beneficiaries President Trump announced this week fell far short of expectations. America needs more from its leaders to relieve the crushing financial burden born from rising prescription drug prices, and there are better solutions on the table that will help more Americans afford vital medicines. — (STAT)
2. We Deserve a Say
Tens of millions of public dollars bankrolled the creation of Gilead’s remdesivir, a potential COVID-19 blockbuster. Yet the Big Pharma behemoth retains total control on setting a price. It’s plain wrong, and the public deserves to have a say on this potential pandemic drug’s final price. — (The Washington Post)
3. Set up to Pay Twice
Pharma giant Merck announced Tuesday that the Biomedical Advanced Research and Development Authority has promised $38 million toward the development of its COVID-19 vaccine. Once again, taxpayers are footing the bill for a vaccine without any guarantee that the final product will be affordable and accessible to everyone. — (FiercePharma)
4. “We must lift up our voices”
“The government’s unwillingness to take action on drug pricing has been the struggle of my life,” writes Clayton “DJ” Martin, who lives with sickle cell disease. “If Big Pharma is allowed to retain systemic control of the drug industry during this pandemic, it will not be just you or me that suffer the consequences, but the country as a whole.” We agree with Martin on the dire need for drug affordability during COVID-19 and always. — (The Orlando Sentinel)
5. Pharma Amps Up Drug Ad Spending in Midst of Pandemic
Sure, drugmakers could lower list prices as the country’s citizens reel from the economic impact of a once-in-a-lifetime public health crisis –– but instead, they’re taking advantage of a quarantined audience, pouring millions of dollars into TV ads in April alone. — (FiercePharma)
Nobody puts drug pricing in a corner. Welcome to the Week In Review!
1. Don’t Squander Public Goodwill
Pharma’s top brass have embarked on a feel-good press tour in an attempt to revive the industry’s heartless drug pricing image. Let’s remember what CEOs like J&J’s Alex Gorsky forget to mention: The large government contracts companies are receiving are a public investment. The people must have a say in the price of the drugs they bring to market. — (Kaiser Health News)
2. We’ll Have Lower Drug Prices, Fries, and a Coke
President Trump restated his interest in signing into law legislation to lower drug prices after Senator Chuck Grassley asked at a lunch Tuesday if the president still wants the Senate to put a drug pricing bill on his desk. We agree with Senator Grassley, who is lead sponsor of the Prescription Drug Pricing Reduction Act, and President Trump — Congress must take up the charge and move to pass meaningful drug pricing legislation. It’s more critical now than ever. — (The Hill)
3. Taxpayers Up COVID-19 Ante
The U.S. Department of Health and Human Services is sending up to $1.2 billion in taxpayer funds to AstraZeneca to support development and production of a COVID-19 vaccine. Taxpayers are vital business partners in accelerating the development of drugs for the novel coronavirus. In return, we need transparency into AstraZeneca’s spending, pricing, and profits. — (Reuters)
4. We’ve Got it Backwards
Our drug pricing system is broken, with governments fueling and funding innovation and then relinquishing that knowledge and those funds to private hands behind closed doors. The system places profits and corporate intellectual property rights ahead of the public good and has left the world unprepared for this pandemic — or the next. — (STAT)
5. Affordability Always
We don’t even know if Moderna’s vaccine candidate prevents COVID-19 in humans, but analysts are already talking about how the company could hike vaccine prices after the current pandemic subsides. Wall Street shouldn’t determine the price of a drug taxpayers are paying to create, and high drug prices will hurt Americans pandemic or no pandemic. We’ll be watching. — (Barron’s)
Take a break from baking sourdough, churning butter, and screaming into the void. Read the Week in Review in Drug Pricing!
1. On the Double:Give Taxpayers A Say
Taxpayers are mega-funders for Moderna’s research into a COVID-19 vaccine, one of the most promising options on the table. We applaud the investment in development, but taxpayers must have a final say in any resulting drug price. – (Patients For Affordable Drugs)
2. COVID-19 Did Not Make High Drug Prices Go Away
Senators Chuck Grassley of Iowa and Mike Braun of Indiana point out that drug prices are still high, and COVID-19 will only make the problem worse for hard-working Americans. There is still time for Congress to act via the Prescription Drug Pricing Reduction Act. — (The Washington Examiner)
3. We Shouldn’t Pay Twice
The House this week introduced a $3 trillion COVID-19 relief package. But lawmakers missed the mark on drug pricing reform when they appropriated billions more for drug development without including reasonable pricing guidelines. Congressional relief packages need stronger guardrails to protect taxpayers from pandemic profiteering. — (Bloomberg Law)
4. Transparency Triumphs in Minnesota!
On Tuesday, Minnesota Governor Tim Walz signed a bipartisan bill that requires pharmaceutical companies to report and explain significant drug price increases to the state or face a daily $10k fine. Patients applaud state legislators and the governor for fighting for all Minnesotans! — (Star Tribune)
5. Maryland Governor Bows to Big Pharma with Veto
Maryland Governor Larry Hogan vetoed a measure to provide funding for the state’s Prescription Drug Affordability Board, an entity lawmakers created in 2019 to assess drug price increases and make drug prices more affordable for state and local governments. We expect more from the governor and call on the state’s legislature to right his wrong at the first opportunity. — (Maryland Matters)
