Well, Kodak certainly widened its aperture this week. Welcome to the Week In Review!
1. Pattern of Profiteering
Moderna is reportedly looking to price its potential COVID-19 vaccine at $50 to $60 per course, even after accepting nearly $1 billion in taxpayer support to float R&D. The news came a week after Pfizer announced a price of nearly $20 per dose of its COVID-19 vaccine. The companies have started a dangerous pattern of maximizing profits on the backs of Americans. — (Reuters)
2. Corporate Insiders Cash in on a Crisis
As drug companies’ stock values have skyrocketed thanks to progress on COVID-19 vaccines and treatments, pharma executives are making a killing by selling their shares. While Americans are forced to make sacrifices, drug company executives see the pandemic as an opportunity to pocket hundreds of millions of dollars. — (The New York Times)
3. Another Injection of Funding
In the largest Operation Warp Speed contract yet, the U.S. government agreed to provide $2.1 billion for a COVID-19 vaccine candidate jointly developed by pharma giants Sanofi and GlaxoSmithKline. Over half of the funding is allocated to vaccine development, and the remainder will pay for 100 million doses for the United States. Let’s say it one more time: Taxpayers are underwriting the risk of development. We deserve fair prices when vaccines come to market. — (Bloomberg)
4. Stalled Drug Pricing Discussions
Pharma executives couldn’t be bothered to show up at a White House meeting Tuesday to discuss an executive order that would link drug prices in the U.S. to prices paid in other countries. The Trump administration should immediately advance its plans to lower prescription drug prices. We’ve already waited for too long. — (Politico)
5. We Shouldn’t Have to Worry
A recent Gallup poll found that nearly a third of non-white U.S. adults reported a time when they or a member of their household could not afford their medications in the last year. That’s compared to just one-fifth of white adults who reported the same. That disparity amplifies the importance of addressing drug pricing for all Americans. — (Gallup/West Health)
The president announced executive orders late Friday – like an international pricing index and Canadian drug importation – claiming that the moves would lower drug prices. The ultimate fate of the orders remains to be seen as the president plans to meet with pharmaceutical executives on Tuesday and implementation details remain in flux. — (Axios)
2. “That would be devastating for me”
In a new video, patients from across the country make their voices heard: The COVID-19 pandemic hasn’t made the issue of high drug prices go away, it has made it worse. And they deliver a message of hope and support as they call for drug pricing reform. — (P4AD)
3. It’s Apparent Now
Pfizer signed a $1.95 billion contract with the U.S. government to produce 100 million doses of the company’s potential COVID-19 vaccine — about $20 a dose. That price is more than six times what AstraZeneca plans to charge for its vaccine. What Americans have suspected for months is now out in the open: Pfizer plans to profiteer off a pandemic. — (CNN)
4. The Pledges are PR Stunts
At a Congressional hearing Tuesday, executives from giant drug corporations developing COVID-19 vaccines refused to promise to not profit over their coronavirus vaccines. If ever there were a time for Big Pharma to find its conscience, it would be now. Congress must take action to ensure pharmaceutical manufacturers don’t profiteer on the backs of patients in a pandemic. — (The New York Times)
5. States March Onward
State legislatures continue to work on drug pricing bills, focusing on areas like transparency and the regulation of pharmacy benefit managers. We’re glad to see that states are setting up guardrails to defend patients from high drug prices, and we stand ready to assist in any way we can. — (FiercePharma)
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)
In the middle of a pandemic, pharmaceutical companies hiked the prices of 42 drugs, including important medications for conditions like heartburn, respiratory illnesses, and ADHD. Millions of Americans have lost their jobs and health insurance and are forced to pay even higher prices — all while pharma continues to line their pockets. — (Politico)
2. More Taxpayer Funds for Pharma
The U.S. government signed the largest Operation Warp Speed contract yet with a commitment of $1.6 billion to Novavax for its potential COVID-19 vaccine. The same day, the government announced a $450 million contract with Regeneron, its first Warp Speed contract for a COVID-19 treatment. As American taxpayers continue to fund these important drugs, we need Congressional action more than ever to ensure we won’t pay twice for COVID-19 treatments and vaccines. — (Reuters)
3. Transparency Law Shows Skyrocketing Prices
A new report, required each year thanks to a 2017 Nevada prescription drug price transparency law, revealed that nearly 120 essential diabetes drugs have seen a significant price increase in the last two years. The average price hike in 2019 was 11.2 percent. This report proves once again that, when left unchecked, drug companies will keep raising prices as patients suffer. — (The Nevada Independent)
4. Novartis Sales Rep Blows Whistle
A former Novartis sales representative shone a federal spotlight on the pharmaceutical giant’s practices of bribing doctors with lavish parties, appealing speaker series, and large gift cards to prescribe its drugs. An investigation led by the Department of Justice revealed that Novartis made at least $40 million off the tactics. To no one’s surprise, pharma will do anything to earn another buck. — (NBC News)
5. Held Hostage by Big Pharma
As the United States continues to face the devastation of the COVID-19 crisis, the need for a vaccine only grows. The federal government has invested billions into pharmaceutical companies’ research and development of vaccines for the virus, but there are no guarantees that they will be priced fairly. We need drug pricing reform now. — (Kaiser Health News)
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)
