Disaster-Response Preparedness Bill Could Hold Lots Of Goodies For Pharma
The Pandemic All-Hazards Preparedness Reauthorization Act is up for renewal this year, and drugmakers are already lining up with their hands out. In other pharmaceutical news: a judge rules that Martin Shkreli can be held responsible for $10.4 million in losses related to his tenure at Turing Pharmaceuticals; an analysis finds oversight of compounding pharmacies improved; and a tweet sends one biotech company's stocks soaring.
Drug Makers Lobby For Antibiotic Incentives In Pandemic Preparedness Bill
A big legislative package due for renewal later this year could include hundreds of millions of dollars of drug incentives — and the medical community is already jostling to shape its contents. The Pandemic All-Hazards Preparedness Reauthorization Act, a 2013 update of a 2006 law, is slated to end in September. It helps fund disaster-response initiatives such as vaccines for smallpox, diagnostic tests for influenza, and hospital programs to treat victims of a nuclear attack. (Swetlitz, 2/27)
Judge Holds Martin Shkreli Responsible For $10.4 Million In Losses
A federal judge ruled Monday that former drug company CEO Martin Shkreli will be held responsible for $10.4 million worth of financial losses related to his time as head of Turing Pharmaceuticals. Judge Kiyo Matsumoto rejected Shkreli’s argument that he did not cause any losses for investors because they eventually came out with a profit, Reuters reported. The total losses will likely play a factor in Shkreli’s sentencing on March 9. (Samuels, 2/26)
State Oversight Of Compounding Pharmacies Is Better, But Inspections Are Lagging
Amid ongoing scrutiny of compounding pharmacies, a new analysis finds that state oversight has largely improved recently, although one glaring weakness is a cause for concern: Inspections are not being conducted as frequently as in the past. Specifically, 32 states now require compounding pharmacies that make sterile medicines, which are injected or infused into the body, to fully comply with recognized quality standards, according to The Pew Charitable Trusts, a public policy organization. Two years ago, Pew conducted a similar analysis and found only 26 states had the same requirement. (Silverman, 2/26)
A Biotech Doubled Its Value Off A Tweet About A Curious 'Breakthrough'
“A serious breakthrough in the lab,” began the tweet worth more than $8 million to a micro-cap London biotech company. The tweet, posted Sunday and totaling 50 characters, sent HemoGenyx Pharmaceuticals’ share price up nearly three-fold on Monday morning, making it the day’s best performing company on the London Stock Exchange. (Garde, 2/26)