Lawmakers To Move Forward With Bill To Bring Generics To Market Faster
The measure has languished, but branded drugmakers have since relaxed their opposition to the legislation. The shift in position comes as the companies hope the bill will help with their "doughnut hole" problem.
Senate Panel Schedules Vote On Controversial Drug Pricing Bill
The Senate Judiciary Committee announced Tuesday that is is moving ahead this week on a controversial bill aimed at lowering drug prices. The bill, known as the Creates Act, seeks to crack down on drug companies using tactics to delay the introduction of cheaper generic drugs onto the market. It has been stalled for months amid intense opposition from pharmaceutical companies, despite being sponsored by members of both parties. (Sullivan, 6/5)
Momentum Grows To Resurrect Bill Aimed At Bringing Generics To Market
Part of that momentum comes as branded drug makers, who had initially pushed back on the legislation, have relaxed their outright opposition to the measure, according to lobbyists both for branded drug makers and for other industries that support the legislation. Increasingly, they believe some version of the bill could offset the costs associated with another policy they hope to achieve soon: a change to the formula associated with costs for Medicare beneficiaries who reach the so-called “donut hole” of prescription drug coverage. (Mershon, 6/5)
In other pharmaceutical news —
Axovant Makes A Bet On Gene Therapy. Is Wall Street Ready To Forgive?
If you bet $100 on Axovant Sciences nine months ago, you’re down 93 bucks. But the biotech company best known for a blowup rivaling bitcoin wants a second chance, and on Wednesday is unveiling new management and a new drug it believes can win investors back over. Axovant, founded by biotech entrepreneur Vivek Ramaswamy, is pivoting to gene therapy. The company paid $30 million up front for a one-time treatment Axovant believes could change the lives of patients with Parkinson’s disease. (Garde, 6/6)
Want To Make It Big In Health Care? It Helps To Get Past Lisa Suennen First
Lisa Suennen is a unicorn collector. ... Why? Silicon Valley’s starry-eyed metaphor for privately held startups valued over $1 billion, Suennen explained, “is a silly construct — and so I have silly things.” ... Among other firms, [her former firm] got in early on Definity Health, a health benefits company acquired for $300 million by the big insurer UnitedHealth; ActiveHealth Management, a managed care company that got bought by insurance giant Aetna for over $400 million; and Extend Health, which operated a private Medicare exchange and got bought for $435 million. (Robbins, 6/6)