Pfizer Made Headlines By Rolling Back Price Increases To Appease Trump. In 2019, It Will Return To Business As Usual.
The company will raise the price of 41 of its drugs -- about 10 percent of its portfolio of treatments. Trump administration officials did not take kindly to the announcement. The move illustrates the “perverse incentives of America’s drug pricing system,” said a spokeswoman for Health and Human Services Secretary Alex Azar. In other drug cost news: brand-name price hikes drive up spending; an analysis looks at EpiPen's cost-value ratio; and the FDA wants more funding so the agency can review influx of gene therapy products.
The Wall Street Journal:
Pfizer To Raise Prices On 41 Drugs In January
Pfizer Inc. plans to resume its practice of raising drug prices early next year after bowing to pressure from President Trump over the summer when the company rolled back some increases. Pfizer, among the world’s biggest drugmakers by sales, won’t be raising prices as much as it has in past years. It said it would raise the list prices of 41 of its prescription drugs, or 10% of its portfolio, in January. The price increases were first reported by The Wall Street Journal earlier Friday. (Rockoff and Hopkins, 11/16)
Pfizer Raises Drug Prices Again, Rebuking Trump
Trump attacked Pfizer in July after the company raised prices, just weeks after he announced a drug pricing plan he claimed would result in "historic" price cuts. Trump accused the company of "taking advantage of the poor & others unable to defend themselves," and Pfizer a day later agreed to cancel the price increases. Pfizer at the time said the rollback would give Trump an opportunity to work on his administration's drug price plan. The company said it would reinstate price increases at the end of the year if the administration's drug pricing plan didn't take effect. (Karlin-Smith, 11/16)
Soaring Brand-Name Drug Prices More Than Offset Growing Generic Use
Cleveland Clinic implemented an entire supply chain and treatment protocol for one drug to ensure that it is not wasted. The U.S. Food and Drug Administration approved Biogen's Spinraza, the first drug it cleared to treat spinal muscular atrophy, about two years ago. The first year's supply of the potentially lifesaving therapy is about $750,000, and then $375,000 a year thereafter, said Jeffrey Rosner, senior director of pharmacy contracting and purchasing at Cleveland Clinic. (Kacik, 11/16)
Gottlieb Pushes For Funding To Speed Gene Therapy Reviews
The Food and Drug Administration is working to increase its investment in reviewing gene therapy products, Commissioner Scott Gottlieb said Friday. ...Gottlieb said he has had internal discussions about trying to increase funding and staffing to review those products. An FDA spokesperson said Gottlieb is looking to increase the budget by $50 million so the agency can hire 60 additional reviewers. (Swetltiz, 11/16)
EpiPen May Have A Lot Of Value ... But Only If It Costs $24
In fact, the value of a twin-pack of the widely used allergy-relief device is just $24 a year, according to a new analysis based on cost effectiveness benchmarks. With the help of simulation models, the researchers reached this conclusion by assuming that EpiPen and similar devices could provide a 10-fold drop in the risk of dying from a peanut allergy, although their value would hit $36 if every prospective patient carried a device, which is unlikely. However, the value would climb to $264 by assuming the devices offered a 100-fold reduced risk of dying. (Silverman, 11/16)