(Reuters)—Numerous small biotechnology companies have been all but shut out of the capital markets, leaving many with no choice but to consider a sale to larger peers. The Nasdaq Biotech Index is down nearly 30% since September, when Democratic presidential candidate Hillary Clinton criticized drug companies’ “price gouging” on Twitter and sparked concerns about a…
Newly Released Documents Show Profit-Seeking Behind Price Hikes at Turing, Valeant
WASHINGTON/NEW YORK (Reuters)—A decision by Turing Pharmaceuticals to raise the price of a lifesaving drug by 5,000% drove up some patient co-pays to as high as $16,000, according to excerpts of documents that congressional committee members released on Tuesday. The excerpts, which are highlighted in memos released by Democrats on the powerful U.S. House of…
Aetna’s Deal for Humana May Push Up Costs for Seniors
WASHINGTON (Reuters)—Aetna Inc.’s plan to buy smaller insurer Humana Inc. for $31 billion will mean seniors will pay higher Medicare Advantage premiums, according to a new report by the think tank Center for American Progress (CAP). Aetna’s proposed deal for Humana would combine Aetna’s 7% of the Medicare Advantage market with Humana’s 19%, and make…
High-Deductible Health Plan Enrollees Aren’t Shopping Around
hgh(Reuters Health)—High-deductible health insurance plans have been tied to lower healthcare spending, but a new study suggests the reason is not that enrollees in those plans are savvier. High-deductible plans have lower premiums, but when enrollees need medical care, it costs them more out-of-pocket. Researchers had expected that these patients are spending less because they’re…
Medicare Drug Coverage Plans for Rheumatologic Medications
Different parts of Medicare cover different services. For outpatient prescription drugs, Medicare has two distinct programs with a maze of complex policies. Most physicians along with Medicare patients, retail pharmacies, Medicare drug plans as well as Medicare Advantage health plans continuously struggle with navigating Medicare drug coverage under Part B and Part D. There are…
Major Drugmakers Push Back in U.S. Price Debate
SAN FRANCISCO (Reuters)—With a backlash brewing over the price of medicines in the U.S., drugmakers are pushing back with a new message: Most people don’t pay retail. Top executives from Eli Lilly and Co, Merck & Co and Biogen Inc. said in interviews with Reuters this week that the media focus on retail, or “list…
Anthem Targets $3 Billion in Drug Cost Cavings with Express Scripts
(Reuters)—Anthem Inc. could save $3 billion annually on drug costs from a re-pricing provision in its current contract with pharmacy benefits manager Express Scripts Holding Co, the health insurer’s chief executive officer said Tuesday. Anthem said it is working to renegotiate the contract this year to avoid overpaying for pharmaceuticals based on current market conditions….
Pfizer Hikes U.S. Prices for More Than 100 Drugs on Jan. 1
(Reuters)—Pfizer Inc., which plans a $160-billion merger with Ireland-based Allergan Plc to slash its U.S. tax bill, on Jan. 1 raised U.S. prices for more than 100 of its drugs, some by as much as 20%, according to statistics compiled by global information services company Wolters Kluwer. Pfizer confirmed a 9.4% increase for heavily advertised…
Do Tiered Physician Networks Help or Hurt? What Rheumatologists Should Know
Health insurance plans are increasingly favoring tiered physician networks, which some fear have the potential to limit patient access to such specialties as rheumatology to achieve short-term cost reduction…
Valeant Hires Attorney, Crisis Management Firm as U.S. Scrutiny Mounts
WASHINGTON/NEW YORK (Reuters)—Pharmaceuticals firm Valeant, under mounting pressure from Congress and prosecutors over its drug pricing, has hired an attorney in Washington, D.C., and crisis public relations experts with political connections, according to sources familiar with the matter. The move, confirmed by sources and through documents viewed by Reuters, signals a shift for Valeant Pharmaceuticals,…
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