Drug Prices Increase More than Other Medical Products and Services
Drug Prices Increase More than Other Medical Products and Services
The Food and Drug Administration on Wednesday approved the first new drug to treat lupus in 56 years.
Roughly 700,000 Americans were taken to the hospital in 2007 after ingesting drugs -- both legal and illegal -- costing $1.4 billion per year in emergency department charges alone, according to a new study.
The pharmaceutical industry is about to fall off a cliff -- a patent cliff. Over the next few years, some of the world's most popular and lucrative medicines will go off patent, and generic competition will siphon an estimated quarter of a trillion dollars from companies' bottom lines. Here's a rundown:
Samsung Electronics is known for its smartphones, TVs and memory chips. Now it wants to tackle biopharmaceuticals, on Friday announcing a new joint venture to produce drugs to treat cancer and arthritis.
Pharmaceutical companies looking for fresh sources of profit are increasingly investing in a range of health care innovations that aren't drugs at all, from smartphone apps and educational websites to social media platforms and wireless devices, reports Ernst & Young.
FDA Panel on Accelerated Approval Process: Pharmaceuticals Fail to Follow-Up
Health care providers have been reporting unprecedented shortages of prescription drugs, including vital medications such as chemotherapies and antibiotics. Under current law, the FDA has no power to act, so two senators have introduced a bill to help government get a handle on the problem.
It seems that months of merger talks between French pharmaceutical company Sanofi-Aventis and U.S. biotech Genzyme have entered the home stretch. This week, Sanofi is expected to offer $74 per share for the rare disease drugmaker, with an option included potentially worth $5 to $6 a share.
Whistleblowing firm Ven-A-Care has recovered $2 billion for taxpayers by suing drug companies that overcharge the government and create windfalls for participating pharmacies. It also has made $380 million for itself. What's the problem with that?
Merck has confirmed that it halted its late-stage student of vorapaxar, a potential clot-preventing drug, after an increased risk of bleeding in some patients.
If gasoline or jobs or milk were in short supply, we'd all know about it. But unknown to most Americans, the country is now in the grips of a life-threatening drug shortage. Medical professionals are quite aware of it, however, and they're deeply concerned.
If you don't count the U.S. government and nonprofits, the pharmaceutical industry had the most job cuts last year. Mergers, acquisitions and major restructurings made pharma a much smaller and leaner sector -- will those changes now play in its favor?
Johnson & Johnson (JNJ) is recalling packages of Rolaids medicines distributed in Canada after consumers complained of finding materials including particles of metal and wood in the products. McNeil Consumer Healthcare, a unit of Johnson & Johnson, said it is recalling all lots of Rolaids Ultra Strength SoftChews and Rolaids UltraStrength SoftChews plus Gas Relief.
Orexigen's Diet Pill Contrave
European antitrust officials raided drug makers including AstraZeneca Plc (AZN) as part of an investigation into possible collusion to keep cheap generic medicine off the shelves. The European Commission said it raided a "limited number" of pharmaceutical companies that may have obstructed the sale of generic medicines Bloomberg News said.
The U.S. leads the world in creating new drugs, and big pharmaceutical companies companies play an important role in the process. But according to a new study, a unique system of collaboration between universities and small biotech firms is the key to the system.
Just days after Johnson & Johnson's Children's Tylenol started returning to store shelves, the health care giant has recalled about four million packages of Children's Benadryl allergy tablets and some 800,000 bottles of Junior Strength Motrin, citing manufacturing problems.
Here's a roundup of some of Wednesday's major pharmaceutical news: An FDA panel gave Human Genome Sciences a boost with a thumbs-up for its lupus drug, Benlysta; Merck's experimental heart drug appears to work well without side effects; and Novartis announced its plans for long-term growth.
Many will be watching to see if the state's voters say yes to Proposition 19, the controversial ballot measure that would legalize marijuana in California. Advocates say the measure would be a moneymaker. Opponents see nothing but trouble ahead if Prop 19 passes.
Alcohol is Most Dangerous Drug to Society
GlaxoSmithKline Plc agreed to pay $750 million to settle charges that the drug making giant sold contaminated anti-nausea medication and baby ointment made at a now-closed Cidra plant in Puerto Rico.
Johnson & Johnson (JNJ) is recalling Tylenol products because of a musty odor, the company%u2019s third such recall in 12 months. J&J is yanking a line of Tylenol 8-hour caplets containing 127,728 bottles after customers complained of a musty smell from the pills, Bloomberg News said. The smell may be related to a chemical that is applied to wooden pallets used to store packing materials.
At a recent life-sciences conference in Stockholm, execs of several U.S. and foreign biotechs clashed with Big Pharma in a lively debate on the merits of their respective goals and products. The result, however, was a stand-off.
CVS Caremark has agreed to pay $77.6 million in fines for illegally selling a chemical, common in some cold and cough medicines, that ended up being used to make methamphetamine.
Global pharmaceutical sales are expected to grow by 5% to 7% in 2011 to around $880 billion, thanks to robust growth in emerging markets, especially China, as well as new innovative treatments, and despite patent expirations and budget pressures in the developed world.
Wal-Mart Stores (WMT) and Humana (HUM) are teaming up to offer a Medicare prescription drug coverage plan that they say will be the cheapest on the market. Premiums for the Humana Walmart-Preferred Rx Plan will be $14.80 a month, less than half the average premium for Medicare prescription drug plans this year, the companies said in a statement.
Endo Pharmaceuticals (ENDP) agreed to buy generics company Qualitest Pharmaceuticals for $1.2 billion cash. Qualitest is the sixth-largest U.S. generics company as measured by prescriptions filled. Qualitest will add about $400 million to Endo%u2019s annual revenue and 40 cents per share in annual adjusted earnings, Endo said in a statement.