Prolonged a preferred of traders, biotech shares have stumbled amid considerations that political force will finish steep
drug price raises.
Not exact matches
He first gained notoriety back in September, after
raising the
price of a life - saving AIDS
drug from $ 13.50 to $ 750 a pill.
And, as Barrett and Langreth write,
drug makers often
raise those list
prices «to make up some of the lost revenue» from rebating.
Valeant has been at the center of a political firestorm over prescription medication costs and pharmaceutical companies, which depend more on acquiring or licensing existing therapies (and then
raising their
prices) rather than fueling R&D into new
drugs.
«Valeant has been appropriately criticized for substantially
raising the
prices of certain off - patent prescription
drugs suddenly and without apparent justification,» said Ackman in his opening statement.
They also said that they would lower the
price of two heart medications, Nitropress and Isuprel, around 30 % (that's after
raising the
prices of the
drugs 525 % and 212 %, respectively).
When I thought about the Shkreli situation and the Valeant situation where you have folks who, in the instance of Shkreli and Turing, buy a
drug that's been sold for 60 years at the
price range of $ 13.50, then overnight to
raise it to $ 750 per pill — and we're talking about life - saving
drugs — that really concerned me.
For example, Pfizer
raised the
prices on more than 100
drugs in 2016.
And after announcing a «social contract» to keep
drug price hikes below 10 percent a year, his company
raised a slew of
prices by 9.5 percent.
The other thing that concerns me is when other
drug companies like Pfizer, the ones that you may have in mind, are about to
raise prices.
Mylan came under fire in August when it
raised the
price of the EpiPen, a lifesaving allergy
drug, to $ 608 for a two - pack.
Turing Pharmaceuticals, which
raised the
price of a
drug 5,500 % practically overnight says it will now lower its
price following an intense backlash from the media, medical profession and the general public.
In 2011 he started a pharma called Retrophin, which repeatedly
raised the
prices of old
drugs.
In attacking Berkshire, Ackman was striking back after Buffett's business partner Charlie Munger last year called Valeant «deeply immoral» for its practice of
raising drug prices, sparking a sort of long - distance feud over whose favorite stock was better.
And despite the fact that Mylan
raised EpiPen
prices roughly 30 % in 2015 while prescription volume also grew 7 %, the company's revenue on the
drug actually fell slightly, as the other players took even bigger cuts, according to Raffat.
In his statement, Shkreli insinuated that the charges levied by the FBI are linked to his decision in September to
raise the
price of antimalarial
drug Daraprim by 5,500 percent.
U.S. drugmaker Turing Pharmaceuticals, led at the time by hedge fund manager Martin Shkreli, caused outrage last year by
raising the U.S.
price of Daraprim, an old anti-infective
drug, by more than 5,000 % to $ 750 a pill.
Amphastar became yet another
drug price - hiking villain facing intense public scrutiny when it
raised the
price of naloxone, an opioid overdose antidote, by more than 100 %.
Valeant Pharmaceuticals, which dramatically
raised the
price of two lifesaving heart
drugs, caught the ire of Hillary Clinton during the presidential campaign.
In January, Mallinckrodt
raised its
price to $ 36,382 a vial, according to the data provider Truven, but that wasn't far off what it cost back in 2015 when Medicare Part D, a prescription
drug program, spent over $ 500 million on the
drug, making it one of the top 20 expenses for the program, government data shows.
After all, as Regeneron CEO Len Schleifer pointed out,
pricing a
drug to its value would suggest that its
price shouldn't have to be
raised year after year, even if it's by the single digits.
Now Mylan appears to be learning the same hard lesson this week that Martin Shkreli and Valeant (vrx) learned last year: Investors love when pharmaceutical companies
raise drug prices — until everybody else gets really upset about it.
«Promising to
raise prices no more than 10 % and then
raising them 9.9 % is not the answer,» Regeneron CEO Len Schleifer during his JPM presentation, adding that Regeneron does not
raise the
prices on its
drugs.
After years of buying up companies then
raising the
prices of their
drugs — a strategy that rapidly amplified Valeant's revenue and stock
price — Valeant is now struggling to grow by other means, while dealing with the consequences of its previous actions.
And it's already in the hot seat over its
drug price hikes, so it can't
raise prices much further without risking another scandal.
The
price of insulin — a lifesaving
drug — has reached record highs as Eli Lilly, Novo Nordisk and Sanofi
raised prices more than 240 percent over the past decade to often over $ 300 a vial today, with
price rises frequently in lockstep, according to information technology firm Connecture.
Valeant became the face of high American
drug prices when it acquired Isuprel and Nitropress last year and immediately
raised their
prices by 525 percent and 212 percent.
Even before media reports and a congressional hearing vilified Valeant Pharmaceuticals International for
raising prices on a pair of lifesaving heart
drugs, Dr. Umesh Khot knew something was very wrong.
Investors have, on balance, concluded that the combination of a shift to very expansionary fiscal policy and major reductions in regulation in sectors ranging from energy to finance to
drug pricing will
raise demand and reflate the American economy.
The lawsuit filed Monday claimed that the three companies intentionally
raised the list
prices on their
drugs to gain favorable treatment from pharmacy benefit managers, who work with health insurers and
drug makers and help decide how a
drug will be covered on a list of approved
drugs.
Brian Henry, a spokesman for Express Scripts, the nation's largest pharmacy benefit manager, declined to comment on the lawsuit, but said, «Rebates don't
raise drug prices,
drug makers
raise drug prices.»
At Turing, he bought a decades - old anti-infective
drug and in August
raised the
price to $ 750 a pill from $ 13.50, which led the BBC to ask if he was the «most hated man in America.»
The lawsuit claims that rather than competing with one another to offer a lower, «real»
price to the insurers, the
drug makers are vying to offer the best payment to the pharmacy benefit manager, which is why they have been
raising the list
price.
Turing Pharmaceuticals of New York bought the
drug from Impax Laboratories in August for $ 55 million and
raised the
price.
The cost of the
drug was
raised from $ 13.50 to $ 750 overnight, and Shkreli promised to lower the
price following the public backlash.
Martin Shkreli is the founder and chief executive of Turing Pharmaceuticals, which
raised the
price of the
drug Daraprim to $ 750 a tablet from $ 13.50.
In response to the outrage over what appears to be blatant
price gouging on the part of Turing Pharmaceuticals, the company's founder and CEO Martin Shkreli has announced that Turing will be lowering the
price of the
drug Daraprim after
raising it from $ 13.50 to $ 750 per tablet overnight.
Turing Pharmaceuticals CEO Martin Shkreli is now stating that he wishes he'd
raised the
price on the AIDS
drug Daraprim by more than the 5000 % that made him the object of scorn worldwide.
In just the past 14 months,
drug companies
raised the
prices of 20 prescription
drugs by 200 percent.
But what Sequoia married itself to was an offshore
drug company that borrowed heavily to buy other
drug companies, cut costs and research, then
raised prices on many older
drugs to astronomical heights.
Within weeks of the deal, Valeant went from investor idol to pariah as its business model of buying older
drugs and
raising the
prices attracted international scorn.
Turing Pharmaceuticals AG, the drugmaker that
raised the
price of an anti-infective
drug Daraprim by more than 5,000 percent, suggested that it won't cut the
drug's list
price, instead offering to negotiate discounts with hospitals.
Drug companies became a favorite villain during the presidential campaign when Democratic candidates Hillary Clinton and Bernie Sanders beat on «Pharma Bro» Martin Shkreli for raising a drug price 5,00
Drug companies became a favorite villain during the presidential campaign when Democratic candidates Hillary Clinton and Bernie Sanders beat on «Pharma Bro» Martin Shkreli for
raising a
drug price 5,00
drug price 5,000 %.
Scandals can pertain to large - scale corporate conduct involving the cooperation of many people (such as the Volkswagen emissions - falsification scandal), to an individual corporate decision (as when Turing Pharmaceuticals
raised the
price of one of its
drugs from $ 13.50 to $ 750 per pill), or to illicit behaviour by an individual (such as a corporation's CEO).
The
drug Daraprim gained international attention when a 32 - year - old pharmaceutical CEO purchased its rights, and
raised its
price more than 5,000 % to $ 750 per pill.
The «war on
drugs» is counterproductive, since it
raises the
price of the
drugs, makes
drug trafficking more profitable, and thus encourages dealers to try to sell more.
William Bennett, director of the National Office of
Drug Control Policy, hopes that interdiction will raise drug pri
Drug Control Policy, hopes that interdiction will
raise drug pri
drug prices.
The so - called «Pharma Bro,» notorious for
raising the
price of a potentially life - saving
drug by 5,000 percent, was found guilty today of defrauding investors in two hedge funds and in Retrophin Inc., a pharmaceutical company he co-founded.
Now, the pharmacy can
raise price really high and the
drugs get bought anyway.
This week, the Federal Trade Commission
raised opposition to the proposed law saying it may limit competition and drive
drug prices up.