And so, the morning after has arrived. Nothing like a surprise, yes? Well, the world will continue to spin no matter what, so adjust your seat belt accordingly. If nothing else, this calls for a few cups of stimulation. Remember, no prescription is required. Meanwhile, there is much to do. So here is the menu of tidbits to help you along. Hope your day goes well and your crystal ball does not fog up …
Pharmaceutical stocks are doing well this morning as investors bet that a President Trump is not as likely to take tough action on drug pricing, Reuters suggests. The betting was buoyed still more as news that a California ballot initiative aimed at reining in rising prescription drug prices was headed for defeat, according to a state website. Shares in major European drug makers were up between 2 and 6 percent, but STAT says anxiety remains.
The Department of Health and Human Services watchdog warned the Centers for Medicare and Medicaid Services in 2009 that Mylan misclassified EpiPen under the Medicaid Drug Rebate Program, Senator Chuck Grassley (R-Iowa) wrote in a letter. Mylan agreed to pay $465 million for failing to pay sufficient rebates to Medicaid for several years, but the disclosure raises questions as to why the misclassification persisted until recently.
Walgreens filed a lawsuit alleging that Theranos misled the drugstore chain about the state of its technology, the Wall Street Journal reports. The two companies struck a deal for the lab-testing outfit to operate sites for drawing blood in Walgreens stores, but the agreement fell apart amid questions about the accuracy of blood tests. The issue arose just as federal health regulators were moving to sanction Theranos.
The FDA has not done enough to stop the opioid epidemic, according to speakers at the National Academies of Sciences, Engineering and Medicine workshop, MedPage Today writes. “I think that the FDA has additional authorities under federal law that they have failed to exercise, that could improve the risk-benefit balance of prescription opioids for millions of Americans,” said Dr. Caleb Alexander of Johns Hopkins Bloomberg School of Public Health.
Valeant Pharmaceuticals relied more heavily than thought on Phildor Rx, the specialty pharmacy, to goose sales of certain drugs, Business Insider reports. Through the pharmacy, Valeant subsidized enormous amounts of sales of Solodyn, an antibiotic to treat acne, and Jublia, a toenail fungus treatment, by ensuring that pharmacy benefits managers who approve insurance payments were getting hefty rebates for securing payment for the drugs.
Pfizer will shut two of its three manufacturing plants in the UK in the next four years, putting 370 jobs at risk, the Telegraph says. The Park Royal site in London, which Pfizer inherited when it acquired Hospira in September, will close by May 2017, leaving 100 employees out of a job. And a global cold chain packaging and distribution site in Havant will shut by the end of 2020, with 270 job losses. Pfizer denies the moves are due to Brexit.
India’s Competition Appellate Tribunal set aside an order levying fines on GlaxoSmithKline and Sanofi Pasteur by the Competition Commission, the Financial Express reports. The antitrust regulator had penalized the drug makers for allegedly acting like a cartel in supplying meningococcal vaccines that were purchased by the government for vaccinating hajj pilgrims.
The Food and Drug Administration placed a hold on a clinical trial run by Arrowhead Pharmaceuticals, which is testing a treatment for chronic hepatitis B, after several animals died, Reuters notes.
BenevolentAI signed an exclusive license with Johnson & Johnson picking up rights to a series of its novel clinical stage drug candidates, according to PharmaTimes.