Canadian health minister, Patty Hajdu, signed an order that will prevent any US pharmacist or wholesaler from importing prescription drugs in bulk from Canada. The order requires Canadian companies to assess any existing or potential shortages within 24 hours of the request. Canadian officials have been adamant that this rule will do little to nothing to lower drug costs in the US and will endanger the Canadian drug supply, which only makes up approximately 2% of global sales. To read the full article, click here.
The posts focus on a discussion from a closed roundtable of expert stakeholders, including current and former pharma and biotech executives, physician and scientist entrepreneurs, private equity and venture capitalists, and economists. Part 1of the post explains why prescription drug prices are greater in the US than any other nation. The roundtable participants seemed to arrive at the consensus that a 20% - 40% cut in net drug prices would have a devastating impact on investment and innovation. Part 2 of the post discussed possible strategies to lower costs without risking innovation. The participants discussed reducing or eliminating rebates, marketing costs, and government negotiation to lower costs. To review the complete post, click here and here.
Vizient estimated $7.52 billion in savings by preventing market exclusivity on 18 drugs that they identified as drugs that could be approved through the UDI. An additional $19.07 billion could be saved by ending market exclusivity on the five drugs that were approved through the program since 2013. Vizient found that those five drugs alone have already cost the US health care system $3.15 billion. HHS withdrew from the initiative last week (Nov. 20) because it “has been used by drug companies to increase prices dramatically and linked to drug shortages for important drugs patients need,” according to Secretary Azar. To read the Vizient press release, click here.