DIRS.INFO The most relevant business & tech news

Wegovy, the blockbuster weight loss treatment from Novo Nordisk , tops the list of drugs that could soon become part of the second round of price negotiations between manufacturers and Medicare. The Biden administration last month announced new negotiated prices for the first 10 Medicare Part D drugs selected for the talks. He also pushed back on Medicare price negotiations when asked about the potential selection of Wegovy and Ozempic, calling the talks "price-setting" that will have negative consequences for drug innovation. Medicare Part D doesn't cover weight loss treatments unless they are approved and prescribed for another health condition. We'll be following the next round of Medicare drug price negotiations closely, so stay tuned for our coverage.

Persons: Wegovy, Hollie Adams, Biden, it's, Novo, Lars Fruergaard Jørgensen, Lars Jorgensen, Ozempic, Piroschka Van De Wouw, Jørgensen, Semaglutide, We'll, Annika, annikakim.constantino Organizations: Novo Nordisk, Reuters, Specialty Pharmacy, Centers, Medicare, Medicaid Services, Health, Education, Labor, Capitol, CMS, Wall Street, GSK, Astellas Pharma, Epic Systems Locations: London, Britain, Novo, Washington , U.S

The first round of Medicare drug price negotiations has come to an end – but we still don't know the final prices that the U.S. government and pharmaceutical companies have agreed on. They all maintain that Medicare drug price negotiations are a long-term threat to the pharmaceutical industry's drug innovation and profits, but the immediate dust has somewhat settled. That's based on executive commentary during the recent quarterly earnings calls of Bristol Myers Squibb and Johnson & Johnson , among other companies. Novartis CEO Vasant Narasimhan said on July 18 that the short-term impact from Medicare drug price negotiations "might be manageable on our first set of drugs." Executives at each of the drugmakers similarly emphasized their opposition to Medicare drug price negotiations on their respective earnings calls.

Persons: Joe Biden, Johnson, Joe Biden's, Christopher Boerner, Bristol Myers, Robert Michael, We've, Michael, Jennifer Taubert, Vasant Narasimhan, Narasimhan, Bristol Myers Squibb's Boerner, Boehringer Ingelheim, Annika Organizations: National Institutes of Health, Medicare, Bristol Myers Squibb, Johnson, Pfizer, J, Novartis, Merck, Novo Nordisk, AstraZeneca Locations: Bethesda , Maryland, U.S, annikakim.constantino@nbcuni.com

But J&J's drug is walking away with a notable edge over its rival. They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma. But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug. J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later. With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share.

Persons: Jonathan Raa, Johnson, Myers's, Bristol Myers, Jefferies, Kelly Shi, Shi, Carvykti, Cantor Fitzgerald, Rick Bienkowski, Kelsey Goodwin, Annika, annikakim.constantino@nbcuni.com Organizations: Nurphoto, Bristol Myers Squibb, Johnson, Food and Drug Administration, FDA, Legend Biotech, Bristol, New York Stock Exchange, NYSE, Reuters, Mount Sinai Hospital, Getty Locations: Bristol, U.S, EU, Japan, Mount Sinai, New York City

Search resuls for: "annikakim.constantino"

3 mentions found