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☆ Supreme Court rejects Martin Shkreli fine appeal
▼ + stars: | 2024-10-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

The Supreme Court in rejecting that request did not explain its reason for doing so. Shkreli's request that the Supreme Court take his appeal of federal court decision was his last chance to overturn the penalty related to the drug Daraprim . People pass outside the U.S. Supreme Court on October 7, 2024 in Washington, DC. Shkreli in June asked the Supreme Court to hear his appeal of that ruling, but only as it applied to the financial penalty. The attorney said that the Supreme Court should hear Shkreli's appeal to resolve the so-called circuit split on the question of a defendant's financial liability.

Persons: Martin Shkreli, Benjamin Brafman, Shkreli, pharma bro, Shkreli's Organizations: U.S, CNBC, Federal Trade Commission, pharma, Supreme, Vyera Pharmaceuticals, FTC, Circuit, Appeals Locations: Brooklyn, New York City, U.S, Washington ,, Manhattan, Shkreli, disgorgement

☆ The human life span may have finally plateaued. Here's what you can do to optimize your chances for a long life — and what researchers are working on next.
▼ + stars: | 2024-10-07 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Life expectancy in the US shot up at a rate of about three years per decade in the last century: from roughly age 47 in 1900 to age 77 in 2000. As more people in wealthy countries make it to old age, human life expectancy gains are nearing a plateau. The study tracks trends in their death rates and life expectancy from 1990 to 2019, before the COVID-19 pandemic started. Spending just 3% of your day exercising can mean you stay healthier for longer, an expert in healthy aging said.

Persons: —, Jay Olshansky, We've, Mick Jagger, Joe Biden, Kevin Winter, Thomas Barwick, Olskansky, Olshansky, Aubrey de Grey, De Grey, Peter Fedichev, Gero, hasn't, Fedichev Organizations: Service, Aging, University of Illinois, Business, Pfizer Locations: Chicago, Australia, France, Italy, Japan, South Korea, Spain, Sweden, Switzerland, Hong Kong

The head of the committee, Sen. Bernie Sanders, I-Vt., has been vocal about his frustrations over how much Novo Nordisk charges Americans for both Ozempic (used to treat type 2 diabetes) and Wegovy (approved for weight loss). Mariam Zuhaib / AP“It is clear that Novo Nordisk is ripping off the American people,” Sanders told NBC News in June. In a statement Monday, Novo Nordisk defended its pricing structure. Novo Nordisk holds the patent on semaglutide, so other companies aren't able to make a generic version. That leaves Novo Nordisk — and ultimately Jørgensen — to answer questions about the price of its blockbuster drugs.

Persons: Lars Fruergaard Jørgensen, Jørgensen, Sen, Bernie Sanders, Sanders, Mariam Zuhaib, ” Sanders, “, United States don’t, ” Organizations: Nordisk, Capitol, Health, Education, Labor, Pensions, NBC News, Novo Nordisk, Department of Health, Human Services, NBC, Novo Nordisk — Locations: Canada, Europe, United States, Germany, United Kingdom, U.S, Novo

☆ Twice-a-year injection reduced risk of HIV infection by 96%, drug company says — more than daily PrEP pill
▼ + stars: | 2024-09-12 | by ( Deidre Mcphillips | ) edition.cnn.com time to read: +2 min

CNN —A drug currently used to treat HIV has also been found to dramatically reduce the risk of infection, significantly more than the primary option available for pre-exposure prophylaxis or PrEP. In a Phase 3 clinical trial, 99.9% of participants who took a twice-a-year injection of lenacapavir for HIV prevention did not acquire an infection, according to data from drugmaker Gilead Sciences. There were only two cases among 2,180 patients – effectively reducing the risk of HIV infection by 96% and proving 89% more effective than Truvada, a pill taken once a day. It’s a “significant breakthrough in HIV prevention,” according to a news release from the World Health Organization in July. Gilead said it will use these trial data to start the drug approval process in multiple countries by the end of the year.

Persons: lenacapavir, ”, Onyema Ogbuagu, Dr, Sanjay Gupta, It’s, Gilead Organizations: CNN, Gilead Sciences, Yale, Research, CNN Health, World Health Organization Locations: Gilead, Argentina, Brazil, Mexico, Peru, South Africa, Thailand, United States, Africa

☆ How the Psychedelics Medicine Bubble Burst - The New York Times
▼ + stars: | 2024-08-23 | by ( Caty Enders | ) www.nytimes.com time to read: +2 min

The drug company Lykos Therapeutics had spent much of this year expecting to vault to meteoric heights. It had sent an application to the Food and Drug Administration seeking approval to use MDMA to treat post-traumatic stress disorder. It was the capstone to months of increasingly loud concerns being voiced over the quality of Lykos’s clinical trials. Lykos has spent years conducting clinical trials testing whether MDMA-assisted psychotherapy could alleviate the symptoms of PTSD. Its most recent drug trial showed that more than 86 percent of people treated had a measurable reduction in symptom severity.

Persons: ”, Lykos Organizations: Lykos Therapeutics, Food and Drug Administration, Lykos, Merck

☆ Three Studies of MDMA Treatment Retracted by Scientific Journal
▼ + stars: | 2024-08-12 | by ( Andrew Jacobs | More About Andrew Jacobs | ) www.nytimes.com time to read: +1 min

The journal Psychopharmacology has retracted three papers about MDMA-assisted therapy based on what the publication said was unethical conduct at one of the study sites where the research took place. Several of the papers’ authors are affiliated with Lykos Therapeutics, the drug company whose application for MDMA-assisted therapy to treat post-traumatic stress disorder was rejected last week by the Food and Drug Administration. The company said the research in the retracted papers was not part of its application to the F.D.A. has asked Lykos to conduct an additional clinical trial of its MDMA-assisted therapy, which would have been the first psychedelic medicine to win approval by federal regulators. Lykos has said it would appeal the decision.

Persons: Lykos Organizations: Lykos Therapeutics, Food and Drug Administration

CNN —A week after announcing her run for president, Kamala Harris has yet to tell voters how she will address the key issues facing the nation. Harris has also touted the Biden administration’s efforts to lower drug costs, reduce child poverty, forgive student loan debt and remove medical debt from credit reports. Hefty student debt loads are also an area of interest to Harris. Experts credit Harris’ ability to secure private-sector investments as her most visible action in the region to date but have cautioned about the long-term durability of those investments. For President Biden and me, our sacred commitment to NATO remains ironclad.

Persons: Kamala Harris, Joe Biden, Harris, she’s, Biden, Donald Trump, ”, Roe, Wade, She’s, Trump, Immigration Biden, Benjamin Netanyahu, Biden’s, Netanyahu, ” Harris, –, ” Harris didn’t, Ukraine Harris, Volodymyr Zelensky, “, Vladimir Putin Organizations: CNN, America, “, Black, Zeta Phi Beta, Biden, Families, Wall Street, ConocoPhillips, Exxon Mobil, Senate, Green, Immigration, Department of Homeland Security, Partnership for Central America, Israeli, Munich, United States Congress, NATO Locations: Indianapolis, Minnesota, Biden’s, Canada, United Kingdom, France, Japan, Australia, Paris, Central America, Mexico, Israel, Gaza, “, Indiana, Ukraine

☆ Harris has championed more progressive ideas than Biden
▼ + stars: | 2024-07-23 | by ( Tami Luhby | Meg Tirrell | ) edition.cnn.com time to read: +9 min

The Biden administration, along with congressional Democrats, broadened access to health insurance by temporarily beefing up the federal premium subsidies for Affordable Care Act policies. Providing middle class tax reliefAs a senator, Harris proposed providing middle-class and working families with a refundable tax credit of up to $6,000 a year (per couple) to help keep up with living expenses. Harris also campaigned on the measure – titled the LIFT the Middle Class Act, or Livable Incomes for Families Today – during her earlier presidential run. Like Trump, Harris proposed allowing the federal government to set “a fair price” for any drug sold at a cheaper price in any economically comparable country, including Canada, the United Kingdom, France, Japan or Australia. As California’s attorney general, Harris joined other states in pursuing several drugmakers for their pricing or practices, winning multimillion-dollar settlements.

Persons: Kamala Harris, Donald Trump, Joe Biden’s, Biden, Harris, Sen, Bernie Sanders ’, ” Harris, Sanders, Roe, Wade, ”, Kelly Baden, ” Baden, –, Trump, ’, John Gimigliano, Harris ’ Organizations: CNN, Affordable, Wall Street, Congressional, White, Guttmacher Institute, Biden, Today –, KPMG’s, KPMG’s Washington National Tax, Trump, Profit Locations: Minnesota, Biden’s, KPMG’s Washington, Canada, United Kingdom, France, Japan, Australia

☆ How professional investors are gearing up for the presidential election
▼ + stars: | 2024-07-13 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +5 min

Heading into November's U.S. presidential election, professional investors agree on one strategy — diversification remains key. Diversification to hedge tax rate risk FBB Capital Partners' Mike Bailey said that should former President Donald Trump win, his tax cuts might mean better overall prospects for equities. Bailey emphasized that while his investment strategy avoids predicting macroeconomic events and timing the market, Depending on the election's outcome, there could obviously be different results for investors, investors could find it helpful to look at the extreme outcomes of the election. He recommended diversifying across different asset classes, since higher tax rates could lead to downside in the equity market. "If tax rates change, I don't think bonds are going to move that much, so you're pretty safe on that side," he said.

Persons: Mike Bailey, Donald Trump, Bailey, Tesla, John Davi, we're, Davi, You've, it's, Kumar Organizations: November's U.S, Nasdaq, Federal Reserve, Dow Jones, CNBC Pro, Wall, Capital Partners, CNBC, Astoria, Komal, Sri, Kumar Locations: U.S, —, China, Mexico

☆ We're hiking our price targets on Meta, Eli Lilly, and 3 other stocks on recent runs higher
▼ + stars: | 2024-07-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

AMZN YTD mountain Amazon YTD We begin with Amazon 's move, which has been fueled by strength in its three core businesses. GOOGL YTD mountain Alphabet YTD Alphabet has been gaining steam in recent months on similar cloud tailwinds but also improving sentiment around its AI capabilities. META YTD mountain Meta Platforms YTD Meta Platforms ' stock has fully recovered all of its first-quarter earnings losses. LLY YTD mountain Eli Lilly YTD We are also increasing our Eli Lilly price target – taking it to $1,000 per share from $850. PANW YTD mountain Palo Alto Networks YTD One more stock we're raising our price target for is Palo Alto Networks .

Persons: Eli Lilly, Eli Lilly YTD, There's, donanemab, We're, Jim Cramer's, Jim Cramer, Jim, Beata Zawrzel Organizations: Palo Alto Networks, Amazon, Jefferies, Facebook, Alto Networks, CNBC, Google, Nurphoto, Getty Locations: CIOs, United States, Indiana, Palo

☆ Investors want proof AI will aid drug discovery. Evidence may come in the second half
▼ + stars: | 2024-07-06 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +10 min

Analysts who have been following companies on the cutting edge of using generative AI for drug discovery say it is still very early days. But these endorsements haven't lifted Recursion shares out of a slump. RXRX 1Y mountain Recursion shares over the past year. The drug company will be a beta user of Recursion's LOWE (Large Language Model-Orchestrated Workflow Engine) and the pair are also partnering on oncology research. SDGR 1Y mountain Schrodinger shares over the past year.

Persons: Scott Schoenhaus, Chris Gibson, Jensen Huang, Leerink, Mani Foroohar, Foroohar, Recursion's, KeyBanc's Schoenhaus, Needham, Gil Blum, it's, Recursion's LOWE, Blum, Eli Lilly, AbCellera, KeyBanc's, Schoenhaus, FactSet, Allison Bratzel, Piper Sandler, Goldman Sachs, Salveen Richter, Peter Lawson, Lawson, Japan's Takeda, Schrodinger, Leerink's Foroohar Organizations: Analysts, Capital, Nvidia, ARK Investment Management, REC, CCM, Union, Bayer, Therapeutics, Dynamo, RLY, Barclays, Japan's Locations: U.S, biopharma, Biohive

☆ The first vaccine for malaria received major regulatory approval in 2015.
▼ + stars: | 2024-07-05 | by ( Stephanie Nolen | ) www.nytimes.com time to read: +5 min

The first vaccine for malaria received major regulatory approval in 2015. That means that the next desperately needed vaccine stands every chance of running into those same problems. The people who desperately needed a malaria vaccine were in villages in sub-Saharan Africa. The Bill & Melinda Gates Foundation put up more than $200 million to test it. “If you go from very enthusiastic to very unenthusiastic and you’re the Gates Foundation, people pay attention.”— Dr. Robert Newman, former director, Global Malaria Program, W.H.O.

Persons: it’s, It’s, We’ll, ”, Joe Cohen, Melinda Gates, Dr, Robert Newman, — Organizations: U.S . Army, GlaxoSmithKline, GSK, PATH, Melinda Gates Foundation, Gates Foundation, Global Malaria Locations: Africa, Sierra Leone, Cameroon, Saharan Africa

☆ Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers
▼ + stars: | 2024-06-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

The Biden administration on Wednesday said it will impose inflation penalties on 64 prescription drugs for the third quarter of this year, lowering costs for certain older Americans enrolled in Medicare. President Joe Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024. It is separate from another provision under the law that allows Medicare to negotiate lower prescription drug prices with manufacturers. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to the Biden administration. More than 750,000 Medicare patients use the drugs each year, according to the release.

Persons: Joe Biden, Biden Organizations: National Institutes of Health, Medicare Locations: Bethesda , Maryland

☆ Bernie Sanders to grill Novo Nordisk CEO on why weight-loss drugs Ozempic and Wegovy can cost up to 15 times more in US
▼ + stars: | 2024-06-16 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +1 min

Bernie Sanders said the CEO of Novo Nordisk will testify on the cost of Ozempic and Wegovy. Lars Jørgensen will appear before the Senate Committee on Health, Education, Labor, and Pensions. Sanders, who chairs the committee, said the hearing would focus on the "outrageously high cost" of the drugs. AdvertisementUS Senator Bernie Sanders has announced that the CEO of Danish drug company Novo Nordisk will testify on the high cost of the weight-loss drugs Ozempic and Wegovy. The hearing will focus on what was described in the press release as the "outrageously high cost" of the drugs, which have soared in popularity over the last year.

Persons: Bernie Sanders, Wegovy, Lars Jørgensen, Sanders, —, Ozempic Organizations: Novo Nordisk, Health, Education, Labor, Service, Business Locations: Danish

☆ Judge bars 'pharma bro' Martin Shkreli from streaming Wu-Tang Clan album after suit says he copied it
▼ + stars: | 2024-06-12 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

A federal judge temporarily barred notorious "pharma bro" Martin Shkreli from streaming or disseminating copies of a one-of-a-kind Wu-Tang Clan album he had forfeited as part of his criminal fraud conviction in 2017. Steven Cooper, a lawyer for PleasrDAO, said Wednesday that he could not comment on whether he has been in touch with prosecutors on Shkreli's alleged violation of his forfeiture order. Shkreli bought the Wu-Tang Clan album in 2015 for $2 million, setting a Guinness world record for the most expensive musical work ever sold. The 31-track, two-disc Wu-Tang Clan album, came in a hand-carved, nickel-and-silver-cased box set, which itself was nestled in a larger leather box. At the time of the sale, Shkreli owed almost $2.4 million on the forfeiture order.

Persons: Martin Shkreli, Benjamin Brafman, bro, Martin, Wu, Tang, Pamela Chen, Shkreli, Chen, Steven Cooper, PleasrDAO, Cooper, Lil Wayne, Carter, Pablo Picasso, Wu - Tang Organizations: U.S, CNBC, pharma, Wu - Locations: Brooklyn, New York City, U.S, Brooklyn , New York, Cayman Islands, Tasmania, Australia, United States

☆ Senate launches investigation into high prices of Ozempic and Wegovy in the U.S.
▼ + stars: | 2024-04-24 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +2 min

The U.S. Senate has launched an investigation into the high price of Novo Nordisk 's popular weight loss and diabetes drugs Ozempic and Wegovy in the United States. "As important as these drugs are, they will not do any good for the millions of patients who cannot afford them," wrote Sanders. Wegovy, which is even more expensive than Ozempic, is subject to similarly disparate pricing overseas, wrote Sanders. The powerful progressive senator also made a simple request of the drug company CEO: "Will Novo Nordisk substantially reduce both the list price and the net price of both Ozempic and Wegovy?" He gave Novo Nordisk until May 8 to answer a series of questions about the drug's pricing.

Persons: Ozempic, Danish drugmaker, Sen, Bernie Sanders, Sanders, Lars Fruergaard Jørgensen, Jørgensen Organizations: U.S . Senate, Novo Nordisk, Vermont Independent, Health, Education, Labor, Pensions, Nordisk Locations: United States, Danish, Vermont, Canada, Germany

☆ Martin Wygod, a Winner on Wall Street and the Racetrack, Dies at 84
▼ + stars: | 2024-04-20 | by ( Sam Roberts | ) www.nytimes.com time to read: +1 min

Martin J. Wygod, a Wall Street whiz who graduated from walking horses after races to owning and breeding championship thoroughbreds when he made millions from investing in online companies that sold pharmaceuticals by mail and pruned medical paperwork, died on April 12 in San Diego. His daughter, Emily Bushnell, said he died in a hospital from complications of lung disease. Raised near two racetracks in suburban New York and mentored by a software pioneer, an investor and a gambler, Mr. Wygod was said to have been the youngest managing partner of a New York Stock Exchange brokerage in the 1960s. The sale netted Mr. Wygod $250 million. “Marty Wygod made $6 billion for himself because he developed a data base.”

Persons: Martin J, Emily Bushnell, Wygod, ” Jan Buck, “ Marty Wygod Organizations: New York Stock Exchange, Merck, Princeton Group International, New York Times Locations: San Diego, New York

☆ Another perk of weight-loss drugs? Eli Lilly's Zepbound may alleviate sleep apnea, too
▼ + stars: | 2024-04-17 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +4 min

GLP-1 drugs were originally developed to treat type 2 diabetes. Drugmakers are discovering the injections may also aid weight loss, heart issues, and sleep apnea. AdvertisementAnother new indication for injectable GLP-1 drugs: better sleep. On Wednesday, drugmaker Eli Lilly announced positive results from a large, phase-3 clinical trial, testing Zepbound (the drug name for tirzepatide) as a treatment for sleep apnea. Related storyAlready, GLP-1 drugs have been indicated for the treatment of:ObesityHeart diseaseAdvertisementIn clinical trials, GLP-1 drugs have also shown some promise for treating other conditions, including:Non-alcoholic fatty liver diseaseAddictionDepressionParkinson's and Alzheimer'sCancerThese breakthroughs may be tied to the gut-brain connectionScientists think that the main reason GLP-1 drugs work well is because of their effect on our body's gut-brain connection.

Persons: —, drugmaker Eli Lilly, Eli Lilly, KATERYNA, Daniel Drucker, GLP, Eric Topol Organizations: Service, Food and Drug Administration, American Diabetes Association, University of Toronto

☆ General Electric is among the most overbought names on Wall Street. Here are the others
▼ + stars: | 2024-03-22 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

After significantly outperforming the broader market this year, shares of General Electric could see a pullback, at least according to one popular chart metric. Using the CNBC Pro Stock Screener tool, we searched for the most overbought and oversold names in the S & P 500 based on their 14-day relative strength index, or RSI. Here are some of the most overbought names: General Electric 's 14-day RSI of nearly 83 indicates that shares could be overbought. Several oil and gas names are also overbought, according to their RSI. However, Wall Street anticipates nearly 17% upside for Marathon Oil, according to LSEG.

Persons: LSEG, Wells, Roger Read Organizations: General, Federal Reserve, Dow Jones, Nasdaq, CNBC, Stock, GE, GE Vernova, New York Stock Exchange, Valero Energy, Marathon Petroleum, Marathon, NRG Energy, LSEG, NRG, Valero, Oil, Pfizer Locations: U.S, LSEG, Wells Fargo

☆ A 101-year-old former CEO shared his longevity advice: early retirement is 'stultifying,' and the Mediterranean diet is best
▼ + stars: | 2024-03-15 | by ( Jane Ridley | ) www.businessinsider.com time to read: +6 min

Read previewWhen I. Roy Cohen was born in 1922, his parents' farmhouse had no running water or electricity. Courtesy of I. Roy Cohen. AdvertisementHe said he learned a series of longevity lessons over the decades and shared some with BI. Courtesy of I. Roy Cohen. Courtesy of I. Roy Cohen.

Persons: —, Roy Cohen, " Cohen, Cohen, Joan, something's, munch, David Organizations: Service, Business Locations: New York

☆ Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7
▼ + stars: | 2024-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035. Weight-loss drugs are also cutting more than just fat. For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.

Persons: —, Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW Locations: China, US, New York, London

☆ Jim Cramer looks outside the Magnificent Seven, names other companies with shares that are popping
▼ + stars: | 2024-02-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Thursday encouraged investors to look beyond the Magnificent Seven, saying there's money to be made in other companies. Cramer named several stocks that have seen percentage gains of 10% or higher since Tuesday's close. Trucking company XPO caught Cramer's eye as its stock was able to soar thanks to a better-than-expected quarter. Cramer also named infrastructure company Advanced Drainage Systems , saying there's so much activity in the sector it's not hard to make money there. Some stocks are seeing gains thanks to innovative new tech, he added, pointing to the recent climb of Regenxbio .

Persons: CNBC's Jim Cramer, Cramer, XPO, we've Organizations: Trucking, Nvidia, Broadcom, Drainage Systems

☆ Here are Jim Cramer's rapid-fire takeaways on 6 stocks in the news Wednesday
▼ + stars: | 2024-01-31 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim said, "I don't know if [CEO] Carol Tome can keep the job." The fact is, he added, e-commerce is very strong and "she's not participating in it." Walmart — Founder Sam Walton liked the idea that people shouldn't have to own fractional shares, Jim said, praising the retailer's 3-for-1 stock split . "Very smart move by Walmart" to entice the individual investor with a smaller share price, Jim added. General Motors — Shares on Wednesday added to their 7.8% gain in the prior session on a strong quarter and 2024 guidance.

Persons: Jim, Carol Tome, Sam Walton, Mary Barra, Dave Calhoun didn't, Calhoun, Ozempic, Eli Lilly, Lilly, Tesla, Elon Organizations: Parcel Service, Walmart, General Motors, GM, CNBC, Club, Ford Motor, Boeing, Novo Nordisk — Locations: Delaware

☆ Appeals court upholds 'pharma bro' Martin Shkreli lifetime ban from drug industry
▼ + stars: | 2024-01-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal appeals court Tuesday upheld a lifetime ban on "pharma bro" Martin Shkreli from working in the pharmaceuticals industry as well as an order to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim. His lawyer, Benjamin Brafman, in a statement to CNBC on the appeals court decision, said, "The lifetime ban is too severe." In its eight-page ruling, the appeals court noted that Shkreli argued that Manhattan federal court Judge Denise Cote "abused" her discretion in imposing a lifetime ban on him from the drug business. "The district court found, and Shkreli does not dispute, that Shkreli's illegal scheme was "egregious, deliberate, repetitive, long-running, and ultimately dangerous." "Given his strategic decision in the district court, there is no injustice to Shkreli by us declining to address his new argument."

Persons: Martin Shkreli, pharma bro, Shkreli, Benjamin Brafman, Brafman, Denise Cote, —, Peluso Organizations: Turing Pharmaceuticals AG, pharma, U.S, Circuit, New, Federal Trade Commission, CNBC, FTC, Vyera Pharmaceuticals, Phoenixus, Mr Locations: New York, California, Manhattan

☆ CVS will change the way it prices drugs
▼ + stars: | 2023-12-05 | by ( Tami Luhby | Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —CVS is revamping the way it reimburses its pharmacies for prescription medications, a move that could make prescription drug pricing simpler and change how much consumers pay for their medicines. It’s a similar model to the one entrepreneur Mark Cuban is pushing with his Cost Plus Drugs company. This shift in payment models could change the cost of prescription drugs for some patients, although it will not necessarily make all medicine cost less. Some drugs may cost less, while others might rise in price, CVS executives said. Americans spend around $1,200 a year on average for prescription drugs — more than any other country — according to the Organization for Economic Co-operation and Development.

Persons: Mark Cuban, ”, Prem Shah, Nick Fabrizio, Fabrizio, they’ve Organizations: New, New York CNN, CVS, Plus, CVS Pharmacy, CVS Health, Cornell University, Organization for Economic Co, Kaiser Family Foundation, Amazon Pharmacy, Cuban, Plus Drug, Blue Locations: New York, California

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