DIRS.INFO The most relevant business & tech news

☆ Judge withdraws from Medicare drug price case after stock ownership is revealed
▼ + stars: | 2023-09-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Ohio Governor Mike DeWine, right, shakes hands with Judge Thomas Rose of the U.S. District Court Southern District of Ohio after taking his oath of office, Monday, Jan. 14, 2019, in Cedarville, Ohio. A federal judge on Friday withdrew from a case that could block Medicare from negotiating over drug prices, just hours after a watchdog group revealed his ownership of stock in two pharmaceutical companies that would be directly impacted by the new program. He also owns Moderna stock worth between $15,000 and $50,000, the filing shows. The suit asked the court to rule that for Medicare to negotiate drug prices would be unconstitutional. Merck, Bristol Myers Squibb, Johnson & Johnson, Boehringer Ingelheim, AstraZeneca and the drugmaker lobby PhRMA have all filed complaints in different districts courts.

Persons: Mike DeWine, Judge Thomas Rose, Judge Thomas M, Rose, Biden, George W, Bush, Johnson, Boehringer Ingelheim, Robert Davis, Davis Organizations: U.S, District Court Southern District of Ohio, Southern, Southern District of Ohio, Johnson, AstraZeneca, Republican, Moderna, U.S . Chamber of Commerce, Department of Health, Human Services, Centers, Medicare, Merck, Bristol Myers Squibb, Court, Circuit Court Locations: Cedarville , Ohio, Southern District

☆ Medicare wants to cut the price on an Eli Lilly drug. What it means for LLY shares
▼ + stars: | 2023-08-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

Eli Lilly's revenue from Jardiance — which it markets alongside privately held German biotech firm Boehringer Ingelheim — is likely to suffer due to Medicare negotiations. Compared to those growth drivers, Jardiance is a minor character in the Eli Lilly investment story. However, the deceleration is not entirely due to likely lower realized prices from Medicare negotiations. Eli Lilly looks "relatively protected" from early Medicare negotiations, BMO's Seigmerman said. Eli Lilly headquarters in Indianapolis, Indiana, US, on Wednesday, May 3, 2023.

Persons: Eli Lilly, Biden, Myers Squibb, Johnson, Eli Lilly's, —, Evan Seigerman, Seigerman, BMO's Seigmerman, Lilly, Jim Cramer's, Jim Cramer, Jim, AJ Mast Organizations: pharma, Myers, Club, Johnson, Medicare, donanemab, Bank of America, FactSet, Mounjaro, Merck, Constitution, Wall Street, Bristol Myers Squibb, BMO Capital, CNBC, Services, drugmakers, and Drug Administration, FDA, Trulicity, Bloomberg, Getty Locations: Bristol, U.S, Indianapolis , Indiana

☆ Morning Bid: US jobs data and China bring cheer, for now
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +3 min

The Fed has made it clear it will be data-dependent as it charts its monetary policy path. European markets look set for a higher open, with the pan-European STOXX 600 (.STOXX) at two-week highs. Inflation reports from Germany and Spain later in the day will provide further clues on price pressures in the region ahead of the euro zone inflation report on Thursday. Traders have raised their bets on a 25-basis-point European Central Bank rate hike in September, a slight shift from expectations of a pause following a sharper-than-expected contraction in euro zone business activity. Australia's inflation slowed to a 17-month low in July, signalling that interest rates might not need to rise again.

Persons: Ankur Banerjee, Biden, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Ankur, Federal, Federal Reserve, Traders, Bank, U.S, Bristol Myers Squibb, Novo Nordisk, Pfizer, ICE, Supplies, Reuters, Thomson Locations: Frankfurt, Silicon, Germany, U.S, Europe, Spain, Asia, West Africa, Singapore

The medications on the list are taken by millions of older Americans and cost Medicare billions of dollars annually. The drugs were selected by the Centers for Medicare & Medicaid Services through a process that prioritized medications that account for the highest Medicare spending, have been on the market for years and do not yet face competition from rivals. Drugs Selected for Price Negotiations1. Eliquis, for preventing strokes and blood clots, from Bristol Myers Squibb and Pfizer2. Xarelto, for preventing strokes and blood clots, from Johnson & Johnson4.

Persons: Biden, Price, Boehringer Ingelheim, Eli Lilly, Johnson Organizations: Tuesday, Medicare, Centers, Services, Bristol Myers Squibb, Pfizer, Johnson, Merck, AstraZeneca, Novartis, Novo Nordisk Locations: AbbVie, Novo

He said that once implemented, the prices on negotiated drugs will decrease for up to 9 million seniors who currently pay as much as $6,497 in out-of-pocket costs per year for these prescriptions. This kicks off the negotiation process for the 10 drugs whose new prices will go into effect in 2026. U.S. laws had prohibited Medicare from negotiating pharmaceutical prices as part of its prescription drug program that began about 20 years ago. CMS Director Dr. Meena Seshamani said Medicare plans to use a review process to make sure insurance companies keep clinically appropriate access to negotiated drugs. Two analysts said they expect the negotiated prices to move beyond Medicare and affect commercial markets for these drugs by 2026, when they come into effect.

Persons: Joe Biden, Jonathan Ernst, Biden, Joe Biden’s, Januvia, Xarelto, Johnson, Boehringer Ingelheim, Eli Lilly's, Jardiance, Mohit Bansal, Entresto, Eli Lilly, Merck, Bristol Myers, Giovanni Caforio, Caforio, enrollees, Meena Seshamani, Stelara, Amgen, Evan Seigerman, Patrick Wingrove, Mike Erman, Manas Mishra, Nandita Bose, Caroline Humer, Bill Berkrot Organizations: Social Security, University of Tampa, REUTERS, U.S, Bristol Myers Squibb, Pfizer, Merck, Co's, Johnson, Novo Nordisk, NYSE Arca Pharmaceutical, U.S . Centers, Medicare, Medicaid Services, Reuters Graphics Wells, Novartis, AstraZeneca, Bristol, J, U.S . Department of Health, Human Services, BMO Capital, Thomson Locations: Tampa , Florida, U.S, Amgen's, Jardiance, Germany, Bengaluru, Washington

[1/2] A pharmacist holds a bottle of the drug Eliquis, sold by Bristol Myers Sqibb and Pfizer at a pharmacy in Provo, Utah, U.S. January 9, 2020. REUTERS/George Frey/File Photo Acquire Licensing RightsAug 29 (Reuters) - The U.S. government on Tuesday selected the first 10 drugs, including the big-selling blood thinner Eliquis from Bristol Myers Squibb (BMY.N) and Pfizer (PFE.N) , that will be subject to the first-ever Medicare price negotiations, part of President Joe Biden’s Inflation Reduction Act (IRA) that drugmakers and industry groups have challenged in court. At least eight lawsuits were filed between June and late August seeking to block the price negotiation, arguing that the law and forced price cuts would violate various amendments to the U.S. constitution. The following are key details of the lawsuits:Reporting by Manas Mishra and Sriparna Roy in Bengaluru; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Bristol Myers Sqibb, George Frey, Joe Biden’s, Manas Mishra, Sriparna Roy, Bill Berkrot Organizations: Bristol, Pfizer, REUTERS, U.S, Bristol Myers Squibb, Thomson Locations: Provo , Utah, U.S, Bengaluru

☆ Explainer: Why the US is negotiating the price of 10 drugs
▼ + stars: | 2023-08-29 | by ( Patrick Wingrove | ) www.reuters.com time to read: +4 min

What are the Medicare drug price negotiations? The Medicare agency, known as the Centers for Medicare & Medicaid Services (CMS), was previously forbidden by law from bartering prices with manufacturers. The negotiations must end by Aug. 1, and Medicare will publish its list of new prices on Sept. 1. The process will begin again in February of 2025, when CMS selects another 15 costly prescription drugs for negotiations, with new prices on those going into effect in 2027. All the lawsuits seeking to avoid drug price negotiations argue that the new law is unconstitutional.

Persons: Joe Biden, Kevin Lamarque, Joe Biden’s, Patrick Wingrove, Bill Berkrot Organizations: Major Economies, White, REUTERS, U.S, Merck, Co's, Bristol Myers Squibb, Pfizer, Medicare, Medicaid Services, CMS, U.S . Chamber of Commerce, Thomson Locations: Energy, Washington , U.S

REUTERS/Brendan McDermid/File Photo/File Photo Acquire Licensing RightsAug 25 (Reuters) - AstraZeneca (AZN.L) said on Friday it has sued the U.S. government to block parts of a program that gives the Medicare health insurance plan the power to negotiate lower drug prices. The program faces at least seven other court challenges, including from leading industry group PhRMA and drugmakers Johnson & Johnson (JNJ.N), Merck & Co (MRK.N), Bristol Myers Squibb (BMY.N) and privately-held Boehringer Ingelheim. The drug price negotiation program is part of President Joe Biden's signature Inflation Reduction Act (IRA). ‍AstraZeneca said the program would deter continued development of treatments such as its cancer drug Lynparza and rare blood disorder drug Soliris, which carry orphan drug status for multiple conditions. An HHS spokesperson said in a statement that the agency "will vigorously defend the President's drug price negotiation law, which is already helping to lower healthcare costs for seniors and people with disabilities."

Persons: Brendan McDermid, drugmakers Johnson, Johnson, Joe Biden's, AstraZeneca, Bhanvi, Dhanya Ann Thoppil, Shilpi Majumdar Organizations: AstraZeneca, New York Stock Exchange, REUTERS, U.S, Merck & Co, Bristol Myers Squibb, U.S . Department of Health, Human Services, Thomson Locations: British, Delaware, United States, U.S, Bengaluru

☆ These 10 medications are likely targets for Medicare price negotiations this fall
▼ + stars: | 2023-08-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Though it is still unclear which 10 drugs Medicare will select, several pharmaceutical companies have already revealed in court filings that they expect four of their blockbuster medications to be targeted. Bristol-Myers Squibb and Johnson & Johnson , in separate filings, said their blood thinners Eliquis and Xarelto will be subject to the negotiations this year. The list price of Januvia has surged 275% since 2006, according to the AARP. Johnson & Johnson reported $2.47 billion in revenue from Xarelto. "More and more people face cost-sharing that is directly affected by drug price increases," Leigh Purvis, who analyzes health-care costs for AARP, told reporters on a call Thursday.

Persons: Daniel Acker, Merck, Johnson, Abbvie, Imbruvica, Jardiance, Boehringer Ingelheim, Amgen Symbicort, Pfizer Xtandi, Breo, Biden, Januvia, Eliquis, Xarelto, Leigh Purvis Organizations: Merck, Co, Inc, Bloomberg, Getty, Medicare, Services, Myers Squibb, Johnson, Pharmacy, AstraZeneca Ibrance, Pfizer, Astellas Pharma, GSK, AARP, Bristol Myers Squibb, Jama Network, Industry Locations: Bristol, U.S, Januvia, Xarelto

☆ Focus: Drugmakers go under the skin, skirting early US Medicare price negotiations
▼ + stars: | 2023-07-28 | by ( Michael Erman | ) www.reuters.com time to read: +5 min

Each year, Medicare will add more drugs to the list, the names of which have not yet been disclosed. Faspro, launched in 2020, already accounts for more than 80% of Darzalex revenue, which is due to rise to $9.5 billion this year. Merck previously told Reuters it expects this version of Keytruda could replace the more time consuming infusion for most patients. Keytruda revenue is expected to top $24 billion this year and could exceed $30 billion as soon as 2026, according to analyst estimates. The company has said its expects revenue from subcutaneous drugs containing hyaluronidase to drive its growth going forward.

Persons: Srdjan, Johnson, drugmakers, Bristol Myers, Roche, Biden’s, Michael DiFiore, DiFiore, Joseph Wolk, Faspro, Halozyme, Helen Torley, hyaluronidase, Michael Erman, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Wall Street, Merck & Co, Halozyme Therapeutics, Reuters, Bristol, Bristol Myers Squibb, Medicare, U.S . Centers, Medicaid Services, J, Reuters Graphics Merck, Merck, Thomson Locations: Ljubljana, Darzalex, Diego

July 18 (Reuters) - Johnson & Johnson (JNJ.N) sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block a program that gives the Medicare government health insurance plan the power to negotiate lower drug prices. The pharmaceutical industry says the drug price negotiation program under President Joe Biden's signature Inflation Reduction Act law will curtail profits and compel drugmakers to curb development of groundbreaking new treatments. The U.S. Centers for Medicare and Medicaid Services (CMS) in September is expected to select the first 10 drugs to target for negotiations with settled prices set to take effect in 2026. The law is on our side," a spokesperson for the U.S. Department of Health and Human Services said in a statement. It broadly follows the other related lawsuits, arguing that the program is unconstitutional and amounts to "confiscation of constitutionally protected property."

Persons: Johnson, Joe Biden's, drugmakers, Biden, Janssen, Bhanvi, Michael Erman, Krishna Chandra Eluri, Susan Heavey Organizations: Johnson, U.S, drugmakers Bristol Myers Squibb, Merck & Co, U.S . Chamber of Commerce, Pharmaceutical Research, Manufacturers of America, Commerce, U.S . Centers, Medicare, Medicaid Services, U.S . Department of Health, Human Services, District of, Thomson Locations: U.S, District of New Jersey, Bengaluru, New Jersey

☆ Pfizer, Flagship Pioneering to invest $100 mln in drug discovery
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

July 18 (Reuters) - U.S. drugmaker Pfizer (PFE.N) and venture firm Flagship Pioneering on Tuesday said they would invest $100 million together to develop up to 10 new potential drugs for areas including internal medicine, oncology, infectious diseases and immunology. Flagship, which has incubated biotech companies, most famously Moderna Inc (MRNA.O), and Pfizer will each invest $50 million. Flagship's drug discovery initiative Pioneering Medicines will lead the exploration process. Paul Biondi, president of Flagship's Pioneering unit and a former top Bristol Myers Squibb (BMY.N) executive, said the partnership will take advantage of Flagship's abilities to develop novel technologies towards bigger disease areas. Drug developers such as Denali Therapeutics (DNLI.O), Foghorn Therapeutics (FHTX.O) and Sana Biotechnology (SANA.O) are some of the other companies backed by Flagship.

Persons: Paul Biondi, Biondi, Mikael Dolsten, Foghorn, Bhanvi, Michael Erman, Shilpi Majumdar, Alexandra Hudson Organizations: drugmaker Pfizer, Moderna Inc, Pfizer, Flagship's, Bristol Myers Squibb, Flagship, Therapeutics, Foghorn Therapeutics, Sana Biotechnology, Alexandra Hudson Our, Thomson Locations: Bengaluru, New Jersey

July 18 (Reuters) - Johnson & Johnson (JNJ.N) sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block enforcement of a program that gives Medicare the power to negotiate drug prices. The pharmaceutical industry says the drug price negotiation program that is part of President Joe Biden's signature Inflation Reduction Act (IRA) will curtail profits and compel them to pull back on developing groundbreaking new treatments. U.S. drugmakers Bristol Myers Squibb (BMY.N), Merck & Co (MRK.N) and the U.S. Chamber of Commerce as well as industry lobbies Pharmaceutical Research and Manufacturers of America have also sued the government over the plan. The Biden administration hopes to save $25 billion annually by 2031 by having Medicare, the government health plan for people 65 and over, negotiate prices for some of its costliest medicines. Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Joe Biden's, Biden, Bhanvi, Krishna Chandra Organizations: Johnson, U.S, drugmakers Bristol Myers Squibb, Merck & Co, U.S . Chamber of Commerce, Pharmaceutical Research, Manufacturers of America, Thomson Locations: Bengaluru

☆ Johnson & Johnson sues Biden administration over Medicare drug price negotiations
▼ + stars: | 2023-07-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Johnson & Johnson on Tuesday sued the Biden administration over Medicare's new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act. The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. J&J also argues that the new provision forces the company to agree that the federal government is negotiating fair drug prices. The company believes the provision doesn't involve true negotiations since the government "unilaterally dictates" drug prices. HHS said in a statement it will "vigorously defend the President's drug price negotiation law, which is already helping to lower health care costs for seniors and people with disabilities."

Persons: Johnson, drugmakers Merck, Joe Biden's, J, Xavier Becerra Organizations: Biden, U.S . Constitution, Bristol Myers Squibb, U.S . Chamber of Commerce, PhRMA, . Health, Human Services Department, Medicare, Services, HHS Locations: New Jersey, U.S ., United States, Xarelto

☆ Chamber of Commerce asks judge to block Medicare drug price negotiations before October
▼ + stars: | 2023-07-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The U.S. Chamber of Commerce on Wednesday asked a federal judge in Ohio to block Medicare's new powers to negotiate drug prices before Oct. 1. They argued that the drug negotiations violate the First and Fifth Amendments of the U.S. Constitution, as well as the separation of powers. The Chamber asked Judge Thomas Rose on Wednesday to block the negotiations before they get under way because they violate the due process clause. Drugmaker Abbvie , a member of the U.S. Chamber and the Dayton, Ohio area chamber, fears that its blood cancer drug Imbruvica will be selected for the negotiations this fall. The Medicare drug price negotiations do not provide these safeguards and impose price caps that are well below a drug's market value, the chamber's lawyers said.

Persons: Xavier Becerra, Drugmakers, Judge Thomas Rose, Drugmaker, Engler, Michael Staff Organizations: U.S . Chamber, Washington , D.C, Commerce, Wednesday, Medicare, Human Services, Constitution, HHS, Sixth Circuit, Appeals, Michigan Bell Telephone Co, Companies, Staff, Merck, Bristol Myers Squibb, Pharmaceutical Research, Manufacturers of America, U.S Locations: Washington ,, Ohio, Dayton , Ohio, Michigan, U.S

☆ Medicare will allow pharmaceutical companies to publicly discuss drug price negotiations
▼ + stars: | 2023-06-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Medicare on Friday said it will allow pharmaceutical companies to publicly discuss the program's historic drug price negotiations, dropping a confidentiality requirement that the industry argued violated the First Amendment in lawsuits filed this month. It also required companies to destroy any information within 30 days if the drug is no longer selected for negotiations. The Inflation Reduction Act, passed last year, empowered Medicare to directly negotiate with pharmaceutical companies over prices for the first time. "Pharmaceutical companies have made record profits for decades," Becerra said in a statement. "Now they're lining up to block this Administration's work to negotiate for better drug prices for our families.

Persons: Kathy Hochuls, Biden, Bristol Myers Squibb, Xavier Becerra, Becerra Organizations: Medicare, U.S . Merck, U.S . Chamber of Commerce, Bristol Myers Squibb, Pharmaceutical Research, Manufacturers, America, Merck, Bristol, U.S . Constitution, Health, Human Services, Pharmaceutical Locations: U.S, U.S .

June 30 (Reuters) - The U.S. government on Friday revised its guidance for its Medicare drug price negotiation process, allowing drug companies to publicly discuss the talks, but did not make major changes likely to convince drugmakers to end their suits seeking to halt the program. In September, the U.S. Centers for Medicare and Medicaid Services (CMS) will select 10 of the Medicare program's costliest prescription medicines and negotiate price cuts to go into effect for 2026. That guidance precluded drug makers from talking about the negotiations and required them to eventually destroy data received from CMS. Industry group the Pharmaceutical Research and Manufacturers of America (PhRMA) made an additional claim that the price negotiation program violates the U.S. Constitution's Eight Amendment, which protects against excessive fines. The Biden administration's drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for the drugs most costly to Medicare.

Persons: drugmakers, Joe Biden, Chiquita Brooks, LaSure, Bristol Myers, Merck, PhRMA, Tahir Amin, Amin, Michael Erman, Mark Potter, Nick Zieminski Organizations: U.S, U.S . Centers, Medicare, Medicaid Services, Merck & Co, Bristol Myers Squibb, U.S . Chamber of Commerce, CMS, Merck, Bristol, Industry, Pharmaceutical Research, Manufacturers of America, Reuters, Initiative for Medicines, Biden, Thomson Locations: U.S

☆ This German drug stock can rally more than 40% thanks to its A.I. potential, Morgan Stanley says
▼ + stars: | 2023-06-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Morgan Stanley thinks little-known drug developer Evotec could benefit from artificial intelligence advancements in Europe and new collaborations with peer companies. EVO YTD mountain Evotec SE stock has surged 40% from the start of the year. Meanwhile, a security breach in April did little to caution Quigley away from the stock. The analyst highlighted the company's potential to better use AI to aid in drug development in the future, as well as partnerships with big pharma names. "A number of Pharma companies are investing in internal AI/ML efforts," he added.

Persons: Morgan Stanley, Morgan Stanley's, James Quigley, Quigley, Evotec, Eli Lilly, — CNBC's Michael Bloom Organizations: pharma, Merck & Co, Bristol Myers Squibb, Novo Nordisk Locations: Europe, Germany

☆ Pharmaceutical trade group sues Biden administration over Medicare drug price negotiations
▼ + stars: | 2023-06-21 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The pharmaceutical industry's largest lobbying group and two other organizations Wednesday sued the Biden administration over Medicare's new powers to slash drug prices for seniors under the Inflation Reduction Act. Pharmaceutical Research and Manufacturers of America, along with the National Infusion Center Association and the Global Colon Cancer Association, argue that the Medicare negotiations with drugmakers violate the U.S. Constitution, in a complaint filed in federal district court in Texas. The groups asked the court to declare the program unconstitutional and prevent the Department of Health and Human Services from implementing Medicare negotiations without "adequate procedural protections" for drug manufacturers. It marks the fourth lawsuit challenging the controversial provision of the Inflation Reduction Act, which became law last summer in a major victory for President Joe Biden and Democratic lawmakers. The lawsuit also argues the policy violates due process by denying pharmaceutical companies and the public input on how Medicare negotiations will be implemented.

Persons: Eli Lilly, Johnson, Joe Biden, PhRMA —, drugmakers, Stephen Ubl, Ubl Organizations: New York Stock Exchange, Biden, Pharmaceutical Research, Manufacturers of America, National, Center Association, Global Colon Cancer Association, drugmakers, Constitution, Pfizer, Johnson, of Health, Human Services, HHS, Democratic, Merck, Bristol Myers Squibb —, U.S . Chamber of Commerce, PhRMA Locations: U.S, Texas

☆ Drugmakers aim to strike down Medicare drug-price negotiations at Supreme Court
▼ + stars: | 2023-06-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +10 min

And Bristol Myers Squibb is trying protect its blood thinner Eliquis, which brought in $11.8 billion in sales last year, or about 25% of the company's $46 billion total revenue for 2022. Long legal battle aheadMerck, the chamber and Bristol Myers Squibb filed their lawsuits ahead of two key deadlines. Bristol Myers Squibb did not either. If circuit court decisions on the matter contradict one another, the Supreme Court would step in to decide the issue, Bagby said. Bristol Myers Squibb made an identical argument in its complaint.

Persons: Richard A, Gonzalez, Pascal Soriot, Giovanni Caforio, Jennifer Taubert, Johnson, Kenneth C, Frazier, Albert Bourla, Olivier Brandicourt, Win Mcnamee, Drugmaker Merck, Drugmaker, Bristol Myers Squibb, PhRMA, Eli Lilly, Merck, Bristol Myers, Robin Feldman, Nicholas Bagley, Bagley, Gretchen Whitmer, Chris Meekins, Raymond James, Antonin Scalia, Brett Kavanaugh, Neil Gorsuch, Meekins, Long, Xavier Becerra, Randolph Daniel Moss, Barack Obama, Judge Thomas M, Rose, George W, Bush, Kelly Bagby, Bagby, Amgen, Donald Trump, Karine Jean, Pierre, Biden, Jean, we'll, Becerra, Feldman Organizations: Senate, AbbVie Inc, AstraZeneca, Myers Squibb Co, Janssen Pharmaceuticals, Johnson, Merck & Co, Inc, Pfizer, Sanofi, Getty, U.S . Chamber of Commerce, Bristol Myers Squibb, Washington , D.C, Southern, Southern District of, Democratic Party, U.S, Merck, Bristol, Pharmaceutical Research, Manufacturers of America, CNBC, Medicare, University of California College of, Justice Department, Michigan Gov, Bristol Myers, Human Services, Centers, Services, AARP Foundation, HHS, AARP, Specialty Pharmacy, Reuters, Supreme, Appeals, Democratic, U.S . Sixth, Republican, Third, White Locations: America, Washington , DC, Bristol, U.S, Washington ,, Southern District, Southern District of Ohio, New Jersey, Commerce's Dayton , Ohio, San Francisco

☆ Bristol Myers Squibb sues Biden administration over Medicare drug negotiations in third such lawsuit
▼ + stars: | 2023-06-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Bristol Myers Squibb on Friday sued the Biden administration over Medicare's new powers to slash drug prices, the third such lawsuit to be filed against the program in a matter of days. The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution. Bristol Myers Squibb's arguments mirror those lodged last week by Merck , the first company to sue the federal government over the drug negotiations. The law is the central pillar in the Biden administration's efforts to control rising drug prices and was a major victory for the Democratic Party. Bristol Myers Squibb said its blood thinner Eliquis, used to treat clots and strokes, will be subject to the negotiations this year.

Persons: Bristol Myers Squibb, Bristol Myers, Biden Organizations: Bristol Myers Squibb, Biden, U.S . Constitution, Bristol, Human Services Department, Merck, U.S . Chamber of Commerce, HHS, Democratic Party Locations: New Jersey, U.S ., Eliquis

☆ SpaceX to launch the first test payload for a bold new drug development company
▼ + stars: | 2023-06-12 | by ( Jackie Wattles | ) edition.cnn.com time to read: +17 min

Its research, company officials hope, could lead to better, more effective drugs — and hefty profits. Varda Space industriesHow it worksVarda’s vision is straightforward: The company’s capsule will launch with an experiment already on board. Varda Space IndustriesDrugs in spaceMuch of the legwork for Varda’s drug experimentation can be done on the ground. The exorbitant price tag of drug research is often passed on to consumers in the form of eye-popping prices, which frequently draws critical headlines. “You’ll see like this entire ecosystem coming up to create this fertile ground for commercialization of space,” Bruey said.

Persons: El, Varda, “ It’s, ”, Will Bruey, ” Varda, what’s, Merck, Keytruda, Varda’s, Covid, that’s, Gabe Ramirez, ” Bruey, Elon Musk, Peter Thiel, “ I’ve, ” Asparouhov, Asparouhov, “, who’s, You’re, Nicholas Cialdella, Bruey, Jon Barr, Mark Herbert, there’s, Eric Lasker, ” Lasker, Varda isn’t, It’s, Paul Reichert, Merck hasn’t, Reichert, Herbert Organizations: El Segundo , California CNN, Citigroup, Varda Space Industries, SpaceX, Vandenberg Space Force, Big pharma, Merck, Bristol Myers Squibb, ISS, Laboratory, Space Station, Rocket, CNN, NASA, Company, Founders Fund, PayPal, Pharmaceuticals, Fortune, Space Industries, US Air Force, Utah Test, pharma, “, Congressional, International Locations: El Segundo , California, California, Los Angeles, Delian, Salt Lake City, ”

☆ Bristol Myers Squibb CEO on cancer drug pipeline
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBristol Myers Squibb CEO on cancer drug pipelineDr. Giovanni Caforio, Bristol Myers Squibb CEO, joins 'The Exchange' to discuss the ASCO Annual Cancer Conference, America's growing cancer drug shortage, and progress being made on advancing cancer treatments.

Persons: Bristol Myers, Giovanni Caforio Organizations: Bristol, Bristol Myers Squibb, Cancer

Here's the latest:ELECTRIC VEHICLE FRICTIONBiden's domestic policy is embodied in working to electrify roadways across the United States. Getting more electric vehicles on the roads is central to his climate change agenda, ensuring the vehicles are "Made in America" is part of his commitment to restore manufacturing jobs. But the IRA's consumer tax credits are tightly linked to the cars' and batteries being made in the U.S., roiling allies in Europe and Asia whose companies sell into U.S. markets. Instead, Japanese and U.S. officials struck a trade deal on electric vehicle battery minerals that expands eligibility for the $7,500 per vehicle EV tax credits in the IRA. NEW RACE FOR SUBSIDIESThe promise of corporate tax credits has renewed interest in investing in the U.S., and Europe has responded with subsidies of their own.

☆ GOP law cut Big Pharma tax rates by 40%, Senate report says
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

A Republican law has slashed the average tax rates of big pharmaceutical companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report Thursday. That provision allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income, the report said. Pharmaceutical companies report 75% of their taxable income overseas, the report said. The report said the average rate fell to 11.6% in 2019 and 2020, which resulted in billions of dollars in tax savings for pharmaceutical companies. Wyden also obtained similar information about other U.S. pharmaceutical companies, including Abbott Laboratories , Amgen , Bristol Myers Squibb and Merck .

Search resuls for: "Bristol Myers Squibb"

25 mentions found