Trump blasts Big Phar­ma again — “some­body’s get­ting very rich” — and promis­es drug price leg­is­la­tion

David Ricks, Lil­ly

On Mon­day Eli Lil­ly CEO Dave Ricks out­lined his com­pa­ny’s case that their drug prices are not spin­ning out of con­trol. In a lengthy re­port he as­sert­ed that dis­counts on drug prices to phar­ma ben­e­fit man­agers has grown from 28% in 2012 to an av­er­age of 50% last year. And while list prices grew 14% last year, net prices ac­tu­al­ly grew by on­ly 2.4%.

That po­si­tion re­flect­ed a grow­ing ef­fort on Big Phar­ma’s part — a de­fen­sive re­ac­tion that al­so in­cludes two oth­er US-based phar­ma gi­ants, Mer­ck and J&J — to de­fend it­self against grow­ing pres­sure from the Trump ad­min­is­tra­tion to rein in drug prices.

But it all looks like too lit­tle, too late to blunt Trump’s po­lit­i­cal jug­ger­naut aimed at the re­tail cost of med­i­cine.

On Mon­day night, Pres­i­dent Trump ral­lied a crowd in Louisville, Ken­tucy by re­peat­ing a pop­ulist pledge to roll back drug prices. And he added that his ad­min­is­tra­tion was work­ing to add pric­ing leg­is­la­tion to the cur­rent health­care bill, or one com­ing up “right af­ter.”

Once health­care re­form is done and Oba­macare has been re­pealed, he told the crowd, it will be time to get to work on med­i­cine, “bring­ing down the cost of med­i­cine by hav­ing a fair and com­pet­i­tive bid­ding process. Some peo­ple think that’s just as im­por­tant as health­care.”

“The cost of med­i­cine in this coun­try is out­ra­geous, many times high­er than in some coun­tries in Eu­rope and else­where. Why?”

“Same pill, same man­u­fac­tur­er, iden­ti­cal and it’s many times high­er in the Unit­ed States.”

“You know why? Cam­paign con­tri­bu­tions. Who knows. But some­body’s get­ting very rich.”

“Med­i­cine prices will be com­ing way down. Way, way, way down.”

The crowd of Trump sup­port­ers sig­naled their sup­port through­out the ral­ly, cheer­ing the pres­i­dent as he roast­ed Oba­macare and phar­ma com­pa­nies in what is now fa­mil­iar lan­guage. Wall Street has be­gun to tune out, less ready to trig­ger a rout on phar­ma stocks every time Trump blasts the in­dus­try. But to­day both the XBI and the IBB are in the red, of­fer­ing fresh ev­i­dence of the pres­i­dent’s con­tin­ued abil­i­ty to send a chill­ing mes­sage.

Now every­one’s wait­ing for the ac­tu­al leg­is­la­tion to see how Trump plans to de­liv­er on his promise re­gard­ing drug prices in the US. And that’s some­thing no one will ig­nore.

Watch the speech here:

John Hood [file photo]

UP­DATE: Cel­gene and the sci­en­tist who cham­pi­oned fe­dra­tinib's rise from Sanofi's R&D grave­yard win FDA OK

Six years after Sanofi gave it up for dead, the FDA has approved the myelofibrosis drug fedratinib, now owned by Celgene.

The drug will be sold as Inrebic, and will soon land in the portfolio at Bristol-Myers Squibb, which is finalizing a deal to acquire Celgene.

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UP­DAT­ED: AveX­is sci­en­tif­ic founder was axed — and No­var­tis names a new CSO in wake of an ethics scan­dal

Now at the center of a storm of controversy over its decision to keep its knowledge of manipulated data hidden from regulators during an FDA review, Novartis CEO Vas Narasimhan has found a longtime veteran in the ranks to head the scientific work underway at AveXis, where the incident occurred. And the scientific founder has hit the exit.

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Ab­b­Vie gets its FDA OK for JAK in­hibitor upadac­i­tinib, but don’t look for this one to hit ex­ecs’ lofty ex­pec­ta­tions

Another big drug approval came through on Friday afternoon as the FDA OK’d AbbVie’s upadacitinib — an oral JAK1 inhibitor that is hitting the rheumatoid arthritis market with a black box warning of serious malignancies, infections and thrombosis reflecting fears associated with the class.

It will be sold as Rinvoq — at a wholesale price of $59,000 a year — and will likely soon face competition from a drug that AbbVie once controlled, and spurned. Reuters reports that a 4-week supply of Humira, by comparison, is $5,174, adding up to about $67,000 a year.

The top 10 fran­chise drugs in bio­phar­ma his­to­ry will earn a to­tal of $1.4T (tril­lion) by 2024 — what does that tell us?

Just in case you were looking for more evidence of just how important Amgen’s patent win on Enbrel is for the company and its investors, EvaluatePharma has come up with a forward-looking consensus estimate on what the list of top 10 drugs will look like in 2024.

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ICER blasts FDA, PTC and Sarep­ta for high prices on DMD drugs Em­flaza, Ex­ondys 51

ICER has some strong words for PTC, Sarepta and the FDA as the US drug price watchdog concludes that as currently priced, their respective new treatments for Duchenne muscular dystrophy are decidedly not cost-effective.

The final report — which cements the conclusions of a draft issued in May — incorporates the opinion of a panel of 17 experts ICER convened in a public meeting last month. It also based its analysis of Emflaza (deflazacort) and Exondys 51 (eteplirsen) on updated annual costs of $81,400 and over $1 million, respectively, after citing “incorrect” lower numbers in the initial calculations.

The key dates for KRAS watch­ers through the end of the year — the trail is nar­row and risks are ex­treme

There’s nothing quite like a big patent win when it comes to burnishing your prospects in the pipeline. And for Amgen, which seems to have rescued Enbrel for a run to 2029, the cheering section on Wall Street is now fixed on AMG 510 and a key rival.

And it didn’t take much data to do it. 

There was the first snapshot of a handful of patients, with a 50% response rate. Then came word that Amgen researchers are also tracking responses in different cancers, at least one in colorectal cancer and appendiceal too. 

Bain's Or­ly Mis­han joins Pfiz­er's neu­ro spin­out Cerev­el; On­colyt­ic virus biotech taps Sil­la­Jen ex­ec He­le­na Chaye as CEO

→ Bain Capital is deploying one of its top investors to Cerevel Therapeutics, steering a $350 million-plus neuro play carved out of Pfizer. Orly Mishan — a co-founder and principal of Bain’s life sciences unit — was involved in the partnership that birthed the biotech spinout in the first place. As Cerevel’s first chief business officer, she is tasked with corporate development, program management as well as technical operations. 

UP­DAT­ED: Sci­en­tist-CEO ac­cused of im­prop­er­ly us­ing con­fi­den­tial in­fo from uni­corn Alec­tor

The executive team at Alector $ALEC has a bone to pick with scientific co-founder Asa Abeliovich. Their latest quarterly rundown has this brief note buried inside:

On June 18, 2019, we initiated a confidential arbitration proceeding against Dr. Asa Abeliovich, our former consulting co-founder, related to alleged breaches of his consulting agreement and the improper use of our confidential information that he learned during the course of rendering services to us as our consulting Chief Scientific Officer/Chief Innovation Officer. We are in the early stage of this arbitration proceeding and are unable to assess or provide any assurances regarding its possible outcome.

There’s no explicit word in the filing on what kind of confidential info was involved, but the proceeding got started 2 days ahead of Abeliovich’s IPO.

Abeliovich, formerly a tenured associate professor at Columbia, is a top scientist in the field of neurodegeneration, which is where Alector is targeted. More recently, he’s also helped start up Prevail Therapeutics as the CEO, which raised $125 million in an IPO. And there he’s planning on working on new gene therapies that target genetically defined subpopulations of Parkinson’s disease. Followup programs target Gaucher disease, frontotemporal dementia and synucleinopathies.

But this time Abeliovich is the CEO rather than a founding scientist. And some of their pipeline overlaps with Alector’s.

Abeliovich and Prevail, though, aren’t taking this one lying down.

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Chi­na has be­come a CEO-lev­el pri­or­i­ty for multi­na­tion­al phar­ma­ceu­ti­cal com­pa­nies: the trend and the im­pli­ca­tions

After a “hot” period of rapid growth between 2009 and 2012, and a relatively “cooler” period of slower growth from 2013 to 2015, China has once again become a top-of-mind priority for the CEOs of most large, multinational pharmaceutical companies.

At the International Pharma Forum, hosted in March in Beijing by the R&D Based Pharmaceutical Association Committee (RDPAC) and the Pharmaceutical Research and Manufacturers of America (PhRMA), no fewer than seven CEOs of major multinational pharmaceutical firms participated, including GSK, Eli Lilly, LEO Pharma, Merck KGaA, Pfizer, Sanofi and UCB. A few days earlier, the CEOs of several other large multinationals attended the China Development Forum, an annual business forum hosted by the research arm of China’s State Council. It’s hard to imagine any other country, except the US, having such drawing power at CEO level.