This appears here because there are lawful ways to increase drug prices — and we may argue about whether such moves are… strictly speaking, moral — on older drugs as to which companies have already made billions of dollars, selling them for decades at high prices. [Especially where fixed-income seniors need them just to… survive.]
But we should all agree that brazen market choking, via open violations (for several years) of the Clayton Act… are not to be allowed. This is — in truth — why Martin Shkreli finds himself where he is, this morning. Banned from life sciences, pharma and securities businesses — for life.
Okay, on to the main story then (cross-posted from my other properties).
With Lilly’s diabetes meds being used as an off-label weight loss treatment nationwide in 2023, it has had a hard time in 2023 manufacturing enough of it to meet the sky-rocketing demand for that very pricey product. [That’s a win-win, from the company’s perspective.]
And it is doubly concerned, about any legislation that might force it to decrease the price of its modified (next-gen insulin) — called Lispro® — offered at retail at eye-watering prices. [Lilly spent $2.53 million in Q4 2023 alone. And it chose to voluntarily cap the older insulin products at $35/month out-of-pocket, in order to avoid government mandated negotiations / legislation on Lispro pricing.]
Here are the details from Q4 2023, as to The Indiana-based multinational:
…Issues related to intellectual property protection and market access within current trade negotiations. Canada IP; USMCA implementation; Mexico patent linkage; Special 301; Trade talks: US-Japan, US-China, US-EU, US-UK, US-India, and US-Brazil….
[Senate version] Patient protection; Drug supply chain and shortages; Drug pricing, coverage, value and access; Transparency; Intellectual property; Health insurance accessibility; Implementation of the “Inflation Reduction Act” (HR.5376); Prescription drug approval; Affordable Insulin Now Act (S.954/HR.1488), The INSULIN Act….
[House version] Intellectual property; 340B Program; Medicare & Medicaid prescription drug reimbursement, coverage and value; Implementation of the “Inflation Reduction Act” (HR.5376); CMS National Coverage Determination on Alzheimer’s disease; The INSULIN Act….
Multi-lateral threats to IP and the biopharmaceutical industry; Drug importation; Prescription drug value and access….
Pharmaceutical intellectual property issues….
Hospital discounts; 340B program….
Implementation of the Tax Cuts and Jobs Act; Domestic manufacturing tax incentives; Expensing of research and development costs; Global minimum tax; Pension and retirement benefit issues….
Now you know — and this is a candidate for the next round of mandatory price negotiations (with federal government customers) in the US.
The first group of ten included Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, and Imbruvica.
Onward, into the… sunshine.
नमस्ते
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