“The Inflation Reduction Act of 2022” was enacted which will, among other things, allow and require the federal government to negotiate prices for some drugs covered under Medicare Part B and Part D, require drug companies to pay rebates to Medicare if prices rise faster than inflation for drugs used by Medicare beneficiaries and cap out-of-pocket spending for individuals enrolled in Medicare Part D.”
All entries for: Oncology
November 6, 2023
Halozyme Therapeutics
Negative Outlook
San Diego, CA
201-500 employees
201-500 employees
Disease Area: Oncology
Drug Type: Biologic
November 6, 2023
Coherus BioSciences
Negative Outlook
Camarillo, CA
201-500 employees
201-500 employees
“Healthcare reform measures, including the Inflation Reduction Act of 2022 (the “IRA”), may increase the difficulty and cost for us to obtain marketing approval for and commercialize our products, affect the prices we may set, and have a material adverse effect on our business and results of operations.”
Disease Area: Oncology
Drug Type: Biologic
November 3, 2023
Merck
Negative Outlook
Rahway, NJ
50,001+ employees
50001+ employees
“Pursuant to the IRA’s Program, discussions with the government will occur in 2023 and 2024, with government price-setting becoming effective on January 1, 2026. The Company has sued the U.S. government regarding the IRA’s Program (see Note 10 to the condensed consolidated financial statements). Furthermore, the Biden Administration and
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Congress continue to discuss legislation designed to control health care costs, including the cost of drugs. The Company anticipates all of these actions and additional actions in the future will negatively affect sales and profits.”
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
November 2, 2023
Eli Lilly & Company
Negative Outlook
Indianapolis, IN
10,001-50,000 employees
10001-50000 employees
“Global concern over access to and affordability of pharmaceutical products continues to drive regulatory and legislative debate and action, as well as worldwide cost containment efforts by governmental authorities. Such measures include the use of mandated discounts, price reporting requirements, mandated reference prices, restrictive formularies, changes to available intellectual property protections, as well as other efforts. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (IRA).”
Disease Area: Multiple, Oncology
Drug Type: Biologic
November 1, 2023
Exelixis
Negative Outlook
Alameda, CA
1,001-5,000 employees
1001-5000 employees
Disease Area: Oncology
Drug Type: Small Molecule
October 27, 2023
Vir Biotechnology
Negative Outlook
San Francisco, CA
201-500 employees
201-500 employees
“Accordingly, while it is currently unclear how the IRA will be effectuated, we cannot predict with certainty what impact any federal or state health reforms will have on us, but such changes could impose new or more stringent regulatory requirements on our activities or result in reduced reimbursement for our products, any of which could adversely affect our business, results of operations and financial condition.”
Disease Area: Antiviral, Multiple, Oncology
Drug Type: Biologic, Small Molecule
October 26, 2023
Seagen
Discontinued Drug, Discontinued Research
Bothell, WA
1,001-5,000 employees
1001-5000 employees
“Seagen Inc. ended a program to study one of its drugs to treat an early-stage form of bladder cancer because it would have been subject to government price negotiations shortly after approval, Chief Executive Officer David Epstein said.
The company had been looking into using its drug Padcev to treat the nonmuscle-invasive version of the disease that accounts for about 70% of newly diagnosed bladder cancer cases. It stopped after determining that there would be no financial return from the potential use, as approval would have likely come soon before the drug became subject to price bargaining under the Inflation Reduction Act…”
1 Discontinued Drug: Padcev (biologic)
1 Discontinued Research Program
Disease Area: Oncology
Drug Type: Biologic
October 25, 2023
Alkermes
Negative Outlook
Dublin, Ireland
1,001-5,000 employees
1001-5000 employees
Disease Area: Oncology
Drug Type: Small Molecule
October 10, 2023
Pfizer
Layoffs
New York, NY
50,001+ employees
50001+ employees
“Pfizer is conducting layoffs at its Boulder, CO research facility, months after announcing a retreat from a significant chunk of its early-stage research… The facility specialized in small molecule discovery, and housed nearly 300 employees, according to Pfizer’s website.”
Disease Area: Oncology
Drug Type: Small Molecule
October 4, 2023
Bristol Myers Squibb
Discontinued Research
Princeton, NJ
10,001-50,000 employees
10001-50000 employees
BMS, whose blood thinner Eliquis (apixaban) is also on the list, wrote via email that it, too, is discontinuing certain oncology programs due to the IRA, including a late-stage registration trial for the multiple myeloma drug iberdomide. “Much of our progress against cancer is the result of post-approval research for patients, [and] as a result of the IRA, this research and progress is now at risk,” the BMS spokesperson wrote.
2 Discontinued Research Programs: iberdomide clinical trial; unnamed oncology programs
Disease Area: Oncology
Drug Type: Biologic, Small Molecule
