Here’s something 215 biotech leaders signed
It’s called “A new biotechnology and pharmaceutical industry commitment to patients and the public,” and it contains a promise to price drugs in line with their value, take only “reasonable” price increases, and more broadly “develop medicines with patients as our primary concern.”
Unlike Allergan’s old “social contract,” which promised to limit annual price increases to 9.9%, this document doesn’t include any numerals. And it arrives with plenty of linguistic wiggle room. Launch prices, for example, “will reflect innovation and value to patients,” and the undersigned promise to support the use of biosimilars “after legitimate patent and regulatory protections expire.” One can imagine a kaleidoscope of definitions for “innovation” and “legitimate.”
One thing does stand out: In the final bullet point, the signatories promise to “speak out about and not tolerate companies and other stakeholders who abuse this commitment to patients, and who abuse policies aimed at fairly rewarding innovation.” With a few hoodie-clad exceptions, biotech executives have long been happy to speak in general about so-called bad actors but rarely willing to name names. If any of the 215 leaders above are planning to change that, things could get interesting.
Unlike Allergan’s old “social contract,” which promised to limit annual price increases to 9.9%, this document doesn’t include any numerals. And it arrives with plenty of linguistic wiggle room. Launch prices, for example, “will reflect innovation and value to patients,” and the undersigned promise to support the use of biosimilars “after legitimate patent and regulatory protections expire.” One can imagine a kaleidoscope of definitions for “innovation” and “legitimate.”
One thing does stand out: In the final bullet point, the signatories promise to “speak out about and not tolerate companies and other stakeholders who abuse this commitment to patients, and who abuse policies aimed at fairly rewarding innovation.” With a few hoodie-clad exceptions, biotech executives have long been happy to speak in general about so-called bad actors but rarely willing to name names. If any of the 215 leaders above are planning to change that, things could get interesting.
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