Rise and shine, everyone, another busy day is on the way. This morning is getting off to a fabulous start, though, as a delightfully warm sun is enveloping the subdued Pharmalot campus, where the official mascots are snoozing and the short person is gainfully occupied. As always, we are quaffing some cups of stimulation — golden French toast is our choice du jour — and assembling some tidbits for your pleasure. So, time to get cracking. Hope you have a smashing day and do stay in touch. We always enjoy your tips and insights …
Biogen expects to slash about 1,000 jobs, or about 11% of its workforce, and save $700 million under a fresh cost-cutting program as the company ramps up the launch of a new Alzheimer’s disease drug in efforts to return to growth, STAT notes. Investors have pinned their hopes on the drug, called Leqembi, as the two other Biogen medicines — which are big sellers that treat multiple sclerosis and spinal muscular atrophy — face fierce competition from cheaper versions and rival drugs. The company had said in April it would pause or discontinue at least four studies of experimental drugs to focus on more lucrative options including the Leqembi launch and trim costs.
The House Ways & Means Committee proposed a package that includes a new provision to ensure Medicare patients pay for medicines they pick up at pharmacies based on discounted prices insurers negotiate with drugmakers, instead of higher list prices, starting in 2027, STAT reports. This protection has not been proposed in any other legislation considered by health care committees in Congress. The bill includes a separate version of price transparency legislation for hospitals, pharmacy benefit managers, and insurers. It is unclear whether Democrats support the effort, which was introduced by committee chair Jason Smith (R-Mo.). The committee has jurisdiction over Medicare.