STAT+: Pharmalittle: How 98 days may cost J&J big bucks; Walgreens CEO departs
J&J's Stelara was approved 98 days too early to qualify for an exemption from Medicare drug-price negotiations.
And so, another working week will soon draw to a close. Not a moment too soon, yes? This is, you may recall, our treasured signal to daydream about weekend plans. Our agenda is still taking shape, but we hope to check in on the Pharmalot ancestors, promenade with the official mascots, catch up on our reading and, perhaps, hold a listening party if we feel ambitious. If so, the rotation may include this, this, this and this. And what about you? The official summer season is winding down, so this may be a last chance to enjoy the great outdoors — as you know, lakes, beaches and mountains are still beckoning. You could keep cool by taking in a moving picture show. Or simply the company of someone special. Well, whatever you do, have a grand time. But be safe. Enjoy and see you next Tuesday, since we have an extended holiday weekend on this side of the pond. …
Ninety-eight days may end up costing Johnson & Johnson, according to STAT. When Medicare this week announced the first 10 medicines that will be included in its brand-new drug price negotiation program, a J&J drug called Stelara that is used to treat Crohn’s disease was on the list. But had the therapy been approved a few months later, it may not have made the list at all. Stelara, in other words, got extremely unlucky. Democrats had placed a loophole in the law establishing negotiations for drugs with competitors coming to market soon to escape negotiation, at least for a couple years. But Stelara was approved by U.S. regulators 98 days too early to qualify for that exemption.
Walgreens Boots Alliance announced that chief executive officer Rosalind Brewer has stepped down less than three years since she took the top job at the pharmacy chain, Reuters writes. The company explained that Brewer and its board had mutually agreed that she would step down but did not provide further details. Brewer, a former Starbucks executive, joined Walgreens in 2021. She oversaw the rollout of Covid-19 vaccines and also struck a series of deals to push further into health care and physician offices. But the benefit from Covid testing and vaccine sales tapered off. Walgreens shares have lost about 47% of their value since March 2021, when Brewer took over.
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