5/16/2023 0 Comments Hold the applause![]() This is a standard price-setting method among drugmakers. How much money can be saved” from its usage. Don’t mistake its move for philanthropy.īancel explained that Moderna’s price is based on “the value of a product to the healthcare system. That decision landed Moderna Chief Executive Stéphane Bancel in the hot seat for nearly two hours during a Senate committee hearing Wednesday.īusiness Column: Eli Lilly is slashing insulin prices, but hold your applauseĮli Lilly’s price cuts on insulin will increase its profits, thanks to America’s bizarre drug pricing system. HHS’ rejection also comes at a time when Moderna and Pfizer, the developers of the most widely used COVID vaccines, are coming under fire for planning to jack up the prices of the vaccines fivefold, to $130 per shot. drug prices are partly “the result of lack of competition among drug manufacturers.” The law allows the government to provide that competition to bring prices down, but HHS won’t budge. In that order, Biden observed that high U.S. The agency’s rejection is at odds with Biden’s stated goal of bringing down prescription drug prices across the board, which he expressed in a July 2021 executive order. He and his fellow petitioners are appealing the rejection. ![]() “After almost a year and a half, for them to send us a two-page letter that could have been written a week after we filed our petition and just contained boilerplate is hard to understand,” Sachs says. ![]()
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