Pharma Execs Charged in $1.3 Billion Drug Scheme
Healthcare Finance News reported:
Five pharmaceutical distributor executives and five pharma sales representatives have been charged by the Department of Justice for the unlawful distribution of about 70 million opioid pills and 30 million doses of other prescription drugs, worth more than $1.3 billion on the black market.
The charges were unsealed in the Southern District of Texas, Southern District of Florida, Eastern District of Missouri and Eastern District of North Carolina.
Three Houston-area pharmacy operators were also charged in the Southern District of Texas for their role in the schemes.
Nine of the 10 individuals charged have pleaded guilty, according to the U.S. Department of Justice.
Pfizer CEO Bourla to Meet With Activist Investor Starboard Value on Turnaround Pitch: FT
With Pfizer’s revenue and share price slumping after the drugmaker skyrocketed to new heights during the pandemic, the company’s executives will reportedly hear out activist investor Starboard Value’s recommendations for a strategy shift.
Starboard holds a stake in Pfizer worth around $1 billion, The Wall Street Journal recently reported.
Now, the fund’s CEO Jeff Smith and partner Patrick Sullivan, who heads up its healthcare investments, will reportedly meet with Pfizer’s chief Albert Bourla and lead independent director Shantanu Narayen to discuss their turnaround plans for the company, The Financial Times reports, citing people familiar with the matter.
The meeting was backed by Pfizer’s former CEO Ian Read and previous finance chief Frank D’Amelio, who reportedly spoke with at least four board directors, including Narayen, about hearing out Starboard’s pitch, according to The Financial Times.
Amazon Pharmacy to Expand Its Same-Day Delivery Service to 20 More US Cities
Amazon Pharmacy is expanding its same-day delivery service to 20 more U.S. cities next year, the company announced on Wednesday.
Amazon says the expansion will more than double the number of cities where customers can get same-day delivery of their medications.
As part of the expansion, Amazon is opening up new pharmacies that will include Amazon Same-Day Delivery sites to enable faster medication delivery in the 20 new cities.
The expansion, which aims to make quick medication delivery available in almost half of the U.S., marks Amazon’s latest efforts to accelerate its healthcare services.
Buyer Beware: Off-Brand Ozempic, Zepbound and Other Weight Loss Products Carry Undisclosed Risks for Consumers
In just a few years, brand-name injectable drugs such as Ozempic, Wegovy, Mounjaro and Zepbound have rocketed to fame as billion-dollar annual sellers for weight loss as well as to control blood sugar levels and reduce the risk of heart disease.
But the price of these injections is steep: They cost about $800-$1,000 per month, and if used for weight loss alone, they are not covered by most insurance policies.
Both drugs mimic the naturally occurring hormone GLP-1 to help regulate blood sugar and reduce cravings.
They can be taken only with a prescription.
Despite the soaring demand and limited supply of these drugs, there are no generic versions available.
As a result, nonbrand alternatives that can be purchased with or without a prescription are flooding the market. Yet these products come with real risks to consumers.
I am a pharmacist who studies weaknesses in federal oversight of prescription and over-the-counter drugs and dietary supplements in the U.S. My research group recently has investigated loopholes that are allowing alternative weight loss products to enter the market.
Supreme Court Rejects Appeal From ‘Pharma Bro’ Martin Shkreli
The Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed “Pharma Bro” after jacking up the price of a lifesaving drug.
Shkreli appealed an order to return $64.6 million in profits he and his former company reaped after monopolizing the market for the medication and drastically increasing its price.
His lawyers argued that the money went to his company rather than him personally.
The justices did not explain their reasoning, as is typical, and there were no noted dissents.
Prosecutors, though, said the company had agreed in a settlement to pay $40 million, and because Shkreli masterminded the scheme he should bear responsibility for repaying profits.
New York Attorney General Letitia James applauded the court’s action upholding the order, which also included a lifetime ban on Shkreli working in the pharmaceutical industry.
“This win reinforces how our state’s tough anti-fraud laws help protect New Yorkers and ensure bad actors cannot abuse their power, wealth, or influence,” she said in a statement.
Pakistan Records Spike in New Polio Cases, Hampering Efforts to Make the Country Polio-Free
Pakistan has witnessed a spike in new polio cases since March, officials said Wednesday, in a troubling sign as the government seeks to eradicate the disease in the country.
The nation has recorded 32 new cases since March, said Anwarul Haq of the National Emergency Operation Center for Polio Eradication.
Haq expressed optimism that the situation will improve in the coming months after Pakistan launches a new nationwide anti-polio campaign starting Oct. 28 that aims to vaccinate 32 million children.
“We are conducting joint case investigations, preparing to implement high-quality vaccination rounds and providing high-risk communities with integrated health services to build children’s immunity,” he said.
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