“New blood” in health care’s corporate suite.
Some of the biggest names in medicine, health insurance and hospitals have turned to new leaders to steer them through tougher times. Big Pharma is under pressure because of competition from new biotech drugs and cheaper generics, at a time when it has a dearth of new blockbuster drugs and a laundry list of legal issues. The recent deal between major U.S. pharmacy chain CVS and benefits manager CareMark — on the heels of Wal-Mart’s aggressive move into cheaper generics — rattled confidence in the lucrative prescription business.
And politicians across the U.S. are taking aim at the soaring cost of health care in closely watched U.S. elections, which take place during the summit.
Look to Reuters all week for breaking news on new medicines, the outlook for more consolidation in the sector and an update on the changing landscape of prescription drugs along with exclusive and immediate reaction to the U.S. congressional elections.