Free-market forces will help level the playing field in the increasingly competitive world of cancer drugs, according to Amgen’s vice president of oncology. In the end, competition will help the patient and insurers trying to cope with soaring prices.
Amgen’s vice president of oncology tells Reuters that undercutting Erbitux on pricing was not necessary to help its own cancer drug Vectibix gain market share.
PerkinElmer’s Greg Summe says he’s more comfortable with “bolt-on” deals, and is weary of auctions that tend to drive deal prices beyond a company’s real value.
Becton Dickinson CEO rides the fence in terms of which political party is best for the heatlh care industry, just one day ahead of the U.S. Congressional elections.
Becton Dickinson’s CEO says the blood glucose testing market was starting to slow because of pricing pressure, but the number of tests will continue to rise as the cases of Type II diabetes increases. Still, the pricing pressure lead Becton Dickinson to exit the $7 billion market for glucose monitors, leaving it to larger rivals.
PerkinElmer Chief Greg Summe sees double-digit growth over the next five years thanks to both deal making on the part of the scientific instruments maker as well as its own research and development.
Greg Summe, CEO of Perklin Elmer, told the Reuters Health Summit that next year he hopes to reverse PKI’s strategy this year of buying back $200 milion in stock and spending $100 million in acquitisions. The driver: techology is generating a quicker return on growth.
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.