AstraZeneca will give up on seeking approval for its COVID-19 vaccine in the United States, the company announced during its third-quarter report. It is also abandoning three early-stage programs.
The annual price of a newly-launched cancer drug in the United States averaged $283,000 last year, a 53% increase from 2017, according to a new report from U.S. Democratic Representative Katie Porter, a consumer bankruptcy law professor running for re-election in California.
Swiss pharma giant Novartis said it would make growth in the United States its top geographic priority, even after laws were passed to rein in drug prices in the world’s largest pharmaceutical market.
AstraZeneca may not stay in the vaccine business in the long run, its CEO told Reuters on Tuesday, showing how quickly fortunes have changed for the drugmaker that produced one of the first COVID-19 shots but has since lost out to rivals.
The U.S. Senate passed the Inflation Reduction Act on Sunday, with Vice President Kamala Harris casting the tie-breaking vote to settle the verdict, which was split 50-50 along party lines. The bill, which is expected to have wide-ranging implications for the pharmaceutical industry, will still need to go to the House of Representatives, but with a Democratic majority, it is expected to pass before the end of the week.