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Drugmakers colluded to drive up price of anti-nausea drug by 700%

Four pharmaceutical firms have been accused of illegally colluding to restrict the supply of anti-nausea medication Prochlorperazine after the price of the drug increased by 700%.

The price of Prochlorperazine increased from £6.49 per pack to £51.68, between 2013 and 2018, after four drugmakers agreed not to compete.

Pharma execs testify in front of Senate of rising drug prices

Senior Executives from seven major pharmaceutical companies, including AbbVie, AstraZeneca, Bristol-Myers Squibb, Merck & Co., Pfizer, Sanofi and Johnson & Johnson appeared before the US Senate Finance Committee (SFC) on Tuesday to testify on the high prices of drugs in the United States.

AstraZeneca to retire MedImmune brand amid restructuring

AstraZeneca is retiring the MedImmune brand as part of a restructuring that will see biologics integrated into two new R&D units.

The announcement comes just a month after AstraZeneca announced organisational changes which will see the creation of therapy area specific R&D units.

AstraZeneca acquired MedImmune in 2007, running the firm as a separate biologics unit. However the restructuring will see the company integrated into AstraZeneca’s new R&D units.

Top Ten most popular articles on Pharmafile.com of 2018!

Image Credit: patricia m https://www.flickr.com/photos/taffeta/38707779504/

Brexit, business and biosimilars, seemed to be the three themes of 2018. As Brexit negotiations reached a stalemate the pharmaceutical industry continued to innovate. The top story of the year covered the fact that Amgen’s biosimilar prove non-inferior to Johnson & Johnson’s Remicade in rheumatoid arthritis. Meanwhile the British parliament’s choice to remain within the EMA regulatory network took second place, followed closely behind by the launch of another high profile biosimilar.

Novartis CEO calls for cultural shift to cater for millennial generation

The CEO of Swiss multinational Novartis has said that he wants to ‘un-boss’ the multi-billion pound company while relaxing the firm’s rules by allowing employees to wear jeans to work.

“When you look at successful, innovation-driven companies, you need people who are inspired. The goal we set out to do is create an ‘unboss culture’,” Vas Narasimhan said at the Forbes Healthcare Summit in New York.

Novartis denies potential split with Sandoz

Swiss newspaper Tages-Anzeiger has reported that Novartis is preparing for a split with long-term partner Sandoz. The two companies merged in 1996.

“Sandoz will be split off, that is the informal information that we have gotten,” a Tages-Anzeiger employee said to Reuters. The Swiss newspaper had previously reported that Novartis CEO Vas Narasimhan had planned to split Sandoz off from the rest of the company.

However Novartis have firmly denied the potential for a split having called the newspaper’s report “speculation”.

Samsung BioLogics delisted over accounting violations

South Korean firm Samsung BioLogics has been delisted from the South Korean stock exchange.

The decision has come after the South Korea’s top regulator said that the Samsung BioLogics intentionally breached accounting rules in inflating the company’s value ahead of its 2016 listing on the stock exchange.

The news comes after shares in the Korean company dropped by as much as 20% following the South Korean Securities and Futures Commission’s (SFC) indication that it would issue a ruling on the 14th of November.

Novartis cuts 20% of research projects

Swiss multinational Novartis has cut a fifth of its research projects, as it abandons 90 of its 430 drug development programmes, according to Jay Bradner, president of the Novartis Institutes for Biomedical Research.

The decision has come as Chief Executive Officer Vas Narasimhan pursues a strategy aimed at increasing the competitiveness of the multibillion pound drugmaker.

Novartis’ infectious disease project is among the programmes being cut.

Biogen to spin off its haemophilia business

Biogen (NASDAQ: BIIB) has announced plans to spin off its haemophilia business as an independent, publicly traded company.

To be named at a later date, the new business will rely on existing marketed products, Eloctate and Alprolix, which are indicated for the treatment of haemophilia A and B, respectively. The pair generated combined revenues of $640 million for the 12 months to March 31 2016.

Pfizer sells nutrition business to Nestlé for $11.9 billion

Pfizer picture

Pfizer has sold its nutrition business to Nestlé for $11.85 billion in cash.

Pfizer Nutrition is a leading global pediatric nutrition company with a portfolio of infant and toddler formulas, follow-on formulas, as well as maternal and adult nutrition products.

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