Feb 16, 2024
Democratic lawmakers Sen. Elizabeth Warren and Rep. Pramila Jayapal are calling on the FDA to close loopholes that allow pharmaceutical companies to prevent competition and keep drug prices high. They argue that major drug companies are exploiting the system by making insignificant changes to drug listings, extending their protection from generic alternatives. The Federal Trade Commission has already agreed with the lawmakers, stating that improper listings may be illegal. Prescription drugs in the US are more than twice as expensive as in other countries, and brand name drugs are even pricier.
Feb 16, 2024
Iceland-based biotech company Alvotech has reached a settlement with Johnson & Johnson for the biosimilar of its arthritis drug Stelara, called AVT04, in Canada, the European Economic Area, and Japan. The details of the settlement were not disclosed. AVT04 is expected to enter the Canadian market in Q1 2024, the Japanese market in May 2024, and the European market shortly after the expiration of the drug's Supplementary Protection Certificate in July 2024. Alvotech has faced challenges gaining FDA approval for AVT04 in the US. J&J has been making deals to delay the launch of biosimilars for Stelara.