Medicare to Johnson & Johnson and Amgen: You can't always get what you want. Dealing a blow to both companies' fortunes, the agency says it won't reverse its decision to cut reimbursements for anemia drugs.
The two companies surely got their hopes up [1] last week when an FDA advisory committee recommended against dosage restrictions on the drugs, which include Amgen's Aranesp and J&J's Procrit. Shareholders certainly did; Amgen's stock skyrocketed on the news.
There's a loophole, though. Medicare said it might change its mind if the companies came up with some proof that chemo patients absolutely need the drugs. New clinical trial, anyone?
- read the article [2] from the Boston Globe
Related Articles:
Amgen wins a round in anemia ruckus. Report [1]
Amgen discusses the future with analysts. Report [3]
New rules limit use of anemia drugs. Report [4]
Amgen makes big workforce, budget cuts. Report [5]
J&J makes big cuts at Alza and Scios. Report [6]
New study points to danger of anemia drug. Report [7]
Links:
[1] http://www.fiercepharma.com/story/amgen-wins-round-anemia-ruckus/2007-09-12
[2] http://www.boston.com/business/globe/articles/2007/09/25/medicare_unlikely_to_reverse_cuts_in_anemia_drug_payments/
[3] http://www.fiercebiotech.com/story/amgen-discusses-future-analysts/2007-09-11
[4] http://www.fiercebiotech.com/story/new-rules-limit-use-of-anemia-drugs/2007-07-31
[5] http://www.fiercebiotech.com/story/amgen-makes-big-workforce-budget-cuts/2007-08-16?utm_medium=nl&utm_source=link
[6] http://www.fiercebiotech.com/story/j-j-makes-big-cuts-alza-and-scios/2007-08-01
[7] http://www.fiercebiotech.com/story/new-study-points-to-danger-of-anemia-drug/2006-11-16