A budget proposal released by the Trump administration Monday would increase the budget authority for FDA medical device programs by about 26%, or $131 million, from this year to 2019. The funding would include a $3 million increase in medical device user fee spending, which is expected to reach $197 million next year.
A cost-cutting program called Accelerating Performance and Execution has been initiated by Smith & Nephew in hopes of saving $160 million by 2022, as well as to avert pressure from activist investor Elliott Advisors to break up the company. The program includes revision of the company's sales strategy, reduction of manufacturing base and supply chain costs and collection of additional data from products currently in use so pricing levels can be justified.
Purdue Pharma stopped the promotion of opioids to physicians, and physicians will now have to call Purdue's medical affairs department for information about the drugs after widespread criticism of how drugmakers market addictive painkillers. The company also cut its sales force in half, with the remaining salespeople focused on nonopioid treatments.
Teva Pharmaceutical Industries warned that the approval and launch of its migraine drug fremanezumab could be delayed because Celltrion, which is the supplier of the drug to Teva, received a warning letter from the FDA. The company said it is working with the agency to keep the drug's priority approval date.
Commercial drug plans held the annual spending growth rate to just 1.5% in 2017, and some drug plans reported lower per-subscriber spending, according to an Express Scripts report. But prices on drugs for cancer and inflammatory diseases rose 17.4% and 15.3%, respectively, and prices on other drugs rose, too, keeping drugmakers in the political spotlight.
President Donald Trump's budget request proposes replacing the HHS Agency for Healthcare Research and Quality with the new National Institute for Research on Safety and Quality within the NIH, which Research!America CEO Mary Woolley says would be "a strategic mistake that dilutes the agency's critical mission to address waste and inefficiencies in our health care system." The proposal would also cut the CDC's budget by 12%, increase the FDA's budget, and leave NIH and National Science Foundation funding flat.
Cybersecurity risk is growing. This fact, combined with low adoption of cyberinsurance, an active adversary, a fragmented security technology market and a security skills shortage, means it is difficult for many organizations to understand and manage this risk effectively. On Feb. 5, Cisco, Apple, Aon and Allianz announced a new cyberrisk management solution for businesses, comprising cyberresilience evaluation services from Aon, the most secure technology from Cisco and Apple and options for enhanced cyberinsurance coverage from Allianz. The new solution is designed to help a wider range of organizations better manage and protect themselves from cyberrisk associated with ransomware and other malware-related threats, which are the most common threats faced by organizations today. Read more.
Workplace harassment allegations are front page news and the exposure is impacting bottom lines across all industries. With the growing frequency, it's important that corporate leaders revisit available tools to mitigate possible exposures. On Wednesday, Feb. 21, join employment practice experts from Aon and Jackson Lewis for a discussion on evolving exposures, risk transfer solutions and best practices for employers to mitigate their overall risk. Register here.
Aon provides Life Sciences companies with end-to-end risk solutions, supporting organizations from the initial discovery phase to final product launch. The practice provides solutions across the Life Sciences for pharmaceutical manufacturers; generic and OTC pharmaceutical companies; biotechnology and biopharmaceutical companies; genomic and proteomic companies; drug delivery system; diagnostic substance companies; and medical device and equipment manufacturers.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.