Biogen Idec wins proxy fight against Icahn
CAMBRIDGE, Mass. Biogen Idec has won a proxy fight against investor Carl Icahn, allowing for the company to continue running as it sees fit instead of being controlled by Ichan and forced into selling itself again, according to Reuters.
The fight involved electing board members, which Icahn was using to elect his own selected members. Icahn sought to place three members on the company’s board, which included Richard Mulligan, professor of genetics at Harvard Medical School; Dr. Anne Young, head of the neurology service at Massachusetts General Hospital; and Alexander Denner; managing director of the Icahn Partners.
Shareholders, however, elected Cecil Pickett, Biogen’s president of research and development; Lynn Schenk, an attorney; and Phillip Sharp, a Nobel prize-winner who helped found Biogen 30 years ago. They also elected Stelios Papadopoulos, a retired vice chairman of Cowen to replace Thomas Keller, who is reaching retirement age.
Shareholders also defeated a proposal by Icahn to permanently limit the board to 12 members.
California information-sharing bill struck down by Assembly
LOS ANGELES A California bill aimed at sharing people’s prescription medication information with mass mailers did not receive a single vote of support in the Assembly Health Committee after being approved by the Senate on May 29, according to the Los Angeles Times. The bill, SB 1096, was written by Sen. Ron Calderon, D-Montebello, who will most likely not reintroduce it, even though he reserved the right to do so.
In presenting the legislation Tuesday, Calderon described it as a boon to consumers, especially those with chronic medical conditions. He said it would allow drugstores to send letters to people reminding them to take their medication or refill a prescription.
The problem with the bill, besides the fact that the patients did not want their prescription medical history shared with someone other than their doctor, is that the bill did not state who would be paying for the reminder letters and which patients would receive them.
According to the Times, it appeared that pharmaceutical companies were behind the funding in an effort to bring in more money on their respective medicines. Also, another provision stated that people who wanted to not be on the mailers would have to opt-out of the program, instead of opting into the program by stating that they would be okay with their information shared.
CCPA: track-and-trace mandate could cost pharmacies $110,000 per store
ALEXANDRIA, Va. Implementing a track-and-trace system would cost drug store chains $84,000 to $110,000 or more per store in the first year, according to a study that examined the safety of the prescription drug supply chain and the potential effects of a federally mandated system.
The study, released by the Coalition of Community Pharmacy Action, examined the safety of the prescription drug supply chain and the potential effects of a federally mandated track-and-trace system. It also found that existing security measures since 2005, including changes in state laws and steps the chains themselves have taken, have already cut the risk of counterfeit drugs entering the supply chain. The study found no cases of counterfeit drugs in the normal distribution channels since 2005, and most of the problems were from Web sites distributing drugs illegally.
The cost estimate was based on costs of computer hardware software, infrastructure, labor and other resources.
The CCPA is comprised of the National Community Pharmacists Association and the National Association of Chain Drug Stores.