PHARMACY

Canada’s generics org names new chair

BY David Salazar

The Candian Generic Pharmaceutical Association has a new chair. The Toronto-based organization unanimously elected Peter Hardwick, Apotex chief commercial officer and executive vice president, as its chair. Pharmascience COO Jean-Guy Goulet remains vice chair and Sandoz Canada president and general manager Michel Robidoux continues to be chair of the Board of Biosimilars Canada.

“The generic pharmaceutical industry and our partners in the supply chain are facing significant challenges to our sustainability in Canada,” Hardwick said. “Ensuring a stable, predictable market for our companies and the continued supply and introduction of cost-saving generic prescription medicines must remain our key focus.”

Hardwick’s role will involve implementing the five-year initiative between CGPA and the pan-Canadian Pharmaceutical Alliance, as well as an agreement between CGPA and the government of Quebec.

“The recent agreements with pCPA and Quebec will provide billions of dollars in additional savings to Canada’s health-care system,” Hardwick said. “As these significant further price discounts come into effect, we must work with governments and payers to put in place the regulatory and market environment that will ensure the continued and future supply of cost-saving generic medicines.”

Hardwick, who has been with Apotex since 2006 and has more than 25 years of experience in the pharmaceutical industry, noted that generics prices have been reduced recently and that the organization’s work should now be focused on increasing their use.

“Many of the most widely prescribed generic drugs offer a massive 90 percent discount from the prices of the equivalent brand-name versions, but price doesn’t matter if they’re not being used,” he said. “We want to work with Canadians to implement strategies to increase the use of generic prescription medicines so that the savings provided by these lower prices can be fully realized.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
topical ointment stock
PHARMACY

Impax intros generic Estrace Cream

BY DSN STAFF

Impax Labs has launched its generic Estrace Cream (estradiol vaginal cream, 0.01%). The product is indicated to treat moderate-to-severe vaginal changes due to menopause.

Impax’s manufacturing and development partner for the generic Estrace Cream, Perrigo, received Food and Drug Administration approval in January. The product had U.S. sales of roughly $469 million for the 12 months ended January 2018, according to data from IQVIA.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

CVS Health touts low drug price growth for PBM clients

BY David Salazar

CVS Health is highlighting the savings that it brought its pharmacy benefits manager clients in 2017. The company on Thursday said that last year, drug price growth clocked in at 0.2% for its CVS Caremark clients, even as manufacturer price inflation neared 10%. When combined with low drug utilization growth of 1.7%, this meant a 1.9% reduction in drug trend for its commercial clients — the lowest in five year, the company said.

“The healthcare landscape continues to evolve, but the cost of drugs remains a top concern for our clients and their members, who turn to us to ensure they are getting the most out of their pharmacy benefit plan,” CVS Health excecutive vice president and COO Jon Roberts. “At CVS Health, we always encourage the use of clinically appropriate therapeutic alternatives including generics, which can lower cost for payors and members, leverage competition within drug classes where applicable, and develop innovative strategies to keep prescriptions affordable. By lowering member costs, we are also helping to remove a key barrier to adherence. Members who are more adherent have better health outcomes and ultimately lower overall health care costs.”

One key factor CVS Health cited in keeping drug spend down was the growth in generic use, which boosted the generic dispensing rate for its PBM clients to more than 86%. The company said it used PBM strategies including $0 copays for preventive generics, as well as formulary strategies that prioritize using generics first and reduce costs in such high-use categories as anti-hypertensives and cholesterol-reducing drugs. CVS Health said that plan designs that promoted lower cost therapies and targeted adherence interventions helped improve adherence by as much as 1.8 percentage points in such categories as diabetes, high blood pressure and high cholesterol.

On the specialty front, CVS Health said that while price inflation for the high-cost category rose 8.3% in 2017, it managed to keep specialty drug cost growth to 3.7% for its clients by using formulary strategies, cost-cap-based rebates and indication- and outcomes-based contracting.

The company noted that it managed formulary approach actually drove a decline in drug price of 0.1% for clients aligned with its managed formularies. It said that these clients aslo had lower per-member-per-month costs despite seeing greater utilization. These efforts are alongside the real-time benefits information initiative CVS Health undertook in 2017 to allow prescribers to see a patient’s out-of-pocket costs and tailor their prescribing to more affordable options.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?