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Ending a busy week with a recap of John Crowley’s testimony on Capitol Hill yesterday and a look at the problems with alternative funding programs—plus, what companies and investors are saying about the BIO Investor Forum. (508 words, 2 minutes, 32 seconds) |
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Alternative funding programs draw patient scrutiny |
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Drug manufacturers’ patient assistance programs (PAPs) are intended to help underinsured patients pay for specialty drugs—but alternative funding programs (AFPs) use questionable means to take advantage of them, harming patients in the process, say patient groups.
The bad: AFPs say they help patients obtain medications for free from PAPs. But in reality, they arrange to prevent insurance coverage of a specialty drug a patient needs, then claim the patient is not insured for the drug and requires payment support, Drug Channels explains.
The ugly: Commercial insurers or employers pay AFPs to cut drug coverage costs, ultimately hurting patients who really need assistance but can’t receive it because a PAP is used up.
Is this legal? AbbVie says no—and in May sued one AFP, Payer Matrix, for allegedly “enrolling non-qualified patients in AbbVie’s payment assistance program.”
Patient groups agree—and don’t like Payer Matrix claiming they help patients. That’s why several patient groups signed a letter asking Payer Matrix to stop calling itself a “Leading Patient Advocate.”
What they’re saying: “Payer Matrix is a for-profit business representing the interest of employers and itself, not patients.” The National Bleeding Disorders Foundation joined other patient groups in signing last week.
The bottom line: AFPs are “basically trying to access money that is explicitly intended for needy, uninsured, financially strapped patients,” explained Drug Channels’ Dr. Adam J. Fein. |
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ICYMI: BIO Vice Chair John Crowley testifies on drug price controls
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On Wednesday, John Crowley, CEO of Amicus Therapeutics and Vice Chair of BIO's Board, testified before a House committee on the Inflation Reduction Act's price controls will harm R&D and innovation, especially for rare disease.
Learn more and catch the highlights at Bio.News.
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BIO Investor Forum fosters deals that bring new drugs |
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Biotech investors and innovators meet and make deals to bring new drugs to the market at the BIO Investor Forum (BIF)—and we spoke to an investor and a company to learn more.
The event: BIF, happening October 17-18 in San Francisco, is one of the only independent partnering events dedicated to showcasing drug development programs ready for partnering or venture funding, facilitated by BIO’s One-on-One Partnering™ system.
How does the system work? Participants complete a profile describing their innovations (biotech companies) or what they’re looking for (investors). BIO’s One-on-One Partnering™ arranges matches and finds meeting spaces/times before participants even arrive in San Francisco.
What investors say: “We are all in one place and we can get a lot done quickly. It’s very comfortable and we’re really supported as investors,” says Mary Schaheen, an attendee with 25 years of experience in product commercialization.
What companies say: Joining “one-on-one partnering sessions has been a catalyst for fostering substantial connections” with several venture capitalists and “ongoing dialogues with a prominent strategic partner in the Asia-Pacific region,” says Dr. Hernan Bazan, an innovator in non-opioid pain management.
The bottom line: Investors, innovators, and—ultimately—patients benefit from the connections made at BIF in San Francisco. Don’t miss it!
Register here. Read more in Bio.News. |
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