|
|
|
We have a quick video recap of yesterday’s White House listening session on PBMs, plus optimism about biotech IPOs and biotech fashion. (678 words, 3 minutes, 23 seconds) |
|
|
|
|
Watch: White House ‘listening session’ on PBMs |
|
|
The White House held a “listening session” yesterday with industry leaders and advocates discussing solutions for pharmacy benefit managers (PBMs). While the Administration is campaigning on the IRA’s so-called drug price “negotiation”, PBM practices continue to keep drug prices high for patients. Why it matters: PBMs choose which drugs go on the formulary of drugs covered by an insurer, receiving rebates and fees in exchange from the drug manufacturers – and the three largest PBMs handle nearly 80% of all prescriptions in the U.S., explains a BIO Policy Pulse video.
What they’re saying: “Rebates determine formularies; rebates are also the reason big PBMs restrict the medications they allow to be filled,” said Mark Cuban, whose Cost Plus Drugs seeks to eliminate the negative impacts of PBMs. “Doctors should decide what patients need access to, not the PBMs.”
The beginning, not the end: BIO calls on the Administration to work with Congress to pass bipartisan PBM reforms, so the American people pay less at the pharmacy counter. “Listening is an important first step, but only if it’s matched with strong action designed to attack the root of the problem, not just the symptoms.”
Watch: |
|
|
|
#BIOCEO24 ends with upbeat IPO forecast |
|
|
We’re finally approaching a strong market for biotechs to go public, said a panel offering an upbeat ending to last week’s BIO CEO & Investor Conference in New York.
Why it matters: After a couple of lean years, CEOs can hope to find the investment they need to bring promising new treatments to patients.
What’s causing increased IPO enthusiasm? “Tailwinds” like lower interest rates and investors who have obtained more ready cash as mergers provided them payoffs, said Johanna Grossman, Ph.D., of the New York Stock Exchange.
Who’s first in line? Companies that work with advisers to differentiate themselves and get their message to the right investors, said investment banker James Antonopoulos of ROTH MKM. It helps to have backing from venture capitalists before launching an IPO.
What investors want: Rare disease may not maintain their current popularity among investors as treatments with larger markets, like oncology, draw more interest, said Antonopoulos. But cell therapies can differentiate themselves, and the field has great potential, added Adam Stone, Chief Investment Officer at Perceptive Advisors.
“Let the science dictate the value. Don’t let financial statements and things of that nature get in the way,” said Ryan Starkes, Partner at Centri Consulting. And do your due diligence now.
What’s next: Watch for dropping interest rates to drive a strong IPO market by the second half of 2024, panelists said. Read more on Bio.News. |
|
|
|
|
From the biotech lab to your wardrobe |
|
|
The latest fashion trends aren’t just born on the runways of Paris and New York Fashion Weeks; they’re also being crafted in biotech labs, paving the way for the future of clothing design.
Why it matters: The fashion sector is responsible for 16-35% of the microplastics in the ocean, 10% of carbon emissions, a lot of waste, and heavy water usage. Biotech alternatives are enabling a trend toward environmentally friendly couture, Bio.News explains.
A new meaning of natural: From a carbon-negative raincoat made of marine algae to leather alternatives made from the common fungus mycelium (which is already being used by Stella McCartney and Adidas), fashion is experimenting with biology.
What else is brewing: “Biotech is also combining the powers of yeast, bacteria, and spider’s silk to brew some interesting textiles,” says Bio.News, while bacteria is also being used to make dye.
BIO members are getting in on it: LanzaTech recycles carbon waste to make clothing and cosmetics, while Virent launched a coat with Patagonia made from sugarcane feedstock.
What’s next: 75% of consumers call sustainability a major purchase consideration and 50% would switch to a more environmentally and socially friendly brand, JP Morgan finds. As the environment grows in importance to clothing buyers, we can expect biotech to set trends. Listen: The I am BIO Podcast spoke with Jennifer Holmgren, CEO of LanzaTech, about how biotech is helping to solve fashion’s sustainability problem. |
|
|
|
|
|
|
|
|
|
