Ian Read on drug pricing
From Pfizer Earnings Conference Call Q2 2018 · · AlphaStreet
“Today, I would believe we're going to go to a marketplace where we don't have rebates. I don't know the speed of that, but I do believe the administration has been focused on that because that will reduce pharmaceutical prices at the point-of-sale and very positively by removing the 40% subsidy that goes to the rest of the healthcare system and putting it back on reducing pharmaceutical prices at the point-of-sale.”
On , Ian Read, Former Chairman & Chief Executive Officer at Pfizer, spoke about drug pricing during Pfizer Earnings Conference Call Q2 2018 on AlphaStreet.
About Ian Read
During Pfizer’s second-quarter 2018 earnings call, Chairman and CEO Ian Read discussed the company’s restructuring plans and pipeline outlook. Read stated that effective at the beginning of the 2019 fiscal year, Pfizer would operate three businesses: a science-based innovative medicines business (including biosimilars and a new hospital unit), an off-patent branded and generic established medicines business, and a Consumer Healthcare business. He described this as a natural evolution as the company transitions past 2020. Read also said that through 2022, Pfizer sees potential for approximately 25 to 30 approvals, with up to 15 having blockbuster potential, citing Xeljanz and Xtandi as the first two. Read addressed drug pricing and access, saying it is Pfizer’s job to advocate for affordable access and that the company would continue to work with the president on his blueprint for strengthening the healthcare system. He noted that the secretary’s intention to remove the Safe Harbor for discounts to eliminate rebates would be a positive change for the industry, adding that about 40% of pharmaceutical prices subsidize the rest of the healthcare system. Regarding mergers and acquisitions, Read said he did not believe a large or transformative deal was needed to drive growth, and that the leadership team was united in focusing on developing the pipeline and bringing products to market.