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U.S. NEWSFriday 6 November 2015
Pfizer doubling patient income limit for free drug program
LINDA A. JOHNSON Krusing, a spokeswoman The logo for Pfizer is displayed on a trading post on the floor threatening parasitic, has
AP Business Writer for the trade group Amer- of the New York Stock Exchange. Pfizer, the biggest U.S.-based been accused of price
TRENTON, N.J. (AP) — As the ica’s Health Insurance drugmaker, is increasing its financial assistance to patients by gouging, along with Vale-
furor over soaring U.S. pre- Plans, said Thursday. doubling the allowable income level for people to receive Pfizer ant Pharmaceuticals Inter-
scription drug prices esca- “This is the wrong approach medicines for free. national Inc. and a handful
lates and outrageous price when you consider the of other companies. Mean-
hikes by several smaller cost impact that patients (AP Photo/Richard Drew) while, a surge of mergers of
drugmakers give the entire have on the back end,” brand-name and generic
industry a black eye, the said Krusing. crease overall medication a growing number of gov- drug manufacturers threat-
biggest U.S.-based drug- She said insurance plans costs, particularly if they ernment investigations, of ens to further limit competi-
maker is expanding finan- eventually raise patients’ nudge patients to stay on six-figure list prices for new tion, the primary control on
cial assistance to patients. monthly premiums or other brand-name drugs over medications for cancer, prices in the U.S.
Pfizer Inc. says it’s dou- payments to compensate. cheaper generic versions. hepatitis C and rare diseas- Drugmakers now face a
bling its income limit for One study of California However, medicines often es, and huge price hikes “wave of hearings and
people to receive dozens plans early this year found prevent expensive com- on old ones with little or no public beatings” over ex-
of its medicines without most increases have been plications and hospitaliza- competition. orbitant drug prices, said
a copayment because tiny — so far. tions. Turing Pharmaceuticals, pharmaceuticals analyst
more patients need help. Krusing also noted widely Pfizer’s move comes amid which recently hiked by Erik Gordon, a professor
Patients’ insurance plans used drugmaker coupon fierce criticism by patients 5,000 percent the price at University of Michigan’s
generally must then pay programs like Pfizer’s usual- and politicians, as well as for the only drug for a life- Ross School of Business.
the bulk of the drug’s cost. ly are only temporary. They “If you’re Pfizer, you want
Some critics say this isn’t cover patient copayments to look like you’ve made a
the best way to keep drugs for a specific brand-name voluntary, charitable move
affordable for everyone. drug or limit them to $50 or before you get beat up” in
“It’s not addressing the so. a congressional hearing,
price of the drug,” Clare Such programs can in- Gordon said.
In an exclusive interview,
Pfizer Chief Executive Ian
Read told The Associated
Press the New York com-
pany isn’t boosting assis-
tance due to heightened
scrutiny of prices, but be-
cause more and more pa-
tients can’t afford needed
medicines.q
US Steel: No HQ in Penguins development
JOE MANDAK planned to break ground Steel will not be moving
Associated Press on the new headquarters into a new headquarters
PITTSBURGH (AP) — Unit- and complete the project building at the site of the
ed States Steel Corp. has before U.S. Steel’s lease former Civic Arena,” the
pulled out of a deal to build expires at its current down- statement said.
its new world headquarters town location. U.S. Steel’s headquarters
as part of an ongoing $440 The announcement comes will remain at the 64-sto-
million redevelopment of two days after the steel- ry U.S. Steel Tower down-
the former Civic Arena maker reported a third- town, the city’s tallest build-
site by the NHL’s Pittsburgh quarter loss of $173 million, ing, until its lease expires in
Penguins. more than four times worse September 2017, the com-
Thursday’s decision comes than analysts had fore- pany said, declining to
almost exactly a year af- cast. U.S. Steel’s stock has comment further about its
ter company, team, lo- dropped nearly 61 percent future in the city.
cal and state officials an- this year, from $26.59 per A New York investment firm
nounced the plans at the share to $10.39 on Thursday bought the skyscraping
Consol Energy Center, — down 67 cents for the headquarters building for
the Penguins new arena. day. The company didn’t $250 million in April 2011.
That arena sits across the explain the move in a brief A year later, U.S. Steel an-
street from the site where a statement. nounced it would likely
team-controlled subsidiary “We can confirm that U.S. move out.q
