As Novartis released its third-quarter financial report on Tuesday, one watchdog pointed out that the Swiss pharmaceutical giant's profits have jumped from the same period last year but it is still suing over a 2022 law that cut prescription drug prices.
"Novartis seeing its profits double serves as another reminder that Big Pharma can afford to negotiate more reasonable prices for seniors," Accountable.US executive director Tony Carrk said in a statement responding to the company's financial report.
Several drug companies are challenging drug price policies from the Inflation Reduction Act (IRA), which enabled Medicare negotiations with Big Pharma to cut the costs of some widely used medications. A federal judge rejected Novartis' suit on October 18—the eighth such legal victory for patients—but the company has already filed an appeal.
Novartis said that its "momentum in Q3" is thanks to "sales growth driven by continued strong performance" from psoriasis drug Cosentyx, heart failure treatment Entresto, multiple sclerosis treatment Kesimpta, breast cancer drug Kisqali, high cholesterol treatment Leqvio, and prostate cancer drug Pluvicto.
As Euronewsreported Tuesday:
Sales of the flagship prostate cancer drug, Pluvicto, increased by 50%. It is based on new so-called radioligand therapy which is a form of targeted nuclear medicine used to treat multiple types of cancer and has a booming market in the U.S.
The drug is now on the market in several E.U. countries, however, its price (around $42,500 in the U.S., which translates to just under €40,000) leaves some uncertainty over whether health systems in Europe will be able to afford it.
Meanwhile, Entresto was among the 10 medications included in the first round of Medicare negotiations. Accountable.US noted Tuesday that it "is among the most expensive prescriptions for Medicare patients. Under the new program, the drug is now priced at $295 per 30-day supply, translating to $333 in savings per prescription."
Cutting drug costs has been a priority for U.S. President Joe Biden, who signed the IRA, and Vice President Kamala Harris, the Democratic nominee facing former Republican President Donald Trump in the November 5 election.
"After years of big drug companies prioritizing profits over patients' health, the Biden-Harris drug negotiation program is working to put seniors' needs and pocketbooks first," said Accountable.US' Carrk.
The U.S. Department of Health and Human Services (HHS) announced last week that "nearly 1.5 million people with Medicare Part D saved nearly $1 billion in out-of-pocket prescription drugs costs in the first half of 2024" because of the 2022 law.
"All Americans should be able to access the healthcare they need—no matter their income," Harris said last week in response to the HHS data on seniors' savings. "That is why our administration fought to lower healthcare costs with the Inflation Reduction Act, legislation that I was proud to cast the tie-breaking vote on in the Senate."
"We have been able to cut prescription drug costs, cap the cost of insulin at $35 a month for seniors, and lower premiums for those on Medicare," Harris highlighted. "Our administration has also reached unprecedented agreements with pharmaceutical companies to lower prices for the first 10 drugs selected for the Medicare price negotiation program—10 of the most widely used and expensive drugs that treat conditions ranging from cancer to diabetes. And there is still much more to come."
"I have seen the impact of fighting to protect patients up close. As attorney general, I held Big Pharma accountable for their deceptive and illegal practices—winning settlements that amounted to more than $7 billion against pharmaceutical companies for their unsafe and unfair tactics," she continued, referring to her former role in California. "I will never stop fighting for the health, well-being, and financial stability of the American people."
Harris has campaigned on accelerating Medicare negotiations and expanding the health program for seniors—though doing so would likely require her party to also win both chambers of Congress in next week's election.
