We’re going to talk with Peter Pitts, President of Center for Medicine in the Public Interest, about the IRA, which is impacting every company in biotech. The Inflation Reduction Act, or IRA, authorizes the price negotiation for a group of medicines selected by the government and, interestingly, allows no public pronouncements after the fact, by the companies.
We discuss:
The negative impact of government price dictation on drug programs
What the IRA will do to patents, especially those for rare diseases
Anti-trust measures at the FTC and how it may impact biotechs and ultimately patients
His thoughts on the proposed changes in pricing at CVS and why it won’t pass on savings to the end consumer
What he recommends to those raising capital in light of all these requirements
His proposed solution to these issues
We hope you’ll tune in for the show!
Peter Pitts
Peter Pitts is President and co-founder of the Center for Medicine in the Public Interest. He also serves as a Visiting Professor at University of Paris School of Medicine. Pitts lives in New York City
Professor Pitts is a former member of the United States Senior Executive Service and Associate Commissioner of the US Food & Drug Administration where he served as senior communications and policy adviser to the Commissioner. He supervised FDA's Office of Public Affairs, Office of the Ombudsman, Office of Special Health Issues, Office of Executive Secretariat, and Advisory Committee Oversight and Management. He served on the agency’s obesity working group and counterfeit drug taskforce.
He is a member of the Council for International Organizations of Medical Sciences (CIOMS) Expert Working Group to help advance patient involvement in the development and safe use of medicines. (CIOMS is an international, non-governmental, non-profit organization established jointly by WHO and UNESCO in 1949.) He is the lead author of many professional peer reviewed publications including the Lancet, Therapeutic Innovation and Regulatory Science, and Nature Biotechnology. He is an Associate Editor of Therapeutic Innovation & Regulatory Science (the official DIA journal), a member of the External Advisory Board, IMS Institute for Healthcare Informatics in Asia, Executive Advisory Board, the Galien Foundation, Editorial Advisory Board, Food and Drug Policy Forum, Advisory Board, Journal of Commercial Biotechnology and a member of the Editorial Advisory Board of The Patient Magazine.
He has also served as an adjunct professor at Indiana University’s School of Public and Environmental Affairs and Butler University.
Disclaimers
The information contained in this website and podcast are purely informational and not considered investment recommendations. Tim Dougherty’s participation in Biotech Insights is separate and apart from his role as an investment advisor representative. Nothing contained herein may be construed as a recommendation or endorsement of any of the companies discussed. Tim Dougherty has no financial affiliation with any of the companies mentioned in this communication. Tim Dougherty makes no representation that the information conveyed in this material is accurate and is under no obligation to update this information as changes occur.