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"Novartis seeing its profits double serves as another reminder that Big Pharma can afford to negotiate more reasonable prices for seniors."
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 Euronews reported 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.
On Friday, Sen. Bernie Sanders (I-Vt.) said he would vote against President Barack Obama's nomination to head up the Food and Drug Administration (FDA), citing Dr. Robert M. Califf's ties to the pharmaceutical industry.
Califf, a cardiologist, and Duke University researcher became FDA deputy commissioner earlier this year, and Obama announced plans to nominate him as the agency's chief last month. But in light of several recent industry scandals that brought national attention to price gouging of life-saving medications, Sanders--who is running for president as a Democrat--said he would not support the status quo when the vote comes before the U.S. Senate health committee.

"At a time when millions of Americans cannot afford to purchase the prescription drugs they need, we need a new leader at the FDA who is prepared to stand up to the pharmaceutical companies and work to substantially lower drug prices. Unfortunately, I have concluded that Dr. Califf is not that person," Sanders said following a meeting with the nominee this week.
A recent expose by the New York Times revealed that Califf's multi-million dollar research center at Duke received more than 60 percent of its funding from the industry. At the same time, his 2014 financial disclosure documents showed drug companies like Eli Lilly, Merck, and Novartis paid him hefty fees for "consulting" and in salary support. And as the Boston Globe reported on Wednesday, Califf also took the "highly unusual" step of removing his name from a series of scientific papers criticizing the FDA's oversight of clinical trials--"a decision that could raise ethical concerns," explains the Globe's Sheila Kaplan.
"In a sense, he's the ultimate industry insider," Harvard political science professor Daniel Carpenter told the Times.
Sanders continued on Friday, "Instead of listening to the demands of the pharmaceutical industry and their 1,400 lobbyists, it is about time that the FDA and Congress started listening to the overwhelming majority of the American people who believe that medicine is too expensive."
"It is time for the United States to join the rest of the industrialized world by implementing prescription drug policies that work for everybody, not just the CEOs of the pharmaceutical industry," he said.
Given the recent price-gouging cases, both Sanders and Democratic frontrunner Hillary Clinton have made reform of the pharmaceutical industry central platforms of their campaigns. For his part, Sanders recently introduced a plan allowing Medicare to negotiate drug prices with manufacturers and lower barriers to importing cheap pharmaceuticals from other countries, such as Canada.
"The greed of the pharmaceutical industry is a public health hazard to the American people," Sanders said. "That has got to change."

Multinational pharmaceutical companies are treating patients in India like "lab rats," distributing untested drugs for research purposes without the patients' informed consent, Agency France-Presse highlighted on Thursday in a report pulling from personal accounts.
The issue is ongoing and widespread and has been subject to a Supreme Court Case in India -- which led Supreme Court judges R.M. Lodha and A.S. Dave to state, "There has to be some sense of responsibility. Human beings are treated like guinea pigs."
Pharmaceutical companies often go to India where the rules are less strict and the testing procedures subsequently far less costly.
"In Europe and the United States the laws are pretty strict. India, on the other hand, makes for a less restrictive destination for drug trials because the regulator lacks teeth," said health campaigner Amulya Nidhi, who works for the Swasthya Adhikaar Manch group, which is fighting on behalf of many of the pharmaceutical trial victims.
As a result, "many desperate and poor people in India are unwittingly taking part in clinical trials for drugs by Indian and multinational pharmaceutical companies that outsource the work to unregulated research organizations," AFP reports.
Such was the case with Niranjan Lal Pathak, the center of the AFP article, who was offered free treatment for a heart complaint at his local hospital. The medicine, unbeknownst to him, turned out to be an untested drug called Atopaxar, developed by Japan-based pharmaceutical company Eisai for anxiety disorders. Pathak was the victim of a drug trial without his informed consent.
His family says that Pathak is now suffering from extreme dementia--a side effect of the drug.
"He barely recognizes us. His life is finished and so are our hopes to see him healthy and happy again," a family member told AFP.
"The label on the medicines often does not specify that it is meant for trial, and vulnerable people end up being used as lab rats," said Nidhi.
The problem is rampant, according to AFP, while India's lawmakers are currently mulling over amendments to the Drugs and Cosmetics Act that would place the responsibility on companies that are supposed to oversee the trials. However, no time-frame has been given to pass the act.
Recent reporting by The Times of India showed that up to 2,600 "human guinea pigs" have died in the past seven years during drug trials by foreign pharmaceutical corporations.
According to the paper, trials of 475 drugs took place during that time but only 17 of them were actually approved for marketing in India.
Clinical trials of two drugs--Bayer's Rivaroxaban and Novartis's Aliskiren vs. Enalapril--accounted for the most deaths and were repeatedly used despite widespread fatalities.
In 2011, Al Jazeera documented this growing trend over the last decade, showing US pharmaceutical companies who have moved their testing operations overseas to cut costs. The "costs," however, are externalized on low-income patients around the world--with deadly results. Watch below:
Outsourced: Clinical trials overseas | Fault LinesUS pharmaceutical firms have moved their operations overseas over the past decade. An increasing number of tests are being ...