Gilead Put Profit Ahead of Hepatitis C Patients: U.S. Senate Report Says

The Senate Finance Committee has determined that the prices charged by Gilead for the Hepatitis C drugs, Sovaldi and Harvoni, do not reflect the actual research or cost incurred in producing the drugs and is officially accusing Gilead of placing profits ahead of affordability and accessibility. In 2014, Medicare and Medicaid spent more than $5 billion on Sovaldi and Harvoni. Gilead released a statement saying that with available rebates and discounts the cost is actually less expensive than that of prior treatments, and, additionally, the improved efficacy of their drugs reduce the cost of future medical complications.

To read the full Reuters article click here.

Pfizer to Buy Allergan in $160 Billion Deal

Pfizer’s announcement that it will buy Allergen (the producer of Botox) will shift the manufacturer’s headquarters to Ireland and help reduce their incurred domestic taxes by an estimated 8%. The deal will make Pfizer the largest company in the industry, as well as mark the largest instance of an international acquisition to lower a U.S.-based company’s taxes – and has earned direct criticism from President Obama, Hillary Clinton, Bernie Sanders, and Donald Trump. Both companies saw a drop in their stock prices after the announcement.

Read Reuter's article on it here.