Maryland Governor Wes Moore announced that AstraZeneca would invest $300 million to construct a new manufacturing facility in Rockville, a city with roughly 70,000 inhabitants that is about 17 miles from Washington, D.C. The facility will focus on cell therapies for cancer treatment. The 84,000 square-foot facility, slated for completion in 2026, will enable global…
Sanofi offers a year of salary to employees facing cancer, critical illnesses
French pharma giant Sanofi launched a new global program aimed at providing financial, social and emotional assistance to employees diagnosed with cancer or other critical illnesses. Dubbed “Cancer & Work: Acting Together,” the program guarantees continued salary and benefits for up to one year for affected staff regardless of role or location. It also incorporates…
Oncology deals return to center stage as biopharma M&A remains strong in 2024
In the first few weeks of 2024, oncology remained a central focus area for M&A deals. Two major acquisitions, Johnson & Johnson’s purchase of Ambrx Biopharma and Merck & Co.’s acquisition of Harpoon Therapeutics, both focus on the segment. The trend is long-standing and was also apparent in 2023, as E&Y has noted. Merck was…
Pharma manufacturing sees wave of investments in Europe
Over the past three months, the pharma sector has seen a string of investments in manufacturing facilities, especially in Europe. While the European economy lost momentum in 2023 owing to a high cost of living, weak external demand, and monetary tightening, the prospects for growth remain stronger with the EU GDP growth forecast to improve…
Kentucky’s $42 million ibogaine research proposal could face hurdles
In the battle against the opioid crisis, Kentucky made waves earlier this year by proposing to allocate $42 million to investigate ibogaine May 31, 2023, a potentially risky psychedelic that can curb opioid withdrawal and cravings. The state’s Opioid Abatement Advisory Commission has recently selected Attorney General-elect Russell Coleman’s appointment of Christopher Evans as the…
FDA taking hands-off approach in enforcing medication promotion on TikTok
Social media has become the new wild west for questionable prescription drug marketing. According to an investigation by Bloomberg Law, TikTok has emerged as a hotbed for inappropriate and potentially dangerous promotion of medications from self-dubbed influencers without any medical expertise. Drugs featured prominently include Novo Nordisk’s bestselling GLP-1 drug Ozempic and Pfizer’s migraine medication…
In latest move, Biden targets 48 medications that have outpaced inflation
In the latest move targeting Big Pharma, the Biden Administration has signaled its intent to target the pricing of dozens of prescription drugs. In a recently announced Fact Sheet, the Administration announced a strategy under the Inflation Reduction Act to focus on 48 Medicare Part B drugs that have raised prices faster than inflation. This…
Pfizer and AstraZeneca top annual pharma future-readiness rankings
As 2023 draws to a close, the pharma industry finds itself at an inflection point. On the one hand, stubbornly high inflation rates, a dearth of talent, supply chain hurdles, and a more challenging regulatory climate threaten profitability. But on the other, the rapid advances in areas ranging from cell and gene therapy and IT…
Roche enters red-hot metabolic disease market with Carmot Therapeutics acquisition
Swiss pharma giant Roche had a limited presence in metabolic disease, but the firm has agreed to take over obesity drug developer Carmot Therapeutics for $2.7 billion, rivaling the dominance of next-gen obesity drug developers Novo Nordisk and Eli Lilly. Carmot had been a rising star in biotech, attracting significant funding, including a $150 million…
Pfizer restructuring push hits Ireland
After encountering a significant drop in demand for its COVID-19 products, Pfizer announced a significant restructuring aimed at ultimately saving $3.5 billion globally. The initiative continues with cost-cutting efforts in Ireland where the company plans to consolidate offices and eliminate jobs. The pharmaceutical giant, which was the biggest in the world in 2022, recently announced…