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AstraZeneca PLC (AZN) And Bristol-Myers Squibb Company (BMY) Pull Diabetes Drug From Germany


12/16/2013 7:36:17 AM

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Once again, drugmakers are at war with the German authorities over pricing. In the latest row, AstraZeneca (AZN) and Bristol-Myers Squibb (BMY) have yanked their Forxiga diabetes treatment, which was approved in Europe a year ago, over disagreements about the price of the drug, but will reconsider their decision after arbitration has concluded, according to a statement. Specifically, the move comes after the drugmakers were unable to reach an agreement with the National Association of Statutory Health Insurance Funds after the German Federal Joint Committee issued a so-called ‘no additional benefit’ rating for the treatment, which is a SGLT-2 inhibitor. Coincidentally, an FDA panel late last week recommended marketing approval. The decision reflects ongoing tension among cash-strapped European governments and the pharmaceutical industry over pricing for medicines.

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