Bristol-Myers to Slash Jobs, Shut Plants

Novartis acquires worldwide rights from a San Francisco biopharmaceutical firm

(NEWSER) - Novartis AG will pay a San Francisco biopharmaceutical company $75 million—with the potential for an additional $500 million—for the worldwide rights to an experimental anticlotting drug the Swiss drug firm hopes will rival Plavix, reports the Wall Street Journal. Market leader Plavix rang up $8.22 billion in sales last year, and Eli Lilly is expected to bring a competitor to market soon. More»

New rules aim to increase transparency

(NEWSER) - Studies have found that when doctors accept payments from drug companies, it can influence their treatment decisions—so the Obama administration will soon require drug companies to disclose those payments. The New York Times reports that around 25% of doctors receive cash from drug companies for consulting, speaking engagements, and more; in addition, almost two-thirds accept staff lunches or dinners out. The new requirements, part of the new health care law, will ensure that such payments and gifts, even small ones, are disclosed on a website; drug companies will be subject to fines for any omissions. More»

'Bizarre' death occurred two days after another 'tragic accident'

(AP) - The girlfriend of a pharmaceutical company executive was found dead at a historic California mansion, her nude body hanging from a rope on a second-floor balcony with her hands tied behind her back and her feet bound. Rebecca Nalepa's body was discovered at the Coronado home of Jonah Shacknai, founder, chairman, and chief executive of Medicis Pharmaceuticals, an Arizona-based company that makes acne and facial wrinkle treatments including Restylane. Investigators call the circumstances "bizarre" and "unusual," but have not ruled out suicide. More»

It's a major step to benefit poor nations battling disease

(NEWSER) - Gilead Sciences announced today that it will license four AIDS and hepatitis B drugs to an international patent pool, allowing cheap, generic versions to be produced for sale in low-income countries. The AIDS drugs, which include tenofovir and emtricitabine, represent a major upgrade on the treatments currently available in those countries, the New York Times reports. The move makes Gilead the first major drug manufacturer to contribute to the Medicines Patent Pool. More»

Authorities say company bribed doctors with team 'happy hours'

(NEWSER) - It's a good day for bribery allegations:

• In California, Bristol-Meyers Squibb is accused of bribing doctors to push its drugs in exchange for swanky gifts and "happy hours" with Los Angeles Lakers players. Players also participated in "dream camps" for doctors and their families. Ex-player Lucius Allen, who worked for the company with his wife, arranged the access and ultimately blew the whistle. Full story at LA Times .