Big Pharma update: Trump takes on rising drug prices; Mylan layoffs; new legislation aimed at bringing costs down

Here’s a look at what’s new on the Big Pharma front as 2017 begins:

• Trump takes on drug prices. Pharmaceutical company stocks took a hit after President-elect Donald Trump told TIME magazine he doesn’t “like what’s happening with drug prices.” He said he will “bring down” the cost of prescription medication, but he didn’t elaborate about how he plans to do that.
• Mylan announces layoffs. Drug maker Mylan came under fire this year for raising the price of life-saving EpiPens a whopping 548 percent since the company acquired the rights to the drug in 2007. Mylan officials recently announced work force cuts due to a restructuring, according to the New York Times.
• Congress votes to speed approvals. During a lame duck session, Congress endorsed and President Obama signed legislation known as the 21^st Century Cures Act. Among other things, the new law accelerates Food and Drug Administration approvals of generic and other drugs.
• Transparency bill reintroduced in California. State Sen. Ed Hernandez introduced Senate Bill 17 in early December to “renew his efforts to shine a light on rising drug prices in California,” according to a press release. The senator abandoned a similar bill during the state’s last legislative session because he was unhappy with amendments that effectively gutted the bill.

Voices for Affordable Health is tracking the prescription drug price issue. To learn more about what’s driving the cost of prescription medications of all types, check out our “High RX Costs” issues page.