I know this site is dedicated to funds/etf's, but the captioned story affects many due to the high institutional ownership of biotech companies such as AbbVie and Gilead Sciences.
An uncle of mine was due to start using Gilead Sciences Harvoni regimen to cure his Hepatitis C beginning January 5, 2015. Because Express Scripts is his pharmacy benefit provider, my uncle now must change his prescription from the 1 pill a day Harvoni to AbbVie's drug cocktail to cure his Hep. C. This is what his doctor has told him. My uncle has yet to receive any reply from Express Scripts to his many inquiries!!!!!
I understand the high cost issue of using Gilead's Harvoni, although AbbVie's new Hep. C cocktail is still very costly. Nonetheless I (and my family) feel that my uncle's physician should be the person determining my uncle's medication, not the pharmacy benefit provider (Express Scripts). It's not fair to any human being that their medication is determined by a pharmacy benefit provider instead of a capable physician as we want only the best health care for my uncle.
I see that neither Gilead nor AbbVie's pps are up today, although Gilead really took a hit while Express Scripts is up on this news. I don't directly own any of these equities but do own them through some funds, and am simply angry at Express Scripts on my uncle's behalf.
Just needed to get this off of my chest.