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.
~ PT
Comments
Best wishes for your uncle.
Long GILD (added more today), not to mention a bunch of other pharma names/funds.
Because I am currently using Express Scripts (go to Caremark in a few days) I searched for Harvoni under my plan. It said that it was covered but might require a coverage review. It said that Harvoni was not the preferred drug but when I asked for a "generic alternative' it said there was none.
My plan pays 90% of the cost of a name brand and has a limit on my cost. I've never seen the "coverage review" message but it might just be related to a new prescription of this sort going in a few days before the account moves to a competitor. I was unable to get it to show me the preferred alternatives.
Here is the price Express Scripts gave me for a 30 day supply:
Anna - as of this moment my uncle has yet to be able to get through to Express Scripts, so the info. that you provided is far more than Express Scripts has provided to my uncle. A non-preferred product and coverage terms are subject to change? Rotten Express Scripts certainly wasn't kidding, the prescription was changed in a heartbeat.
A "middle man" should not have the authority to change a physician's prescription. Period. The AbbVie Hep C cocktail contains a pill (ribovan or something like that) which has caused side effects in prior Hep C patients, so perhaps that angle can be used to fight this new edict from Express Scripts. Gilead's Hep C medication is just one pill (Harvoni) with no recorded side effects and a 100% cure rate. Express Scripts has suddenly decreed that my uncle will be forced to take an inferior medication to what he's already been prescribed, based on cost.
This will indeed be a fight.
This note was part of a notification related to a pharma stock we currently hold.
'Course, I don't know if this product (FDA approved on Dec. 19) would relate to your uncle's circumstance.
short article link
Take care of you and yours at A-squared, and enjoy the holdidays with your young'ins; as the clock will move too fast and soon enough they will be taking drivers ed. classes.
Catch
This conclusion was reached by my uncle's physician, not by Express Scripts as we have still not been able to get through to Express Scripts' horrible customer service. Even though Express Scripts had approved my uncle's Harvoni prescription on Dec. 5 to begin use on Jan. 5, Express Scripts' edict from yesterday stating that they won't cover Harvoni beginning Jan. 1 has forced my uncle to change from a superior cure (Harvoni) to an inferior cure (Abbvie) which includes pills which may cause painful side effects. My uncle's doctor said that he can't get the date of the prescription moved up so that my uncle could begin Harvoni this year.
It's my sincere hope that Express Scripts is subjected to a massive legal attack costing Express Scripts billions. That would be the best Holiday gift ever!