Biotech Values

[biocqr]

IBB, XBI > tepid rebound since the re-test of the previous low on Sept 28 due to upcoming Senate hearing on drug pricing scheduled for Dec 9...IMO.

May see a muted or weak market until after the hearings..then more positive action...IMO.

Both Houses of Congress Investigating Prescription Drug Prices
http://www.policymed.com/2015/11/both-houses-of-congress-investigating-prescription-drug-prices.html

Senate Special Committee on Aging

Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), who together lead the Senate Special Committee on Aging, have announced a bipartisan Senate investigation into pharmaceutical drug pricing. To start their investigation, they have requested documents and information from four pharmaceutical companies: Valeant Pharmaceuticals; Turing Pharmaceuticals; Retrophin, Inc.; and Rodelis Therapeutics.

Each request zeroes in on drugs that have seen recent significant price increases. Valeant's letter focuses on Nitropress, Isuprel, and Cuprimine; Turing's letter asks about the increase in Daraprim; Retrophin's letter references Thiola tablets; and Rodelis' letter inquires about Seromycin.

Each letter asks for a lengthy list of both documents and information, and requests that the responses be delivered to the committee as they become available, but no later than December 2, 2015.

The Senate committee's investigation will include a thorough examination of: substantial price increases on recently acquired, off-patent drugs; mergers and acquisitions within the pharmaceutical industry that have occasionally led to dramatic increases in off-patent drugs; and the FDA's role in the drug approval process for generic drugs, the FDA's distribution protocols, and the FDA's off-label regime.

The Senate Special Committee on Aging has tentatively set an initial hearing on this issue for December 9, 2015, and plans to hold subsequent meetings on an as-needed basis in the coming months.