Pharmaceutical Research and Manufacturers of America (PhRMA), the largest U.S. drug lobby organisation, will no longer be a part of AstraZeneca’s (AZN.L) advocacy efforts at the state and federal levels, the firm announced.
A representative for the British pharmaceutical giant AstraZeneca said in an email that the company had recently evaluated its membership to see if it was “the most productive and effective use of (company) resources” and had chosen against continuing.
The company opted not to renew its membership for the second half of 2023, according to a separate email from PhRMA.
This is the third significant departure from the trade association in the last six months, as first reported by Politico. The departure of AbbVie, the company behind the well-known arthritis medication Humira, and Teva, a key producer of generic medications, is followed by that of AstraZeneca.
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Official Statement by AstraZeneca:
According to a statement from AstraZeneca, the money that was previously spent on its PhRMA membership will now be used to maintain its advocacy work with state and federal policymakers in the United States.
All major pharmaceutical companies’ greatest national market is the United States. The Inflation Reduction Act, which permits the government to negotiate costs on some pharmaceuticals, gave drugmakers a rare setback last year.
Asia has once more become the focus of AstraZeneca’s pursuit for antibody-drug conjugates. This time, the Anglo-Swedish pharmaceutical company is putting forth up to $55 million in up-front and near-term payments to gain worldwide rights and enter the increasingly competitive race to provide choices for patients who experience a recurrence after BCMA therapy.
In exchange for the preclinical, GPRC5D-directed candidate LM-305, AstraZeneca will pay LaNova Medicines an upfront fee and sweeten the deal with up to $545 million in milestone payments. With the signing of the agreement, AstraZeneca will now compete against Bristol Myers Squibb, Johnson & Johnson, Roche, and other businesses that view GPRC5D as a means of reaching the potentially lucrative post-BCMA patient pool.
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