The UK has finalised a new drug pricing scheme that it says will cut costs to government while increasing the availability of medicines to patients.
The government said in June that it had secured the outline of a deal with the pharmaceutical industry, and it has now finalised the details.
The deal has been welcomed by the pharmaceutical industry as being simpler than the earlier proposals, and will mean that prices paid by the UK's state health service are cut by 3.9 percent from February next year, and by 1.9 percent more in January 2010.
Previously prices were to be cut by 5 percent in January; the new deal staggers and delays the price cuts.
More at Reuters
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European regulator rejects Bristol-Myers breast cancer drug
By Steve Goldstein
Last update: 7:17 a.m. EST Nov. 21, 2008
LONDON (MarketWatch) -- The European Medicines Agency on Friday said it rejected a marketing application for Bristol-Myers Squibb (BMY:Bristol-Myers Squibb Company
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BMY 19.11, -0.17, -0.9%) drug Ixempra, with the regulator worried that damage to nerve cells didn't outweigh the "very small increase" in survival from breast cancer.
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