This week we look at growing pharmaceutical manufacturing investment, the potential for a biotech recovery in 2023, discussion about the future home of the JP Morgan Healthcare Conference, U.S. biopharma wins in the Chinese market, and the future of the Johnson & Johnson COVID-19 vaccine.
Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Last week, we discussed a strategic growth plan that Pfizer detailed at the JPM Healthcare Conference. This week, the company announced the purchase of a biologics production facility in Sanford, N.C. The facility has 100 employees, but Pfizer plans to increase headcount to 300 over the next two years.
Last year, large pharmaceutical stocks generally outperformed the S&P 500 as well as smaller biotech stocks. But a potential easing of Federal Reserve interest rate hikes and recent discussions about increased mergers and acquisitions activity in the life sciences industry have some analysts expecting a much better year for biotech.
Discussion has been circulating related to the future host city of the JP Morgan Healthcare Conference. Some have said that the conference would relocate to Miami. Endpoints News investigated and, through confirmation with JP Morgan and the city of Miami, determined that the rumors were unfounded. The conference will remain in San Francisco for the foreseeable future, it said.
Foreign biopharmas win spots on China’s National Reimbursement Drug Listing with significant discounts
Biopharma companies representing 111 drugs have secured spots on China’s National Reimbursement Drug Listing (NRDL). Drugs on the NRDL are partially or fully reimbursed at a national level. Additionally, they are the only products prescribed from public hospitals. Inclusion on this listing significantly opens the door into the Chinese market for foreign manufacturers. The average discount provided by biopharmas with drugs included on the NRDL was 60.1%. Notable exclusions include Pfizer’s Paxlovid and U.S.-based big pharma PD-1/L1 cancer immunotherapies.
Following sales below forecast, Johnson & Johnson is reducing production capacity of its COVID-19 vaccine. Approximately 19 million doses of the J&J vaccine have been administered in the U.S. compared to 430 million and 267 million of the Pfizer/BioNTech and Moderna vaccines, respectively.