WONDER DRUG FAT CATS RAKE IN £15m
A CYSTIC fibrosis drug firm in a stand-off with the NHS was accused of “sheer greed” last night, as it emerged two of its UK executives were given a £15million windfall.
US-based Vertex Pharmaceuticals has been locked in an impasse over the NHS’s rebuffed £500million offer for its life-saving drug Orkambi.
The medication has remained unavailable on the NHS since its approval in 2016, during which time it is feared that up to 220 cystic fibrosis sufferers have died needlessly.
But it was revealed last night that in 2017 two UK executives, Simon Lem and Simon Bedson, raked in more than £15million through their share options.
Mr Lem and Mr Bedson also received pay totalling £1.1million. Mr Bedson retired last year after seven years as a senior vice-president.
He led Vertex’s unsuccessful attempts to get the NHS to fund Orkambi.
In an interview last year, Mr Lem, the firm’s general manager for northern Europe, said of the cystic fibrosis drug: “Our priority since the medicine was approved two and a half years ago has been to work with NHS England to secure access to our medicines as soon as possible. We remain committed to this.”
He added that Vertex “shared the cystic fibrosis community’s sense of urgency”. The Daily Express has already revealed how the pharmaceutical giant’s CEO Dr Jeff Leiden sold a group of his shares for £4.6million this month. He also earned £35million in 2014 alone.
While Vertex bosses have agreed to meet Health Secretary Matt Hancock to try to end their stalemate with NHS England, furious families of cystic fibrosis sufferers have slammed the firm’s staff bonuses.
Greg Barber, 36, from Cambridge, whose 19-month-old son Noah is desperate for Orkambi, said: “This amount of pay is disgusting.
“It shows how hollow Vertex’s statements about caring for British families with CF really are. They have a dispute with NHS England for not offering them enough – then we see these huge share bonuses being lavished on executives.”
Jen Banks, mother of twoyear-old sufferer Lorcan, said the firm’s “fight over money” means sick children who need Orkambi now get forgotten.
Married Ms Banks, 34, was planning to move from Downpatrick, Northern Ireland, to the Republic of Ireland just to get access to the drug.
Yesterday, she said: “Today Lorcan had a swab to see if his latest infection has gone and we won’t get the results for a week.
“That’s a week of waiting and worrying, with the risk of catching life-shortening infections still ever present.
“It is a risk that could be dramatically reduced by Orkambi if not for a fight over money. This could be the week in which a deal could be made, a deal which could change the lives of thousands of people.”
Christina Walker, mother of eight-year-old Luis, said: “When we see the excess of executive remuneration, it really sticks in the throat that they say they can’t compromise on price.”
But some parents whose children receive free Orkambi from Vertex on “compassionate use” said the drugs giant is not the only party at fault. Sharon Cranfield, 53, whose daughter Jessica, 17, was granted Orkambi after she fell gravely ill, said: “It’s clear that Vertex are doing well, but they are a business.
“I’ve been to see the Vertex research facility in Oxford.
“The science they do there is amazing and brought me to tears when I was there.
“These people saved my daughter’s life. So if you have to pay for that then it’s worth it.”
Last night, Rebecca Hunt, international vice-president of corporate affairs for Vertex Pharmaceuticals, told the Daily Express: “Since 2000, Vertex has invested more than £8.65billion in research and development.
“In the context of these huge investments, executive pay is not a significant factor in the cost of the medicines.
“An important element of our employees’ compensation packages, including our executives, is that they are tied to the performance of the company.
“We’ve been able to successfully execute our strategy and deliver multiple innovative medicines because we worked to attract and retain the management team necessary to drive an unprecedented level of progress and innovation.”
The impasse on Orkambi has led to the Health and Social Care Committee launching an inquiry, to sit on March 7.
Vertex is the world’s main developer of CF drugs. Of 70,000 people worldwide with CF, around 10,400 are in the UK.