The Washington Post
ALSO I N BUSINESS
A federal appeals court on Monday rejected Pfizer’s challenge to a U.S. anti-kickback law the drugmaker said prevented it from helping heart failure patients, many with low incomes, afford medicine that cost $225,000 per year. A unanimous three-judge panel of the New York-based U.S. Court of Appeals for the 2nd Circuit rejected Pfizer’s effort to directly cover co-pays for patients taking its Vyndaqel and Vyndamax drugs. The court agreed with a lower-court judge that Pfizer’s Direct Copay Assistance Program violated a ban on “knowingly or willfully” providing financial support to induce federally reimbursable drug purchases, even absent corrupt intent.
The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities. The conditional commitment for the loan to Ultium Cells for facilities in Ohio, Tennessee and Michigan is expected to close in the coming months and comes from the government’s Advanced Technology Vehicles Manufacturing loan program.