Eli Lilly pharmaceuticals CEO David Ricks has expressed a continued desire to reach an agreement with the Australian government to include the diabetes and weight loss drug Mounjaro on the Australian Pharmaceutical Benefits Scheme (PBS).
The US-based pharmaceutical company previously withdrew from negotiations over the drug's listing on the PBS, citing a pricing dispute. Despite a recommendation from the Pharmaceutical Benefits Advisory Committee (PBAC), Eli Lilly rejected the proposed terms, stating that the "price conditions proposed by the Australian government are unrealistic and unviable." The company also noted that the proposed price was "significantly lower than any other reimbursed price globally."
Mr. Ricks told ABC's 7.30 program, "The basic problem from our standpoint is how Australia is valuing the medicine." He added that while Eli Lilly is open to flexible and adaptive pricing schemes, the core issue remains the value placed on the medicine.
Federal Health Minister Mark Butler acknowledged in April that price negotiations were the main hurdle to getting Mounjaro listed on the PBS, noting, "There are often very robust price negotiations between big multinational drug companies and the federal government."
Separately, Mr. Ricks commented on a recent US executive order related to vaccination and autism, stating he hoped the US scientific community would raise concerns about the notion that vaccination leads to increased rates of autism, although he had not reviewed all the details.
Loading comments.