| House panel approves bill to legalize marijuana | | |  | FRI, NOV 22, 2019 | | | | Think a friend or colleague should be getting this newsletter? Share this link with them to sign up.
It's not every day you hear a CEO admitting his industry deserves some of the criticism it gets. Bluebird Bio CEO Nick Leschly pointed out some of biopharma's flaws this week while defending the $1.8 million price tag for his company's gene therapy. Direct-to-consumer health start-ups like Hims and Roman are proving some early skeptics wrong about their viability. We will take a break next week. Have a wonderful and restful Thanksgiving.
(Are there any stories we should be chasing? Email tips, ideas, suggestions to CNBC Health Editor Dawn Kopecki at dawn.kopecki@nbcuni.com.)
| | "The industry's earned it" — CEOs address biopharma's bad rep | "There is some egregious profit-taking by the industry, in some cases," Bluebird Bio CEO Nick Leschly said at the first ever STAT Summit this week. He pointed the finger at makers of the top 10 biologic drugs (AbbVie's Humira heads the list, bringing in $20 billion in annual revenue). But the industry's worried about drug pricing legislation introduced on the Hill, namely from Nancy Pelosi. Sage CEO Jeff Jonas told us it would have a chilling effect on investment in new drugs. The tension comes at a time when the science has never been moving faster - from gene therapy to gene editing to using AI to speed discovery.
-Meg Tirrell | | | | House panel approves bill to legalize marijuana | The House Judiciary Committee this week approved a bill — 24 to 10 — that legalizes marijuana on the federal level, removing it from Schedule 1 of the Controlled Substances Act. The bill still faces roadblocks, but the committee vote was a historic action by U.S. lawmakers. Only 11 states in the U.S. and the District of Columbia have legalized marijuana for recreational use. Canada is the first G-7 country to legalize recreational cannabis.
-Berkeley Lovelace Jr. | | | | Patients lying to their doctors about vaping | Nearly everyone lies to their doctor at some point. But with EVALI, lying to your doctor could be a deadly decision. As the disease started emerging, patients were reluctant to admit they vaped and to disclose what they were vaping, doctors say. That made it difficult to treat them appropriately. Fortunately, patients started opening up more as news of the outbreak dominated national headlines. The disease has now sickened 2,290 people and killed 47, the CDC said this week.
-Angelica LaVito | | | | Start-ups like Hims, Roman and Curology are seeing massive growth | When health investors first heard about companies like Hims and Curology, which target consumers with health products, many were skeptical about the business model and potential liability. But these companies are now a few years in, and are finding huge growth in targeting young people. Hims, which specializes in hair loss remedies and erectile dysfunction medication, is hoping to raise another $200 million to add to its $2000 million in existing funds, according to documents viewed by CNBC. It is now making more than $100 million in recurring revenue and is looking to get to $250 million by 2020. This kind of growth is virtually unheard of in the traditional health-care industry, but direct-to-consumer health businesses still need to prove they can move towards profitability.
-Christina Farr | | CNBC Evolve Summit 2020: Transforming Companies for the Future
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Attendees will walk away with an understanding of how businesses and brands can evolve and win in an age of disruption. | | CNBC Evolve June 9, 2020
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