(no image attached) (Copies have been distributed pursuant to the NEF - AC) (Entered: ) All further documents must bear the correct case number 2:13-cv-00297-JCM-VCF. IT IS ORDERED that this case is reassigned to Magistrate Judge Cam Ferenbach for all further proceedings. MINUTE ORDER IN CHAMBERS of the Honorable Chief Judge Robert C. (Copies have been distributed pursuant to the NEF - AC) (Entered: ) This action is to the Clerk for random reassignment of thiscase for all further proceedings. (Attachments: # 1 Complaint, # 2 Cover Sheet, # 3 Affidavit, # 4 Jury Demand, # 5 Motion to File Electronically, # 6 Certification, # 7 Conflict of Interest)(MAJ) (Entered: ) MOTION/APPLICATION for Leave to Proceed in forma pauperis by Plaintiff Crystal L Cox. Motion/Application for Leave to Proceed in forma pauperis Investors are expected to vote on the resolutions at each company’s 2018 annual meeting of shareholders.Cox v. "When these profits appear to be derived wholly from price hikes, it raises concerns among those of us who care about access to, and the affordability of, medicines - particularly for vulnerable populations like women, children and seniors.” “Our goal is to better understand what oversight these pharmaceutical company boards are exercising when executive incentives are tied so closely to profits," said Cathy Rowan, who represents Trinity Health as a member of ICCR. To the degree that executive incentives reflect a company’s mission and growth strategies, this is clearly a critical and material issue for investors.” Our resolution request is very straightforward: an evaluation of how these concerns are being integrated into corporate governance structures. Said Donna Meyer of Mercy Investment Services, “The increased scrutiny around drug pricing and how it is being managed by pharma management has had reputational consequences for the entire industry. The investors view executive incentive programs as a governance tool designed to ensure adequate oversight of risk and alignment of corporate strategies with mission. Scandals over excessive price hikes at several pharma companies have made the pharma industry the target of Congressional hearings, law suits, denials of coverage from insurers and ballot initiatives in several states which would force manufacturers to negotiate the prices of key medicines with government agencies such as Medicare and Medicaid.Īgainst this backdrop, the investors say, companies need to prove to their investors and to the public that they are doing everything possible to control drug prices in order to manage business and brand risk. Public anxiety over drug prices has soared in recent years as millions of Americans struggle to afford the essential medicines needed to maintain their health. “As investors in these companies, we are concerned that misaligned incentive pay may encourage executives to sacrifice long-term, organic growth from drug discovery for short-term, ‘quick fix’ strategies that may pose business risks,” said Meredith Miller of the UAW Retiree Medical Benefits Trust. ICCR members also filed a separate but similar resolution at Pfizer and Vertex requesting a report on the business risks from rising pressure to contain U.S. The five companies receiving the resolutions are Abbvie, Amgen, Biogen, Bristol Myers Squibb, and Eli Lilly. The resolution specifically requests a report on the extent to which risks related to public concern over drug pricing strategies are reflected in executive compensation policies, plans and programs. In the resolutions, the investors argue that an executive compensation incentive program reliant on revenue growth solely from drug price increases is a risky and unsustainable strategy. The investors are all members of the Interfaith Center on Corporate Responsibility (ICCR), a shareholder coalition that has been engaging the pharma sector for decades on drug access and affordability. NEW YORK, NY, Wednesday, Decem– Investors today announced they have filed resolutions at five major pharmaceutical companies asking for information about how well executive pay incentives mitigate long-term financial risks associated with mounting public concerns over the affordability of prescription medicines. drug makers, investors request a review of compensation policies that may drive senior execs to ignore the long-term business risks of skyrocketing drug costs.
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