Sep 20, 2017

Pfizer sues Johnson & Johnson, says it blocked new drug

Pfizer is taking Johnson & Johnson to court. Photo: Richard Drew / AP

Pfizer is suing Johnson & Johnson, alleging Johnson & Johnson crafted exclusive contracts with health insurers and health care providers to keep its autoimmune drug Remicade as a sole treatment option even though Pfizer came out with a cheaper biosimilar version, called Inflectra, this past November. The lawsuit says "consumers suffer in the form of artificially inflated prices."

Why it matters: When blockbuster drugs like Remicade lose patent protection or face competition from cheaper alternatives, drug companies face the prospect of losing billions of dollars in sales. This lawsuit between two of the largest U.S.-based pharmaceutical firms is yet another example of the extent companies will go to litigate or protect lucrative drugs.

Go deeper

#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.