Adello Biologics names Amneal co-chairman as CEO
Adello Biologics, a U.S.-based biotechnology company headquartered in Piscataway, N.J., has named Chintu Patel as CEO, effective immediately. Patel succeeds Peter Moesta, who is stepping down to pursue other opportunities.
Most recently co-CEO, co-chairman and co-founder of generic pharmaceutical company Amneal Pharmaceuticals, Patel is now a co-chairman of the Amneal board of directors.
“I am delighted to lead a team of distinguished scientists and professionals at Adello,” said Patel. “Together, we will harness the extraordinary potential of the biosimilars market and transform Adello into a world-class healthcare company that develops important, affordable, accessible medical treatments. I would like to thank Peter for his contributions to advancing Adello’s lead biosimilar candidates towards registration. I wish him the best of luck in his new endeavors.”
Patel has more than 20 years of experience within the industry, beginning with his career at Eckerd Pharmacy. He has been recognized by his peers on numerous occasions, including the 2011 Ernst & Young National Entrepreneur of the Year Life Sciences Award. He has been a featured speaker at the Hauppauge Industrial Association of New York and serves on the boards of the Long Island Association and the Make-a-Wish Foundation. With his wife, Falguni, Patel created the Irada Foundation, focused on health and education issues.
He holds a Bachelor’s degree in pharmacy from Rutgers College of Pharmacy and an honorary Doctor of Science from Long Island University.
Amneal launches first Mephyton generic
Amneal Pharmaceuticals announced on Tuesday the launch of Phytonadione Tablets, USP, 5 mg, the first AB-rated therapeutic equivalent for Mephyton.
The product is available in 100-ct bottles and is now shipping to wholesalers, distributors and direct to the trade.
“We are extremely pleased to bring the first generic alternative for Mephyton to market,” stated Andy Boyer, executive vice president of Commercial Operations for Amneal. “It’s always rewarding to provide the healthcare system with new generics that provide lower cost alternatives and open the door for further competition.”
Annual U.S. sales of the blood-clotting drug were $106 million, according to March 2018 IQVIA market data.
AAM praises generics’ role in Trump pricing plan
In a move that’s considered an “important step forward for patients coping with skyrocketing health care costs,” Association for Accessible Medicines president and CEO Chester “Chip” Davis, Jr., praised President Trump for making clear in his remarks on Friday the important role that generic and biosimilar medicines play in containing prescription drug costs for patients.
“President Trump’s embrace of generic and biosimilar competition as a key to lowering brand-name drug prices is an important step forward for patients coping with skyrocketing health care costs,” said Davis. “Patients will benefit most from meaningful initiatives that ensure robust competition and timely access to these life-saving medicines.”
Davis also enumerated in a blog post specific ways the president can enhance generic and biosimilar competition to provide patients with relief from the high prices of brand-name drugs.
In addition to the president’s speech, the administration and its health care policy officials recently have provided briefings and remarks giving a more complete understanding of the direction of their plan to lower drug prices. The outline given by the president and the administration includes:
- Increasing market-based competition for more generic and biosimilar medicines;
- Combating branded pharmaceutical company “shenanigans” with FDA’s safety rules;
- Highlighting branded pharmaceutical company gaming of the patent system to extend monopolies; and
- Eliminating co-pays for generics and biosimilars for low-income seniors in Medicare Part D.
The president announced that his administration is seeking input. A formal Request for Information is being issued and AAM will submit comments.
“Manufacturers of generic and biosimilar medicines look forward to working with President Trump, Secretary Azar and the entire administration to ensure these safe, effective, FDA-approved therapies are accessible to patients so they may find relief from the high prices of brand-name drugs,” Davis said.