Latest news with #BRG
Yahoo
28-05-2025
- Business
- Yahoo
Sensitive information in Baltimore Archdiocese data breach not made public, attorneys believe
BALTIMORE — A data breach that exposed confidential information about survivors of sexual abuse within the Archdiocese of Baltimore has not resulted in the data appearing online, according to attorneys for the consulting firm that was hacked. The breach was first discovered in March at Berkeley Research Group, which serves as a financial adviser for more than 1,000 survivors with claims in the archdiocese's ongoing bankruptcy proceedings. The California consultant, which is also involved in several other Catholic Church bankruptcy cases, informed federal bankruptcy court in late April that the extent of the leaked data remained unclear. However, the firm reported it had reached a settlement with the hackers — referred to in court filings as 'threat actors' — who say they have deleted the stolen data. Attorneys from Proskauer Rose LLP, representing Berkeley, confirmed that the firm received a 'destruction log' from the hackers, indicating the data had been erased. Despite this, Berkeley continues to assess whether any data might have been exposed or shared. The U.S. Trustees Program has questioned whether the destruction actually happened, suggesting that Berkeley was 'relying on the assurances of extortionists.' 'BRG has found no indication that any data that was potentially exfiltrated in the Incident has been distributed to anyone, and BRG has no reason to believe that the threat actor retained the data,' attorney Timothy Karcher wrote in a Friday letter to Nan Roberts Eitel, associate general counsel for Chapter 11 Practice for the U.S. Trustees Program. 'BRG will continue to monitor the situation, including monitoring the dark web for the foreseeable future, and the FBI's investigation remains ongoing.' In addition, Berkeley is currently working to 'identify individuals whose personally identifiable information may have been exfiltrated.' The firm has not informed alleged sexual abuse victims that their names and other data might have been compromised, citing the 'risk of providing potentially incomplete or inaccurate information.' Hackers infiltrated Berkeley's systems by impersonating internet technology staff during a Microsoft Teams call with an employee, according to a court filing. Once inside, they deployed ransomware that encrypted parts of the firm's network and searched for terms like 'sensitive files' and 'backup files,' a report by an outside law firm stated. Earlier this month, attorneys with the U.S. Department of Justice's bankruptcy watchdog criticized Berkeley, saying its initial disclosure 'raised more questions than it answered.' They questioned whether the company was responding to the breach with appropriate seriousness, even as the firm said it had contacted the FBI and was still assessing the damage. The archdiocese filed for bankruptcy in 2023, after Maryland passed the Child Victims Act eliminating the statute of limitations for childhood sexual abuse lawsuits. While the bankruptcy paused legal action, a judge ruled May 7 to temporarily allow lawsuits to proceed against hundreds of churches, schools and charities covered under the archdiocese's insurance. In the letter to the court, Berkeley argued it should not face penalties over the breach or its response. 'First, BRG respectfully rejects any suggestion of liability. BRG was the victim of the ransomware attack, not the perpetrator,' Karcher wrote. 'To reiterate — BRG was the victim of a crime. That crime is being investigated by the Department of Justice.' _____ (Baltimore Sun reporter Dan Belson contributed to this article.) _____
The Herald Scotland
14-05-2025
- Business
- The Herald Scotland
Trump plans to lower prescription drug costs
But some doubt how much consumers will feel the cuts. Pharmaceutical experts say the executive order will have no immediate impact on how much people pay at the pharmacy or for mail-order prescriptions. The president has asked the drug industry to voluntarily lower drug prices for U.S. consumer or be subject to a barrage of regulatory actions to force lower prices. "The president thinks of pharmaceutical price differences between countries the same way he thinks of our trade imbalances with other countries," said John Barkett, managing director at the management consulting firm BRG and a former senior policy advisor in the Biden White House. "If we pay more than other countries, then he thinks we're getting ripped off." How will the order lower drug prices? The United States trade representative and the Department of Commerce have 30 days to give drugmakers price targets "to bring prices for American patients in line with comparably developed nations," the order said. If they don't make significant progress toward those goals within six months, drugmakers could face actions from several federal agencies. The requested drug discounts could range for 59% to 80% from list prices. Trump said other wealthy nations should pay more for prescription drugs. He called his executive order, which aims to charge Americans less and other nations more, "equalization." If drugmakers that don't cut prices, the order directs Robert F. Kennedy Jr.'s Health and Human Services Department to draft federal rules to impose prices in line with other developed nations. Trump's enforcement tool would come from federal regulators. Drug companies that fail to meet price targets could be investigated by the Federal Trade Commission for anti-competitive practices or face Food and Drug Administration reviews to "potentially modify or revoke" approvals of drugs found to be "unsafe, ineffective or improperly marketed." The order also resurfaces an idea from the Trump administration's first term that achieved little uptake - importing less expensive pharmaceuticals from other nations. Michael Cannon, director of health policy studies at the Cato Institute, said the threat of regulatory action from several federal agencies amounts to "throwing spaghetti against the wall." "If they throw everything (at drug companies), they are more likely to get drug companies to do what they want," Cannon said. How will these actions affect what I pay at the pharmacy counter? The executive order will have "no immediate impact on the American consumer," Barkett said. The amount consumers pay for prescription drugs depends on their health insurance plans, which often charge copayments or a percentage of the pharmacy bill. Prices also often include complex rebates hidden from public view. Studies show consumers are feeling the pinch of higher drug prices. A 2023 survey by The Commonwealth Fund, a private foundation that focuses on access to health care, said nearly 2 in 5 people skipped or delayed medical care or didn't fill a prescription that year because they couldn't afford it. Some Democrats are skeptical that the executive order will deliver meaningful drug price relief to consumers or taxpayers. U.S. Rep. Lloyd Doggett, D-Texas, said Trump talks about lowering drug prices "but fails to accomplish anything." "Rather than changing the law, Trump issues another press release that will offer consumers little or nothing," Doggett said. "Begging Big Pharma to show some benevolence to the taxpayers and consumers, whom they continue to price gouge, will do nothing to assure access to affordable medications." How much more do US residents pay for prescription drugs? Americans pay more for these life-saving medications than residents of other wealthy nations. U.S prescription drug prices run more than 2.5 times those in 32 comparable countries, according to a 2023 HHS report. The U.S. spent $1,310 per person on prescription drugs, compared to $646 per person paid in other developed nations, the report said. In January 2025, AARP Public Policy Institute examined average list prices on 25 drugs for which Medicare spent the most on but had not yet negotiated lower prices. The report found prices nearly doubled since they hit the market and collectively cost Medicare and taxpayers nearly $50 billion in 2022. About 7 million older adults on Medicare used the drugs and had to pay a portion of the bill at the pharmacy or via mail order. How does Trump's order compare to the Biden administration's efforts to lower drug prices? Under Biden's 2022 climate and health legislation, the Inflation Reduction Act, Medicare was empowered to negotiate prices with pharmaceutical companies on a limited number of medications. The law called for extensive rules, public comments and talks with drug companies before Medicare implemented discounts. The Biden administration lowered prices on 10 widely prescribed drugs, such as the blood thinner Eliquis, which will take effect in 2026. In January, Medicare announced an additional batch of 15 drugs subject to negotiation for discounts beginning in 2027. The law also called for penalties on drug companies that raised prices on prescription drugs faster than the rate of inflation. What does the pharmaceutical industry think about Trump's order? Stephen Ubl, president and CEO of the trade group Pharmaceutical Research and Manufacturers of America, or PhRMA, agreed with Trump's assessment that foreign countries are not paying their fair share. Ubl also said pharmacy benefit managers, which negotiate drug prices on behalf of insurers and patients, also demand scrutiny. "The administration is right to use trade negotiations to force foreign governments to pay their fair share for medicines," Ubl said. "U.S. patients should not foot the bill for global innovation." But Ubl said U.S. pharmacy benefit managers, insurers and hospitals take half of every dollar spent on medicines. "The amount going to middlemen often exceeds the price in Europe," Ubl said. "Giving this money directly to patients will lower their medicine costs and significantly reduce the gap with European prices."
Time of India
13-05-2025
- Business
- Time of India
Trump wants to slash prescription drug prices in US. What it means for your pharmacy bill?
US President Donald Trump signed a broad executive order Monday directing drugmakers to lower the prices of their prescription drugs to align with what other countries pay. Citing figures that patients in other countries pay much less than Americans for pharmaceuticals, Trump said he would order drug companies to reduce their prices inside the US. The order said the Trump administration will give drugmakers price targets within a month and, if they fail to make "significant progress", may pursue regulatory actions or measures like importing medicines. However, analysts and legal experts say such steps would be difficult to implement. Since taking office in January, Trump has reiterated that he wants to end this inequity. On Sunday, he announced on Truth Social that he would sign an executive order to pursue "most favoured nation" pricing. Also known as international reference pricing, it seeks to narrow the gap between the U.S. and foreign drug prices. Will this affect your pharmacy bill? Trump took aim at that pricing disparity with an executive order on May 12 that aims to lower drug prices for U.S. consumers and taxpayers, sharing on social media that they'd be cut by "59%, PLUS!" and later at the White House adding, "I guess even 90%." ALSO READ: 'Should be embarrassed': Trump lashes out at 'fake news' reporter as he rages over question about $400m gifted jet Live Events But some doubt how much customers will benefit from the order. According to USA Today, pharmaceutical experts state that the executive order will not immediately affect the prices consumers pay at pharmacies or through mail-order services. The president has urged the drug industry to voluntarily reduce prices for American consumers, warning that failure to do so could result in a wave of regulatory measures aimed at enforcing price cuts. "The president thinks of pharmaceutical price differences between countries the same way he thinks of our trade imbalances with other countries," John Barkett, managing director at the management consulting firm BRG and a former senior policy advisor in the Biden White House told USA Today "If we pay more than other countries, then he thinks we're getting ripped off." How will Trump's order cut drug prices in the US? The United States trade representative and the Department of Commerce have 30 days to give drugmakers price targets "to bring prices for American patients in line with comparably developed nations," the order said. If they don't make significant progress toward those goals within six months, drugmakers could face actions from several federal agencies. The requested drug discounts could range for 59% to 80% from list prices. Trump said other wealthy nations should pay more for prescription drugs. He called his executive order, which aims to charge Americans less and other nations more, "equalization." If drugmakers refuse to lower their prices, the order instructs the Health and Human Services Department, led by Robert F. Kennedy Jr., to develop federal regulations that would align US drug prices with those in other developed countries. To enforce this policy, the Trump administration would rely on federal regulatory agencies. Pharmaceutical companies that fail to meet the established price benchmarks could be investigated by the Federal Trade Commission for anti-competitive behavior. Additionally, the Food and Drug Administration could conduct reviews that may lead to the modification or revocation of approvals for drugs deemed unsafe, ineffective, or improperly marketed. ALSO READ: 'We're no longer paying...': Trump sets deadline for pharma firms to lower US prescription drug costs in new order How will these actions affect what I pay at the pharmacy counter? The executive order will have "no immediate impact on the American consumer," Barkett said. The cost consumers pay for prescription medications varies based on their health insurance plans, which typically require either copayments or a percentage of the total pharmacy bill. Additionally, drug prices often include complex, non-transparent rebates that are not publicly disclosed. The amount consumers pay for prescription medications depends on their health insurance coverage, which usually involves either a fixed copayment or a percentage of the total cost. Furthermore, drug pricing is often influenced by complex and opaque rebate systems that are not publicly disclosed. Approximately 7 million older adults enrolled in Medicare used these medications, paying a share of the cost either at the pharmacy or through mail-order services. U.S. Rep. Lloyd Doggett, D-Texas, said Trump talks about lowering drug prices "but fails to accomplish anything." "Rather than changing the law, Trump issues another press release that will offer consumers little or nothing," Doggett said. "Begging Big Pharma to show some benevolence to the taxpayers and consumers, whom they continue to price gouge, will do nothing to assure access to affordable medications." ALSO READ: What is Trump's 'most favored nation' drug pricing policy and how will it reduce costs? Explained Does US pay more for medicines? Yes. The US pays the most for prescription medicines in the world, often nearly three times that of other developed nations. Top-selling blood thinner Eliquis from Bristol Myers Squibb and Pfizer carries a U.S. list price of $606 for a month's supply. The previous administration of Democratic President Joe Biden negotiated that down to $295 for Medicare, which goes into effect in 2026, but the drug costs $114 in Sweden and just $20 in Japan, according to Reuters. How is this different from previous price reduction efforts? Biden's Inflation Reduction Act empowers the federal government to negotiate prices for some of the most expensive drugs covered by Medicare. However, even after these negotiations, the prices of the first 10 targeted prescription drugs remain, on average, more than twice as high — and in some cases up to five times higher — than the prices agreed upon in four other high-income nations, according to a previous report by Reuters. ALSO READ: Unearthed video of Trump lambasting 'funders of terrorism' Qatar after accepting $400million pricey jet surfaces How has the pharmaceutical industry responded? The industry has pushed back strongly against the idea of significantly lowering U.S. drug prices. As the largest pharmaceutical market in the world, the U.S. is seen as vital to industry profits. Two industry insiders told Reuters last month that such pricing reforms are more troubling for drugmakers than other potential policy moves, such as tariffs on imported medicines. PhRMA, the leading U.S. lobby group for drug manufacturers, argued that lowering prices domestically requires tackling what it sees as the root issues: other countries not contributing their fair share and intermediaries inflating costs for American consumers. John Crowley, CEO of BIO — the main U.S. biotech trade group — added, 'The 'most favored nation' approach is deeply flawed and would severely harm small and mid-sized biotech companies in the U.S.' ALSO READ: Gold walls, opulent furnishings: All about $400m 'flying palace' from Qatar which Trump will use as Air Force One What are the obstacles to implementing this policy? Experts caution that using international drug prices as a benchmark is not straightforward. Many drugs available in the U.S. are not sold abroad, and some countries either don't disclose pricing data or take years to finalize drug prices. Unlike countries such as England and Germany, where the government directly purchases drugs for national healthcare systems, the U.S. relies heavily on private-sector negotiations for both public and private health plans. Analysts note that rolling out such a wide-ranging order will be complex, and legal experts warn that it may face court challenges — especially if it appears to exceed statutory limits, including those related to importing drugs from other countries. Economic Times WhatsApp channel )
Yahoo
13-05-2025
- Business
- Yahoo
Trump wants to lower prescription drug prices. What it means for your pharmacy bill.
Americans pay more for prescription drugs than people in Europe or in any other wealthy nation. Is that likely to change anytime soon? President Donald Trump took aim at that pricing disparity with an executive order on May 12 that aims to lower drug prices for U.S. consumers and taxpayers, sharing on social media that they'd be cut by "59%, PLUS!" and later at the White House adding, "I guess even 90%." But some doubt how much consumers will feel the cuts. Pharmaceutical experts say the executive order will have no immediate impact on how much people pay at the pharmacy or for mail-order prescriptions. The president has asked the drug industry to voluntarily lower drug prices for U.S. consumer or be subject to a barrage of regulatory actions to force lower prices. "The president thinks of pharmaceutical price differences between countries the same way he thinks of our trade imbalances with other countries," said John Barkett, managing director at the management consulting firm BRG and a former senior policy advisor in the Biden White House. "If we pay more than other countries, then he thinks we're getting ripped off." The United States trade representative and the Department of Commerce have 30 days to give drugmakers price targets "to bring prices for American patients in line with comparably developed nations," the order said. If they don't make significant progress toward those goals within six months, drugmakers could face actions from several federal agencies. The requested drug discounts could range for 59% to 80% from list prices. Trump said other wealthy nations should pay more for prescription drugs. He called his executive order, which aims to charge Americans less and other nations more, "equalization." If drugmakers that don't cut prices, the order directs Robert F. Kennedy Jr.'s Health and Human Services Department to draft federal rules to impose prices in line with other developed nations. Trump's enforcement tool would come from federal regulators. Drug companies that fail to meet price targets could be investigated by the Federal Trade Commission for anti-competitive practices or face Food and Drug Administration reviews to "potentially modify or revoke" approvals of drugs found to be "unsafe, ineffective or improperly marketed." The order also resurfaces an idea from the Trump administration's first term that achieved little uptake − importing less expensive pharmaceuticals from other nations. Michael Cannon, director of health policy studies at the Cato Institute, said the threat of regulatory action from several federal agencies amounts to "throwing spaghetti against the wall." "If they throw everything (at drug companies), they are more likely to get drug companies to do what they want," Cannon said. The executive order will have "no immediate impact on the American consumer," Barkett said. The amount consumers pay for prescription drugs depends on their health insurance plans, which often charge copayments or a percentage of the pharmacy bill. Prices also often include complex rebates hidden from public view. Studies show consumers are feeling the pinch of higher drug prices. A 2023 survey by The Commonwealth Fund, a private foundation that focuses on access to health care, said nearly 2 in 5 people skipped or delayed medical care or didn't fill a prescription that year because they couldn't afford it. Some Democrats are skeptical that the executive order will deliver meaningful drug price relief to consumers or taxpayers. U.S. Rep. Lloyd Doggett, D-Texas, said Trump talks about lowering drug prices "but fails to accomplish anything." "Rather than changing the law, Trump issues another press release that will offer consumers little or nothing," Doggett said. "Begging Big Pharma to show some benevolence to the taxpayers and consumers, whom they continue to price gouge, will do nothing to assure access to affordable medications." Americans pay more for these life-saving medications than residents of other wealthy nations. U.S prescription drug prices run more than 2.5 times those in 32 comparable countries, according to a 2023 HHS report. The U.S. spent $1,310 per person on prescription drugs, compared to $646 per person paid in other developed nations, the report said. In January 2025, AARP Public Policy Institute examined average list prices on 25 drugs for which Medicare spent the most on but had not yet negotiated lower prices. The report found prices nearly doubled since they hit the market and collectively cost Medicare and taxpayers nearly $50 billion in 2022. About 7 million older adults on Medicare used the drugs and had to pay a portion of the bill at the pharmacy or via mail order. Under Biden's 2022 climate and health legislation, the Inflation Reduction Act, Medicare was empowered to negotiate prices with pharmaceutical companies on a limited number of medications. The law called for extensive rules, public comments and talks with drug companies before Medicare implemented discounts. The Biden administration lowered prices on 10 widely prescribed drugs, such as the blood thinner Eliquis, which will take effect in 2026. In January, Medicare announced an additional batch of 15 drugs subject to negotiation for discounts beginning in 2027. The law also called for penalties on drug companies that raised prices on prescription drugs faster than the rate of inflation. Stephen Ubl, president and CEO of the trade group Pharmaceutical Research and Manufacturers of America, or PhRMA, agreed with Trump's assessment that foreign countries are not paying their fair share. Ubl also said pharmacy benefit managers, which negotiate drug prices on behalf of insurers and patients, also demand scrutiny. "The administration is right to use trade negotiations to force foreign governments to pay their fair share for medicines," Ubl said. "U.S. patients should not foot the bill for global innovation." But Ubl said U.S. pharmacy benefit managers, insurers and hospitals take half of every dollar spent on medicines. "The amount going to middlemen often exceeds the price in Europe," Ubl said. "Giving this money directly to patients will lower their medicine costs and significantly reduce the gap with European prices." This article originally appeared on USA TODAY: Trump plans to lower prescription drug costs
USA Today
13-05-2025
- Business
- USA Today
Trump wants to lower prescription drug prices. What it means for your pharmacy bill.
Trump wants to lower prescription drug prices. What it means for your pharmacy bill. Show Caption Hide Caption Donald Trump signs EO on drug pricing President Donald Trump signs executive order on drug pricing to match prices in other countries. Americans pay more for prescription drugs than people in Europe or in any other wealthy nation. Is that likely to change anytime soon? President Donald Trump took aim at that pricing disparity with an executive order on May 12 that aims to lower drug prices for U.S. consumers and taxpayers, sharing on social media that they'd be cut by "59%, PLUS!" and later at the White House adding, "I guess even 90%." But some doubt how much consumers will feel the cuts. Pharmaceutical experts say the executive order will have no immediate impact on how much people pay at the pharmacy or for mail-order prescriptions. The president has asked the drug industry to voluntarily lower drug prices for U.S. consumer or be subject to a barrage of regulatory actions to force lower prices. "The president thinks of pharmaceutical price differences between countries the same way he thinks of our trade imbalances with other countries," said John Barkett, managing director at the management consulting firm BRG and a former senior policy advisor in the Biden White House. "If we pay more than other countries, then he thinks we're getting ripped off." How will the order lower drug prices? The United States trade representative and the Department of Commerce have 30 days to give drugmakers price targets "to bring prices for American patients in line with comparably developed nations," the order said. If they don't make significant progress toward those goals within six months, drugmakers could face actions from several federal agencies. The requested drug discounts could range for 59% to 80% from list prices. Trump said other wealthy nations should pay more for prescription drugs. He called his executive order, which aims to charge Americans less and other nations more, "equalization." If drugmakers that don't cut prices, the order directs Robert F. Kennedy Jr.'s Health and Human Services Department to draft federal rules to impose prices in line with other developed nations. Trump's enforcement tool would come from federal regulators. Drug companies that fail to meet price targets could be investigated by the Federal Trade Commission for anti-competitive practices or face Food and Drug Administration reviews to "potentially modify or revoke" approvals of drugs found to be "unsafe, ineffective or improperly marketed." The order also resurfaces an idea from the Trump administration's first term that achieved little uptake − importing less expensive pharmaceuticals from other nations. Michael Cannon, director of health policy studies at the Cato Institute, said the threat of regulatory action from several federal agencies amounts to "throwing spaghetti against the wall." "If they throw everything (at drug companies), they are more likely to get drug companies to do what they want," Cannon said. How will these actions affect what I pay at the pharmacy counter? The executive order will have "no immediate impact on the American consumer," Barkett said. The amount consumers pay for prescription drugs depends on their health insurance plans, which often charge copayments or a percentage of the pharmacy bill. Prices also often include complex rebates hidden from public view. Studies show consumers are feeling the pinch of higher drug prices. A 2023 survey by The Commonwealth Fund, a private foundation that focuses on access to health care, said nearly 2 in 5 people skipped or delayed medical care or didn't fill a prescription that year because they couldn't afford it. Some Democrats are skeptical that the executive order will deliver meaningful drug price relief to consumers or taxpayers. U.S. Rep. Lloyd Doggett, D-Texas, said Trump talks about lowering drug prices "but fails to accomplish anything." "Rather than changing the law, Trump issues another press release that will offer consumers little or nothing," Doggett said. "Begging Big Pharma to show some benevolence to the taxpayers and consumers, whom they continue to price gouge, will do nothing to assure access to affordable medications." How much more do US residents pay for prescription drugs? Americans pay more for these life-saving medications than residents of other wealthy nations. U.S prescription drug prices run more than 2.5 times those in 32 comparable countries, according to a 2023 HHS report. The U.S. spent $1,310 per person on prescription drugs, compared to $646 per person paid in other developed nations, the report said. In January 2025, AARP Public Policy Institute examined average list prices on 25 drugs for which Medicare spent the most on but had not yet negotiated lower prices. The report found prices nearly doubled since they hit the market and collectively cost Medicare and taxpayers nearly $50 billion in 2022. About 7 million older adults on Medicare used the drugs and had to pay a portion of the bill at the pharmacy or via mail order. How does Trump's order compare to the Biden administration's efforts to lower drug prices? Under Biden's 2022 climate and health legislation, the Inflation Reduction Act, Medicare was empowered to negotiate prices with pharmaceutical companies on a limited number of medications. The law called for extensive rules, public comments and talks with drug companies before Medicare implemented discounts. The Biden administration lowered prices on 10 widely prescribed drugs, such as the blood thinner Eliquis, which will take effect in 2026. In January, Medicare announced an additional batch of 15 drugs subject to negotiation for discounts beginning in 2027. The law also called for penalties on drug companies that raised prices on prescription drugs faster than the rate of inflation. What does the pharmaceutical industry think about Trump's order? Stephen Ubl, president and CEO of the trade group Pharmaceutical Research and Manufacturers of America, or PhRMA, agreed with Trump's assessment that foreign countries are not paying their fair share. Ubl also said pharmacy benefit managers, which negotiate drug prices on behalf of insurers and patients, also demand scrutiny. "The administration is right to use trade negotiations to force foreign governments to pay their fair share for medicines," Ubl said. "U.S. patients should not foot the bill for global innovation." But Ubl said U.S. pharmacy benefit managers, insurers and hospitals take half of every dollar spent on medicines. "The amount going to middlemen often exceeds the price in Europe," Ubl said. "Giving this money directly to patients will lower their medicine costs and significantly reduce the gap with European prices."
