Cancer drugs often delayed
Canada’s organization in charge of reviewing cancer drugs often delays approvals while patients suffer and race against the clock, according to a recent study by the Fraser Institute.
All new oncology drugs should first receive approval from the pan-Canadian Oncology Drug Review (pCODR) before being approved by any province’s public insurance program. According to pCODR, its drug review process takes between five and eight months to complete. But some reviews take up to 10 months, says the report Has pCODR Improved Access to Oncology Drugs?
Jurisdictions individually accept or ignore pCODR’s recommendations before deciding whether the drugs will be covered by their public insurance programs, which could lead to uneven drug access across the country. The study gives the example of the late Kimm Fletcher, an Ontario brain cancer patient who unsuccessfully lobbied to Ontario to cover Avastin, a drug covered for brain cancer treatment in three other provinces.
Global assets bounce back
The global asset management industry saw its most robust recovery in 2013 since the financial meltdown, but “disruptive trends” are on the horizon, according to a Boston Consulting Group (BCG) report.
Assets under management around the world posted a second consecutive year of solid growth in 2013, hitting a record US$68.7 trillion, according to the study Global Asset Management 2014: Steering the Course to Growth.
Industry profits in absolute terms reached US$93 billion. Profits as a percentage of net revenues increased, too—from 37% in 2012 to 39% in 2013, compared with a high of 41% before the crisis.
The report notes that the main factor behind asset growth continues to be strong equity markets, rather than net new asset flows. In 2013, net new flows amounted to 1.6% of prior-year assets under management. Although that was the strongest figure since the crisis, new flows remain a small part of total growth, according to the study.
The growth of managed assets varied across the world last year. Expansion was uneven among different emerging markets—it slowed in some and advanced in others. In many developed economies, grwoth also gathered speed.
The report warns that to secure growth in the future, asset managers need to navigate five “disruptive trends”: regulatory change; the digital and data revolution; more demanding investors with a growing preference for non-traditional assets; new competitors providing non-traditional assets; and globalization. The report notes that some of these trends—such as greater competition and more demanding customers—are raising service expectations, so asset managers need to move away from selling products toward solving client problems.
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