In the context of a looming global pandemic, what does it mean to invest in public health?
At a White House meeting this week, President Donald Trump convened key biopharmaceutical industry leaders to advance the development of effective treatments and vaccines to combat the new coronavirus. The industry has responded to this global challenge in unprecedented ways: Moderna identified a promising vaccine candidate just 42 days after the virus was sequenced, the fastest turnaround in history. Gilead’s drug remdesivir, developed (and abandoned) in response to the Ebola outbreak, was resurrected to treat the first U.S. Covid-19 patient and will enter Phase 3 trials in China in a matter of weeks. Other companies, like Regeneron, Inovio, and CureVac, have also jumped into the race.
Is it important that the U.S. is prepared for a pandemic? It feels that way now, as Covid-19 threatens to tank our economy and overwhelm our hospital systems. But public health didn’t feel like a priority two years ago when Trump fired the CDC’s pandemic response team without replacing it. And it certainly didn’t feel like a priority last year when bills like H.R. 3 proposed shaving $1 trillion from the biotech sector, which would have crippled its ability to function at its current capacity.
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Here’s something most people don’t understand: the American biopharmaceutical industry is flourishing. And it is precisely because this industry is flourishing that drug companies can respond to this new global threat with unprecedented speed and precision.
Maintaining a biotech sector that consistently leads the world in finding scientific advancements for human health is good for all of us.
In the context of this election season, it is especially important to stress that sustaining this level of productivity does not have to mean placing an outsized burden on patients. Out-of-pocket costs for drugs are not some immutable part of our system etched into stone on the mountain of health care economics: they were invented by insurance companies and we can do away with them.
This week, New York governor Andrew Cuomo issued a directive mandating that insurance companies in his state could not engage in cost-sharing for health care expenses associated with Covid-19, essentially rendering testing and follow-up costs free to patients at the point of care. It would be entirely possible for us to expand that directive nationwide in the same way we prevented insurance companies from discriminating based on pre-existing conditions: as a society we decided that the practice was unethical, and Congress passed the Affordable Care Act.
The burden is on us as a nation to make conscientious investments. We spent $61 billion on out-of-pocket drug costs in 2018, along with $254 billion on alcoholic beverages and $800 billion in health care-associated administrative costs, including chasing after unsuspecting patients to pay surprise medical bills.
We have the money to lift the cost-sharing burden from patients while maintaining scientific productivity.
So let’s not ask “What’s the right price for a coronavirus drug?” Because this isn’t about any particular drug. Some therapies will fail as we race toward controlling Covid-19, but that doesn’t mean they’re bad investments — like Gilead’s remdesivir, they may someday be recycled to fight the next global crisis. This is about making a conscientious investment in maintaining the system that allows us to intervene to head off crises like Covid-19 and its successors.
Inventing a successful drug means investing in the future. By treating conditions that would otherwise result in expensive hospital stays and costly medical management, effective drugs save our system massive amounts of money every year. And though drug prices may seem high at launch, drugs go generic after patents expire, with most becoming available to patients at far more affordable prices once competitors enter the market, saving untold sums for the rest of time. These savings are easy to overlook because it’s impossible to talk about the costs we have avoided — they don’t exist, so we can’t dispute them.
After we conquer Covid-19, we shouldn’t just move on and forget the level of biotech industry hustle that got us there. We should move to protect patients from out-of-pocket costs, and then we should be asking this: “What’s the most reasonable amount a prosperous society like ours should put aside for drug development even when there’s no looming crisis?”
When you put it that way, the 1.3% of gross domestic product our country spends on branded drugs seems like a bargain.
Jessica Sagers, Ph.D., is head of engagement at RA Capital Management, a Boston-based healthcare and life science investment firm.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
