Even as drug makers promise to support Washington’s health care overhaul by shaving $8 billion a year off the nation’s drug costs after the legislation takes effect, the industry has been raising its prices at the fastest rate in years, reports the New York Times.

Bristol-Myers Squibb said on Sunday it plans to split off its 83 percent stake in Mead Johnson Nutrition Company in a deal that lets Bristol shareholders exchange their shares for Mead Johnson common stock.

The results of a highly-anticipated head-to-head cholesterol drug study further calls into question the level of effectiveness of Merck's  blockbusters Zetia and Vytorin.

For top analysts from investment banks, including JPMorgan  and Credit Suisse , or some of their minions, the destination is a cardiology conference where on Monday morning medical researchers are expected to present a study with potentially significant implications for multibillion-dollar cholesterol medications from the drug giant Merck.

Pfizer said it would pull 1,400 jobs out of New London within two years and move most of them a few miles away to a campus it owns in Groton, Conn., as a cost-cutting measure. It would leave behind the city’s biggest office complex and an adjacent swath of barren land that was cleared of dozens of homes to make room for a hotel, stores and condominiums that were never built.

New York City health officials scrambled to explain themselves Thursday following outraged media reports about bankers who got scarce H1N1 flu vaccines through their employers

The new Merck becomes the world's second-biggest drugmaker overnight, and it's boasting a fat wallet to fund future deals.

A new study says doctors should be especially vigilant about people who are over 50 with flu symptoms because they appear to have a higher risk of death from H1N1.

The director of the FDA's division of antiviral products is urging caution in the use of a new flu drug that just won special permission to fight H1N1.

Dendreon has completed its U.S. regulatory submission for its closely watched experimental prostate cancer vaccine, the company said Monday, sending its shares up 5 percent.

A large study being published in a major medical journal says certain kidney disease patients who get the drug Aranesp to treat anemia-related fatigue may be at greater risk of having a stroke.

GlaxoSmithKline has yet to get U.S. government approval for its swine flu vaccine, the company said Tuesday, while Novartis said it was still struggling to make vaccines.

A new study shows that a diabetes treatment awaiting FDA approval may also work as a weightloss drug.

Pfizer's acquisition of Wyeth will add to the pharmaceutical giant's diversity, which over time will help boost the company's stock, CEO Jeff Kindler told CNBC Tuesday.

Novartis is buying back the rights to a schizophrenia pill that it sold to another company years ago after it decided the drug wasn't worth pursuing.