Portfolio Manager Factsheet

August 2018

Centers for Medicare and Medicaid Services announced it would allow the use of “step therapy” in Medicare Advantage plans for Part B drugs beginning in 2019, with an aim to ultimately lower drug costs. We see this as one of the first formal measures by the administration to control drug costs for consumers and anticipate further policies to be released throughout 2018, though we continue to see the drug pricing debate as relatively benign for the industry. Insmed shares were weak surrounding an FDA Advisory Committee meeting for the company’s nontuberculous mycobacterial lung disease treatment.

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The Biotech Growth Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.