Wednesday, September 27, 2023 – KFF Health Information

Laura

Centene To Lay Off 3% Of Workforce To Reduced Fees

The transfer impacts about 2,000 employees and is element of an effort and hard work to lessen costs. In other information, experiences say health tech startups have fallen because significant quantities in 2021 consulting firm McKinsey will pay back $230 million in opioid settlements Eli Lilly’s $176.5 million patent decline is overturned and far more.


Reuters:
Centene To Cut About 2,000 Work


Well being insurance company Centene (CNC.N) will lay off 3% of its workforce, or about 2,000 personnel, a business spokesperson claimed on Tuesday as the company tries to reduce expenses. The business, which helps make a big chunk of its income from government-backed Medicaid memberships, has also been offering some of its small business models to refocus on its main company. Past month, Centene marketed its Uk device to UAE’s PureHealth in a $1.2 billion deal and also divested its AI platform Apixio earlier in the 12 months. (9/26)


Modern day Healthcare:
Centene Layoffs To Hit 2,000 Personnel


Centene stated it will lay off about 2,000 of its employees, or marginally far more than 3% of its workforce. “We routinely evaluate our workforce to assure we have the talent and experience essential to aid our customers and the evolving wants of the business enterprise,” a spokesperson stated Tuesday. “Our decision was not created frivolously.” (Tepper, 9/26)

In other business news —


Stat:
Health Tech Startups Drop Sharply From 2021 Highs


In considerably less than two years, electronic health’s substantial-flying course of general public debuts have landed with a resounding thud. Accelerated by the pandemic’s compelled adoption of telehealth and other electronic wellbeing answers, 2021 observed a lot more than 30 overall health engineering startups go public, elevating hundreds of hundreds of thousands and in some scenarios billions of bucks. Nowadays, three users of the class of 2021 have absent bankrupt. Twelve organizations have misplaced extra than 90% of their original price, including Vivid Overall health Team, Cue Wellness, and Greater Therapeutics. And dangerously small reserves have influenced desperate moves to slash expenses, drum up liquidity, and uncover customers. (Palmer, 9/27)


The CT Mirror:
Medical center Execs To Lamont, Lawmakers: Seal The Yale-Prospect Deal


The presidents of two Connecticut hospitals owned by Prospect Professional medical Holdings advised a gathering of point out legislators Tuesday that their economical scenario is dire, that they are struggling to pay out charges and, if a offer to promote Prospect’s Connecticut hospitals to Yale New Haven Wellness is not authorised, the amenities might not stay fiscally feasible, in accordance to folks in attendance. (Altimari, Carlesso and Pazniokas, 9/26)


Fashionable Health care:
Tower Wellbeing To Offer Urgent Treatment Facilities To American Spouse and children Care


Tower Health is offering 8 urgent care centers to American Loved ones Care and closing 5 locations in Pennsylvania, effective Oct. 1. Fiscal particulars of the transaction with Birmingham, Alabama-dependent American Loved ones Treatment had been not disclosed. Tower said there are no planned layoffs, and American Relatives Treatment, which operates a lot more than 200 urgent care facilities in 26 states, is predicted to offer positions to as numerous affected staff as attainable. (Hudson, 9/26)

On developments relating to McKinsey —


Reuters:
Consulting Organization McKinsey To Pay out $230 Million In Latest US Opioid Settlements


Consulting business McKinsey & Co has agreed to spend $230 million to solve lawsuits by hundreds of U.S. regional governments and faculty districts alleging it fueled an epidemic of opioid dependancy as a result of its perform for bankrupt OxyContin maker Purdue Pharma and other drug companies. The settlements, which call for a judge’s approval, were being disclosed in papers filed on Tuesday in federal court docket in San Francisco. The income is on major of $641.5 million that McKinsey currently compensated to resolve claims by state attorneys-common. (Raymond, 9/27)


Bloomberg:
McKinsey To Shell out $230 Million To Settle More Opioid Fits For Advising Drugmakers


McKinsey & Co. is poised to pay out $230 million in its most current settlement of lawsuits blaming the firm for its position advising opioid producers in their product sales of the painkillers. The proposed accord with area governments and faculty districts filed in courtroom Tuesday would take care of allegations that McKinsey, one particular of the major US administration consulting corporations, aided gasoline the country’s opioid epidemic by furnishing sales evaluation and advertising and marketing guidance to makers of the remarkably addictive painkillers, including Purdue Pharma LP and Johnson & Johnson. (Rosenblatt, 9/27)

Also —


Reuters:
US Judge Overturns Eli Lilly’s $176.5 Million Loss In Teva Patent Scenario


Drugmaker Eli Lilly (LLY.N) convinced a federal decide in Massachusetts on Tuesday to overturn a $176.5 million jury verdict for Teva Pharmaceutical (TEVA.TA) that uncovered Lilly’s migraine drug Emgality infringed three patents linked to Teva’s rival drug Ajovy. U.S. District Decide Allison Burroughs explained in a write-up-trial ruling that the Teva patents masking the use of antibodies to inhibit headache-producing peptides were invalid. (Brittain, 9/26)


Reuters:
Walgreens Accused Of ‘Grossly Inflated’ Fee Bid In Health and fitness Plans’ Lawsuit


Blue Cross and Blue Protect of Minnesota and other insurers have questioned a U.S. decide to deny what they known as a “grossly inflated” ask for for authorized fees from nationwide retail pharmacy chain Walgreens (WBA.O) arising from a dispute in excess of evidence in a court docket case. The insurers said in a Chicago federal court docket submitting on Monday that Walgreens’ attorneys at Ropes & Gray ended up searching for “extreme” expenses of far more than $103,000 for the perform of 11 legal professionals on a single courtroom movement in the litigation. (Scarcella, 9/26)


Houston Chronicle:
Rice Will get $45M For Immunotherapy Device That May perhaps Cut Cancer Fatalities


A workforce of scientists led by Rice University will acquire $45 million to develop an implantable device that aims to lower U.S. most cancers-associated deaths by more than 50 percent. … This sort of remedy, called immunotherapy, is more and more well-known for fighting cancer. But it generally calls for tethering patients to medical center beds, IV luggage and screens. The goal of Rice’s project would be to use engineered cells to generate biologic-based mostly medicines inside of people. The dosage could then be modified in serious time as most cancers cells evolve and adapt. (Leinfelder, 9/26)


Reuters:
Italy’s Alfasigma To Acquire US Liver Sickness Drugmaker Intercept For Nearly $800 Mln


Italy’s Alfasigma S.p.A agreed on Tuesday to purchase drugmaker Intercept Prescribed drugs (ICPT.O) for $794 million as it aims to grow its therapy portfolio in liver health conditions and digestive procedure problems, and bolster presence in the U.S. The proposed all-income acquisition would increase Intercept’s Ocaliva, a remedy for liver condition most important biliary cholangitis, to Alfasigma’s portfolio. (9/26)


Stat:
Ionis Has Late-Stage Demo Results For Scarce Genetic Sickness Therapy 


Ionis Prescription drugs, a California biotech that has spearheaded the improvement of RNA-concentrating on medicines, declared on Tuesday that its drug in opposition to familial chylomicronemia syndrome, a unusual and severe disease that stops the entire body from breaking down fats, succeeded in a late-stage clinical demo. (Wosen, 9/26)

Next Post

75,000 Kaiser Permanente health care workers may go on strike, in demonstration that the industry is in crisis

New York CNN  —  Savonnda Blaylock, a pharmacy technician in northern California, has worked for health care giant Kaiser Permanente for 22 years and she’s never been on strike. That could change on Wednesday when she becomes one of 75,000 workers who participate in the nation’s largest health care strike […]

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