Walgreens Unlikely To Sell To Private Equity Firm Sycamore Partners
Pharmacy chain Walgreens has been struggling for over a year and has been in talks to sell to Sycamore Partners, a deal that is now "mostly dead." Meanwhile, some independent pharmacies are opting to not stock drugs that are under negotiation because of significant loss of revenue that they may sustain. Other news includes layoffs, cardiac device recalls, and more.
Crain's Chicago Business:
Walgreen-Sycamore Partners Sale Is 'Mostly Dead': Report
Shares of Walgreens Boots Alliance tumbled today following a CNBC report that the Deerfield-based pharmacy chain was unlikely to sell itself to a private-equity firm. CNBC’s David Faber said on air this morning that sources say the possible deal in which Walgreens would sell itself to New York-based Sycamore Partners is “mostly dead.” (Davis, 1/27)
Fierce Healthcare:
Independent Pharmacies Weigh Stocking Price Negotiated Drugs
The National Community Pharmacists Association (NPCA) is warning the feds that independent pharmacists are likely to face significant financial hardship due to Medicare drug price negotiations. In comments submitted on the latest Medicare advance notice, the organization says it conducted a survey of 8,000 pharmacy owners and managers about the drug price negotiation program and found that 93.2% have either decided not to stock drugs under negotiation or are considering not stocking these products. (Minemyer, 1/28)
In other health industry news —
Modern Healthcare:
GuideWell Layoffs Hit 3% Of Workforce
GuideWell, the parent company of health insurer Florida Blue, is laying off about 3% of its total workforce, a spokesperson for GuideWell said Monday. The workforce reduction is part of the company’s efforts to streamline operations and address regulatory challenges and rising healthcare costs, the spokesperson said in an email. (Berryman, 1/27)
Modern Healthcare:
Bayada Home Health's David Baiada Doubles Down On Staff Education
Bayada Home Health Care CEO David Baiada is charting a different course for the company's growth by concentrating first on its workforce. Instead of focusing on acquisitions, Baiada is looking to boost the nonprofit home care provider's 380 locations by teaming up with Bayada Education to remove workforce obstacles. Mark Baiada, Bayada's founder and chairman, created the nonprofit educational program last year to help develop the workforce during a nursing shortage. (Eastabrook, 1/27)
WGCU:
How Cape Coral Hospital Adapts To Demands Of A Growing Population
Cape Coral, population of 224,000, has only one hospital. Founded in 1977 and absorbed into the Lee Health system in 1996, Cape Coral Hospital has been doing what it can to serve the city's needs. (Resto, 1/27)
MedPage Today:
Limbo Of Cardiac Device Recalls Has Physicians Ready For Change
Clinicians working in advanced heart failure vented their frustrations about the shrinking number of device therapies left from round after round of FDA recalls. Could a changed regulatory climate under the Trump administration bring about more treatment options? The question came up during an audience Q&A session at the Society of Thoracic Surgeons (STS)opens in a new tab or window annual meeting. While panelists were generally hesitant to make predictions about politics, Richard Lee, MD, JD, MBA, of Augusta University Medical Center in Georgia, laid out how things could go two ways in the years ahead. (Lou, 1/27)
