CVS Warns Of More Than 1,000 Layoffs Around New England Headquarters
In letters to the respective states warning of the upcoming layoffs, CVS signaled its plans to cut more than 630 jobs at it's Woonsocket, Rhode Island, headquarters. Another 416 employees of the pharmacy giant's Aetna subsidiary in Hartford, Connecticut, will also be laid off.
The Boston Globe:
CVS To Cut More Than 630 Jobs Based At Rhode Island Headquarters
CVS Health is expected to cut more than 630 employees who report to the company’s headquarters in Woonsocket, according to a letter the company sent to state officials on Monday. Of the 632 terminations, only 153 work at the Woonsocket headquarters or surrounding facilities. The remaining 479 affected employees are “outstationed,” which means they work remotely and report to leaders at the Woonsocket headquarters, according to the company’s Worker Adjustment and Retraining Notification notice. (Gagosz, 10/7)
CT Insider:
CVS Health To Lay Off 416 Employees Tied To Aetna’s Headquarters
CVS Health told the state of Connecticut on Monday it would be laying off 416 employees linked to the Hartford headquarters of its subsidiary Aetna. (Klein, 10/7)
Military.com:
Critics Say VA Plan To Add Disability Rating For Rare Lung Condition Won't Help Afflicted Veterans
The Department of Veterans Affairs plans to create a diagnostic code to ensure that veterans with constrictive bronchiolitis, an illness linked to burn pits and other airborne pollutants, can receive a disability rating and related compensation for the condition. But the proposal, published Sept. 12 in the Federal Register, doesn't add any new standards or criteria for evaluating veterans for the difficult-to-diagnose disease, an omission critics say will shortchange veterans. (Kime, 10/7)
Modern Healthcare:
How Private Equity, Stipends Are Impacting Physician Compensation
Physician compensation continues to rise across most specialties as the talent pool shrinks, furthering a need for employers to get creative to stay ahead of the competition. Hiring organizations are shifting to offer more than just higher salaries to attract clinicians, according to respondents to Modern Healthcare’s 2024 Physician Compensation Survey. (DeSilva, 10/7)
KFF Health News:
What’s New And What To Watch For In The Upcoming ACA Open Enrollment Period
It’s that time of year again: In most states, the Affordable Care Act’s annual open enrollment season for health plans begins Nov. 1 and lasts through Jan. 15. Current enrollees who do not update their information or select an alternative will be automatically reenrolled in their current plan or, if that plan is no longer available, into a plan with similar coverage. Last year marked a record enrollment of about 21 million people. This time around, consumers will find a few things have changed. (Appleby, 10/8)
In pharmaceutical developments —
AP:
Supreme Court Rejects Appeal From ‘Pharma Bro’ Martin Shkreli
The Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed “Pharma Bro” after jacking up the price of a lifesaving drug. Shkreli appealed an order to return $64.6 million in profits he and his former company reaped after monopolizing the market for the medication and drastically increasing its price. His lawyers argued that the money went to his company rather than him personally. The justices did not explain their reasoning, as is typical, and there were no noted dissents. (Whitehurst, 10/7)
Reuters:
Compounding Group Sues FDA For Removing Lilly's Weight Loss Drug From Shortage List
A drug compounding industry group on Monday sued the U.S. Food and Drug Administration over its decision to take Eli Lilly’s blockbuster weight loss and diabetes drugs off its list of medicines in short supply last week. The Outsourcing Facilities Association claims the FDA removed Lilly's tirzepatide from the list even though it remains in short supply. (Pierson, 10/7)
The Philadelphia Inquirer:
Adaptimmune Ready To Put Its Cancer Therapy Tecelra To Work At The Navy Yard
The first patient blood samples, just weeks away, will open a new chapter in medicine’s ongoing search for a therapy that converts the body’s own immune system to a cancer-killing machine. (McCook, 10/8)
Stat:
Janet Woodcock, Former FDA Official, Joins Board Of Patient Group Focused On ‘Rediscovering’ Old Drugs
An organization scouring thousands of existing drugs to see if any can cure hard-to-treat diseases has a powerful new ally: Janet Woodcock, who for decades was one of the most influential figures at the Food and Drug Administration. The group, Every Cure, is led by physician David Fajgenbaum, who has told his own story again and again: When he was a young medical student, he came down with a rare disease that turned his athletic, football-honed body bloated and weak and nearly killed him not once, but five times. He was read last rites until his own research led his doctors to try an existing drug, the transplant medicine sirolimus, which sent his disease into remission. (Herper, 10/7)
