Pay-For-Primary-Care Physicians Ticked Up Last Year, Didn’t Beat Inflation
A report in Modern Healthcare says that while the rise in primary care physicians' compensation was higher for 2022 than 2021, it wasn't enough to offset the impact of last year's inflation. Also in the news, a device maker that sold fake parts for pain devices, new heart drug approvals, and more.
Modern Healthcare:
Primary Care Physician Compensation Grew Faster In 2022: MGMA
Primary care physicians’ compensation saw a bigger boost in 2022 than a year earlier but the gain wasn't enough to offset last year's inflationary pressures. Median total compensation for primary care doctors rose 4.41% last year, compared with 2.13% in 2021, according to a Medical Group Management Association analysis released Thursday of data from more than 190,000 physicians. (Kacik, 5/26)
In other health care industry news —
Stat:
To Boost Profits, Device Maker Sold Fake Parts For Pain Patients
Stimwave’s pitch was alluring. As a startup tackling chronic pain with nerve-stimulating devices, it promised to release patients from the stranglehold of addictive painkillers. And unlike its competitors, whose devices required patients to have clunky batteries implanted in their bodies, Stimwave’s system came with a sleek, wearable battery attached to thin wires under the skin. But under financial pressure, the company’s promise soon crumbled into fraud. (Lawrence, 5/30)
The Boston Globe:
Prospect Medical Takes Next Step To Unload R.I.-Based Hospitals
A deal for an out-of-state nonprofit to acquire two Rhode Island-based hospitals and their subsidiaries reached a new milestone on Friday, after the two organizations submitted their proposal to state regulators. (Gagosz, 5/26)
Reuters:
Pharmacy Chain Walgreens Boots Alliance To Cut Corporate Jobs By 10%
Walgreens Boots Alliance Inc (WBA.O) said on Friday it would slash its corporate staff by about 10%, as it streamlines operations and focuses on consumer-facing healthcare businesses. None of the 504 roles being cut are based at its stores, micro-fulfillment outlets or call centers, a company spokesperson told Reuters. (5/26)
In pharma news —
Reuters:
U.S. FDA Approves Lexicon Pharma's Drug For Heart Failure
The U.S. Food and Drug Administration (FDA) has approved Lexicon Pharmaceuticals Inc's (LXRX.O) drug for a broad treatment of heart failure, including in adult patients with type 2 diabetes, the company said on Friday. Shares of the company rose 13% in extended trading. The oral drug, sotagliflozin, is the company's first to be approved by the U.S. health agency and will be sold under the brand name Inpefa. It had previously failed to win U.S. approval as an add-on to insulin therapy for type 1 diabetes. (Mandowara, 5/26)
Reuters:
Pfizer, Moderna Hit With New Alnylam Patent Lawsuits Over COVID-19 Vaccines
Biotech company Alnylam Pharmaceuticals Inc (ALNY.O) filed new lawsuits on Friday against Pfizer Inc (PFE.N) and Moderna Inc (MRNA.O) in Delaware federal court, again claiming that the companies' COVID-19 vaccines infringe its patents. The new lawsuits mark the third time Alnylam has sued Pfizer and Moderna in Delaware for allegedly violating its patent rights in lipid nanoparticle (LNP) technology, which the vaccines use to deliver genetic material into the body. (Brittain, 5/26)
Reuters:
EU Regulator Recommends Revoking Authorisation For Novartis' Sickle Cell Drug
The European Medicines Agency (EMA) said on Friday it had recommended revoking marketing authorisation for Novartis' (NOVN.S) sickle cell disease drug Adakveo. The recommendation follows a review by EMA's human medicines committee (CHMP) that concluded the benefits of the drug did not outweigh risks, according to the regulator. (5/26)
Also —
Philadelphia Inquirer:
Florida-Based Schools Sold Fake Nursing Diplomas To Students Nationwide For $17,000 A Pop
In early November 2022, the FBI alerted Delaware’s Board of Nursing to a scheme in which an owner of four Florida-based schools sold fake college degrees to students who then used the phony credentials to get nursing licenses from states nationwide. Pamela Zickafoose, executive director of Delaware’s board, said she wasted no time. On Nov. 15, 2022, her board annulled the licenses of 26 nurses who had bought degrees for about $17,000 each. Among the 26 was a registered nurse from Philadelphia who obtained a license to practice in Delaware — and in Pennsylvania, state records show. (Ruderman, 5/30)
