Morning Briefing
Summaries of health policy coverage from major news organizations
San Francisco Cancer Research Nonprofit Gains $125 Million Donation
San Francisco Chronicle: Billionaire Tech Exec Makes Huge Contribution To SF Cancer Research
The Parker Institute of Cancer Immunotherapy, the San Francisco nonprofit founded by former Napster and Facebook executive Sean Parker, has received $125 million that it will distribute over the next five years to fund cancer research, the organization announced Thursday. The vast majority of the contribution is from billionaire Parker and his wife, Alexandra, though other philanthropists contributed as well. It is the second largest tranche of funding the institute has received since it was created in 2016 with $250 million from the Parker Foundation — at that time the single largest donation to cancer immunotherapy research. (Ho, 7/18)
In other industry news —
Reuters: Abbott Plans Marketing Push For Glucose Monitors Beyond Diabetes
Abbott Laboratories will use a mix of TV advertisements and guerilla marketing as well as seek to personalize health data to tap people without diabetes for the U.S. launch of its glucose monitoring device, CEO Robert Ford said on Thursday. The company plans to launch the over-the-counter device, Lingo, this year. It could be a multi-billion-dollar product for Abbott, Ford estimated, adding it was still in its early days. (Leo and Singh, 7/18)
Chicago Tribune: Abbott CEO Defends Infant Formula, As Trial Continues Over Alleged Risks
The CEO of Abbott Laboratories defended the company’s infant formula products Thursday, remarks that came as a trial continues this week in Missouri over allegations that Abbott’s formula led a premature infant to develop a serious gastrointestinal disease. (Schencker, 7/18)
Reuters: Boehringer-GoodRx Partner To Offer Humira Rival At 92% Discount
A close copy version of Abbvie's blockbuster arthritis drug Humira will be available at a 92% discount to its list price on the GoodRx website, the digital healthcare platform and German drugmaker Boehringer Ingelheim said on Thursday. GoodRx said that Boehringer will offer both high- and low- concentration versions of the biosimilar at an exclusive cost of $550 per two-pack on the GoodRx website. (Satija, 7/18)
Modern Healthcare: Sidecar Health Partners With ProMedica, Looks For More Systems
Insurance technology company Sidecar Health reached a deal with ProMedica to offer its members medical services at the health system, and is looking to extend its reach through other partnerships. The agreement, the first of its kind between Sidecar and a provider, sets pricing for services for Sidecar members and is part of the company's long-term growth plan. Sidecar plans to pursue similar arrangements with other health systems and in other markets, the company said in a news release Thursday. (DeSilva, 7/18)
St. Louis Post-Dispatch: Creve Coeur-Based Nursing Home Operator Files For Bankruptcy
After years of mounting financial losses, a St. Louis County-based operator of nursing homes and retirement communities filed for bankruptcy this week, a move it blamed on lower resident numbers, staffing shortages and inflation. (Merrilees, 7/18)
Reuters: Ardent Health Falls 6% In Lukewarm NYSE Debut
Healthcare provider Ardent Health's, opens new tab shares opened 6% below their initial public offering price in their NYSE debut on Thursday, reflecting new investor caution with new listings amid rate cut uncertainties. Ardent's shares began trading at $15 apiece, giving the company a market valuation of $2.15 billion, compared with the IPO price of $16 each. (7/18)
St. Louis Post-Dispatch: Anthem Fights To Retain St. Louis County Insurance Contract
Hundreds of emails have been hitting the inboxes of St. Louis County Council members, all with the same message: don’t approve a new health insurance contract for county employees. St. Louis County Executive Sam Page, meanwhile, is warning that open enrollment is less than a month away and the council needs to act now on a new contract with UnitedHealthcare or risk being unable to offer insurance to employees. (Barker, 7/18)
Philadelphia Inquirer: PharMerica Settles $100 Million False Claims Act Whistleblower Lawsuit
The former owner of a Cherry Hill nursing home won a $100 million whistleblower settlement against PharMerica Corp., a pharmacy that serves nursing homes and other long-term care institutions, the plaintiff’s Philadelphia law firm Berger Montague PC announced Wednesday. In a lawsuit originally filed in 2011, Marc Silver — who owned Silver Care Center — alleged that PharMerica violated the Anti-Kickback Statute and False Claims Act by underpricing some drugs Medicare paid for in order to secure other Medicare- and Medicaid-funded drug business that was much more lucrative. (Brubaker, 7/18)
Also —
Fortune Well: Team USA Medical Staff Have First Official Olympic Uniform
For the first time, the more than 250 health care professionals who form the Team USA Medical Team have a uniform. Figs, a direct-to-consumer medical apparel brand—and the first company led by two female cofounders to go public—partnered with the U.S. Olympic and Paralympic Committee (USOPC) to break another barrier. ... Figs cofounder and CEO Trina Spear tells Fortune. “It’s very much about something that speaks to our overall mission and values as a company from day one: putting health care professionals in the spotlight that they deserve.” (Leake, 7/18)
