Walgreens Making Progress Despite Shrinking Prescription Reimbursement
According to CEO Tim Wentworth, the company has been modifying contracts with insurers who pay for prescriptions and adjusting for high-cost drugs. Meanwhile, the VillageMD sale is moving along.
AP:
Walgreens Tops Wall Street's Expectations As Drugstore Chain Continues Turnaround Plan
Walgreens booked a better-than-expected fiscal first quarter and gave Wall Street some positive vibes on the drugstore chain’s plan to revive its struggling business. Company shares soared Friday after leaders told analysts they have made progress improving one of the biggest concerns facing the industry, shrinking prescription reimbursement, and said their store-closing plan was progressing better than expected. (Murphy, 1/10)
Modern Healthcare:
Walgreens' Tim Wentworth: VillageMD Sale Is Underway
Walgreens is making progress renegotiating contracts with pharmacy benefit managers and selling its VillageMD stake, while continuing to trim down other parts of the business. Walgreens' sale of its majority stake in primary and multispecialty care provider VillageMD is underway, and the company's "ultimate intent" to exit the investment remains unchanged, CEO Tim Wentworth said Friday on a first-quarter earnings call. (Hudson, 1/10)
More pharmaceutical news —
The New York Times:
Scientists May Be Able To Make Grapefruits Compatible With Medications They Currently Interfere With
You may be among the millions of people who have seen a surprisingly specific warning like this on the labels of drugs you take: Avoid eating grapefruit or drinking grapefruit juice while using this medication. ... But there is no such warning for other kinds of citrus, such as mandarins and other oranges. Citrus researchers at the Volcani Center in Israel reported Wednesday in the journal The New Phytologist that, by crossing mandarins and grapefruit, they’ve uncovered genes that produce furanocoumarins in some citrus fruits. It’s a finding that opens the possibility of creating grapefruit that doesn’t require a warning label. (Greenwood, 1/10)
The Washington Post:
New Nasal Test Said To ID Asthma Subtypes In Kids
Asthma comes in different subtypes, but diagnosing those subtypes — also known as endotypes — has historically been difficult. Newly published research in JAMA presents an alternative: a nasal swab test that researchers say accurately diagnoses a child’s asthma subtype. ... Understanding a child’s asthma type can help target treatment, but precisely pinpointing asthma endotype has relied on an invasive procedure that can be difficult to perform on a child. (Blakemore, 1/12)
Stat:
GSK To Buy IDRx For $1B, Picking Up GI Cancer Drug
Seeking to build up its cancer business, GSK said Monday it is buying the privately held U.S. biotech IDRx for $1 billion upfront. The deal, which includes another $150 million in milestone payments, gives GSK an experimental treatment for a rare gastrointestinal cancer. (Joseph, 1/13)
