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☆ Exclusive: Ex-Truepill CEO just scored $6 million to help health plans and pharma companies ditch middlemen and work closely with patients
▼ + stars: | 2024-03-11 | by ( ) www.businessinsider.com time to read: +5 min

He's launched a new company, Foundation Health, to help them do that quickly and at a low cost. Foundation aims to make it easy for insurers to set up their own online pharmacies and pharma companies to sell drugs directly to consumers. "The main focus area for us is to help health plans disintermediate PBMs," Afridi said. Foundation Health wants to help customers ditch big PBMsFoundation's software enables a few different things. Finally, direct-to-consumer health companies can plug into Foundation's technology to power their services, instead of building their own pharmacies and hiring doctors.

Persons: Umar Afridi, disruptors, Afridi, He's, disintermediate, Garry Tan, Y, they've, pocketing, Eli Lilly's, Jack Altman Organizations: California, Cuban, Plus, Business, Foundation Health, Foundation, pharma, Alt, Liquid Ventures, Exceptional, Storm Ventures, PageOne Ventures, Federal Trade Commission Locations: drugmakers

The ramifications of a cyberattack on a critical health care technology company are still being felt across the U.S. nearly two weeks later. Change Healthcare has acknowledged the hack, which reportedly affected billing and care authorization portals. “Our experts are working to address the matter, and we are working closely with law enforcement and leading third-party consultants such as Mandiant and Palo Alto Networks on this attack against Change Healthcare’s systems,” Change Healthcare said. “On Feb. 21, 2024, we discovered a threat actor gained access to one of our Change Healthcare environments,” Change Healthcare said. A spokesperson affiliated with Change Healthcare declined to answer whether a ransom has been paid, according to Wired.

Persons: paychecks, Chuck Schumer, Jesse Ehrenfeld, Rick Pollack, “, ”, Schumer, ” Schumer, Pollack Organizations: Healthcare, Palo Alto Networks, New, American Medical Association, Department of Health, Human Services, American Hospital Association, HHS, AHA, UnitedHealth Group, The Washington Post, Justice Department, Health, Medicare, Medicaid Services, Wired, Change Healthcare Locations: U.S, Palo, New York, Optum

☆ Outages from Change Healthcare cyberattack causing financial 'mess' for doctors
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +7 min

Small private practices and health-care providers are facing mounting financial pressures as crucial reimbursement systems remain down for the ninth day, following the cyberattack on Change Healthcare. Change Healthcare offers tools for payment and revenue cycle management that help facilitate transactions between providers and most major insurance companies. As of Thursday, Change Healthcare has not shared any updates about when it expects its systems to be back online. Change Healthcare on Thursday said that ransomware group Blackcat is behind the attack. He said it's not clear whether Change Healthcare will take on the responsibility of processing all the claims or if he'll need to hire additional staff to help.

Persons: Purvi, hasn't, Parikh, Kiranjit, immunologist, Dan Inder Sraow, it's, Sraow, Dr, Jesse Ehrenfeld, Ehrenfeld, Ravi Parikh Organizations: Healthcare, Change Healthcare, UnitedHealth Group, U.S . Securities, Exchange Commission, CNBC, U.S . Department of Justice, Google, Palo Alto Networks, Kiranjit Khalsa, Khalsa, American Medical Association, UnitedHealth, DOJ, Wall Locations: New York City, Scottsdale , Arizona, Phoenix , Arizona, U.S

☆ Ransomware group Blackcat is behind cyberattack on UnitedHealth division, company says
▼ + stars: | 2024-02-29 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +4 min

Traders work at the post where UnitedHealth Group is traded on the floor of the New York Stock Exchange. The company said it's working with Mandiant, which is owned by Google , and cybersecurity software vendor Palo Alto Networks . In a since-deleted post on the dark web, Blackcat said Wednesday that it was behind the attack on Change Healthcare's systems. Change's parent company UnitedHealth Group said it discovered that a cyber threat actor breached part of the unit's information technology network on Feb. 21, according to a filing with the SEC. Brett Callow, a threat analyst at the cybersecurity company Emsisoft, said ransomware groups will often make posts like these in an effort to bring victims to the negotiating table.

Persons: that's, Blackcat, Brett Callow, Emsisoft, Callow, they're, UnitedHealth, John Riggi, Riggi Organizations: New York Stock Exchange, Healthcare, CNBC, Google, Palo Alto Networks, UnitedHealth, SEC, U.S . Department of Justice, Change Healthcare, American Hospital Association Locations: U.S

☆ Outages from cyberattack at UnitedHealth's Change Healthcare extend to seventh day as pharmacies deploy workarounds
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +7 min

Change Healthcare's systems are down for the seventh day after a cyber threat actor gained access to its network last week. Change Healthcare offers tools for payment and revenue cycle management, and its system outages have disrupted operations in pharmacies and health systems across the country. Change Healthcare merged with Optum in 2022. Rising number of health-care cyberattacksThe attack on Change Healthcare comes after 2023 set a grim record for health-related cybercrime. Impact of Change Healthcare's breachUnitedHealth has not specifically disclosed exactly which Change Healthcare systems have been affected, but the fallout from the cyberattack has caused a ripple of problems across the U.S. health-care system.

Persons: UnitedHealth, John Riggi, Riggi, Cliff Steinhauer, Steinhauer, Cary Brazeman, Brazeman, hadn't Organizations: New York Stock Exchange, UnitedHealth Group, U.S . Securities, Exchange, Change Healthcare, Change, Optum, Healthcare, Palo Alto Networks, Google, CNBC, American Hospital Association, National Cybersecurity Alliance, CVS Health, Walgreens Locations: U.S, Palm Springs

☆ A Cyberattack on a UnitedHealth Unit Disrupts Prescription Drug Orders
▼ + stars: | 2024-02-26 | by ( Reed Abelson | ) www.nytimes.com time to read: +1 min

A cyberattack on a unit affiliated with UnitedHealthcare, the nation’s largest insurer, has disrupted drug prescription orders at thousands of pharmacies for nearly a week. The assault on the unit, Change Healthcare, a division of United’s Optum, was discovered last Wednesday. The attack appeared to be by a foreign country, according to two senior federal law enforcement officials, who expressed alarm at the extent of the disruption on Monday. UnitedHealth Group, the conglomerate, said in a federal filing that it had been forced to disconnect some of Change Healthcare’s vast digital network from its clients, and as of Monday, had not been able to restore all of those services. The company was acquired by UnitedHealth Group for $13 billion in 2022.

Organizations: UnitedHealthcare, UnitedHealth, UnitedHealth Group Locations: United’s

☆ UnitedHealth subsidiary Change Healthcare down for a fourth day following cyberattack
▼ + stars: | 2024-02-24 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Change Healthcare's systems are down for a fourth straight day after parent company UnitedHealth Group disclosed that a suspected cybersecurity threat actor gained access to part of its information technology network on Wednesday. UnitedHealth, the biggest health-care company in the U.S. by market cap, owns the health-care provider Optum, which merged with Change Healthcare in 2022. Optum services more than 100 million patients in the U.S., according to its website, and Change Healthcare offers solutions for payment and revenue cycle management. ET Saturday, Change Healthcare said the disruption is expected to continue "at least" through the day. The AHA declined to comment on the Change Healthcare cyberattack.

Persons: UnitedHealth, We're, CISA Organizations: UnitedHealth Group, Healthcare, U.S . Securities, Exchange Commission, CNBC, CVS Health, CVS, American Hospital Association, AHA, Department of Health, Human Services, FBI, Infrastructure Security Agency, HHS Locations: U.S

☆ Cyberattack leaves patients facing the choice to pay – or wait for their prescriptions
▼ + stars: | 2024-02-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +5 min

It is only the latest in long list of hacking incidents that have roiled the health care sector in the last few years. Mara FurlichPrescription insurance processing at big university health systems in Indiana and California have also been disrupted, according to internal email correspondence at the health systems reviewed by CNN. In a regulatory filing Thursday, Change Healthcare’s parent firm said “suspected nation-state associated” hackers had breached some of their computer systems. The Change Healthcare spokesperson declined to comment when asked on what information the company based its assessment that foreign government-linked hackers could be responsible. The FBI and CISA did not respond for requests for comment on whether they agreed with Change Healthcare’s assessment on who was responsible for the hack.

Persons: Mara Furlich, Furlich, ” Furlich, Camp Pendleton, Luke Bonczyk, Abi, ”, “, CISA, Max Henderson Organizations: CNN, FDA, Healthcare, Naval Hospital, American Hospital Association, FBI, Infrastructure Security Agency, Department of Health, Human Services, HHS, Optum, “ Locations: United States, Detroit, Camp Pendleton, Southern California, Indiana, California

☆ VCs are clamoring to back 'screaming hot' startups using AI for medical records
▼ + stars: | 2024-02-21 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +7 min

Another AI medical records startup, DeepScribe, raised a $30 million Series A round in January 2022. AbridgeThe investor descent on medical-scribe startups reflects a blatant potential of automation tech to alleviate healthcare’s most critical issues. “This market is screaming hot,” said Bryan Roberts, a partner at Venrock and an investor in medical-scribe startup Suki. AdvertisementStill, as health systems increasingly adopt AI solutions to manage labor costs, these startups have room to grow into their valuations. Medical-scribe startups vying for the remaining slice of the pie are “in a pitch to the death,” Roberts said.

Persons: —, ’, Kleiner Perkins, Andreessen Horowitz, Suki, Punit Soni, Shiv Rao, ”, Bryan Roberts, ” Roberts, Annie Case, Case, Hermann, Keith Srakocic, Roberts, there’s, “ Organizations: Service, Business, Healthcare, Fund, Optum Ventures, Medical, Cathay Innovation, Microsoft, University of Pittsburgh Medical Center, University of Kansas Health, AP

Dec 5 (Reuters) - Eli Lilly (LLY.N) on Tuesday said its recently approved obesity treatment Zepbound is now available in U.S. pharmacies and could cost $550 a month for customers whose health insurance does not cover the drug, or half the list price. Wall Street analysts expect sales of Zepbound to reach about $2 billion in 2024, and for sales of Novo Nordisk's (NOVOb.CO) rival obesity drug Wegovy to hit around $7.5 billion. An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. When the U.S. Food and Drug Administration approved Zepbound in November, Lilly said it would launch after the U.S. Thanksgiving holiday. Lilly's obesity drug has the same active ingredient, tirzepatide, as its previously approved diabetes drug Mounjaro, which has been used off-label for weight loss since its 2022 launch.

Persons: Eli Lilly, Wegovy, danuglipron, Zepbound, Lilly, Mike Segar, Eli Lilly's, Patrick Wingrove, Manas Mishra, Khushi, Arun Koyyur, Alexander Smith, Bill Berkrot Organizations: Wall Street, Novo, Pfizer, Company, REUTERS, CVS, U.S . Food, Drug Administration, U.S, Thomson Locations: U.S, Branchburg , New Jersey, Indianapolis, New York, Bengaluru

☆ Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy
▼ + stars: | 2023-11-02 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +6 min

Facing the threat of bankruptcy, weight-loss startup Calibrate was forced to make a tough deal with private equity firm Madryn Asset Management, according to company documents reviewed by Insider. Under the terms of the deal, Madryn took a 70% stake in Calibrate in exchange for just $20 million, the documents show. Calibrate, Madryn, Kenyon, and the company's VC backers didn't immediately return messages seeking comment for this story. Some longtime patients have regained much of the weight they lost after Calibrate failed to get them medications, Insider reported on Thursday. Under the deal, Madryn exchanged $20 million of its loans for senior equity in Calibrate.

Persons: Madryn, Isabelle Kenyon, She's, Kenyon, didn't, Fortune, Michael Siluk, They're Organizations: Asset, Tiger Global, Founders Fund, Optum Ventures, Madryn, Tiger, Getty, Owners, LinkedIn Locations: Madryn

☆ UBS upgrades this 'core' health care stock, sees nearly 20% upside
▼ + stars: | 2023-10-16 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

UBS thinks UnitedHealth is an essential portfolio holding trading at a discount. The firm upgraded shares of the health care giant to buy from neutral and raised its target price to $640 from $520. "We believe that the strong Q3 release from UNH is a clearing event that should pave the way for improved valuation for the stock," Rice said. UnitedHealth stock has ticked up nearly 2% in 2023. UNH YTD mountain UNH in 2023 UNH YTD mountain UnitedHealth stock.

Persons: UnitedHealth, AJ Rice, Rice, — CNBC's Michael Bloom Organizations: UBS Locations: UNH

☆ Humana just tapped an Envision exec to be its next CEO as the insurance giant pushes deeper into clinics and home care
▼ + stars: | 2023-10-11 | by ( ) www.businessinsider.com time to read: +6 min

Humana CEO Bruce Broussard will step down next year after more than a decade leading the health-insurance giant. Humana has tapped Jim Rechtin, head of Envision Healthcare, to be its next CEO. Weaving together insurance benefits with care delivery is meant to make healthcare easier for people to navigate and improve patients' health, Broussard said. One example is Humana's recent push into behavioral healthcare, Broussard said. That startup will eventually become part of Humana, Broussard said.

Persons: Bruce Broussard, Jim Rechtin, Broussard, —, Rechtin, " Broussard, Rafael Henrique, Humana Organizations: Healthcare, Humana, Indiana's DePauw University, Harvard, Getty, Aetna, Oak Street Health, Iora, One, General Atlantic Locations: The Louisville , Kentucky, DaVita, Group's California, Kentucky, UnitedHealth

☆ UK regulator clears $1.52 billion UnitedHealth-EMIS deal
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: 1 min

Sept 29 (Reuters) - Britain's competition regulator said on Friday it has cleared UnitedHealth Group's (UNH.N) 1.24 billion-pound ($1.52 billion) acquisition of healthcare technology firm EMIS (EMISG.L). The Competition and Markets Authority (CMA) confirmed it found no competition concerns in the deal between specialist healthcare tech and software companies, which provide services to Britain's National Health Service (NHS). Optum UK, part of U.S.-based UnitedHealth, unveiled an offer to acquire EMIS in June last year, to position the combined entity to provide better services to the NHS. ($1 = 0.8173 pounds)Reporting by Richard Rohan Francis in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Richard Rohan Francis, Eileen Soreng Organizations: Markets Authority, CMA, National Health Service, Optum, Thomson Locations: U.S, Bengaluru

☆ Obesity drugs’ popularity put a dent in these stocks. Why analysts say they’re still worth buying
▼ + stars: | 2023-09-08 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +7 min

Industry analysts are insisting that new weight loss and diabetes drugs like Ozempic won't hurt the demand for insulin pumps and continuous glucose monitors, but most investors aren't buying it. The answer may depend on who you listen to and whether you see GLP-1 drugs as a help or a hinderance to the category. DXCM 3M mountain In the quarter to date, Dexcom shares are down nearly 19%. Dexcom shares are down more than 7% year to date. TNDM 3M mountain Tandem Diabetes shares have fallen significantly this year.

Persons: Ozempic, Danielle Antalffy, Eli Lilly's Mounjaro, hasn't, Dexcom, Piper Sandler, Matt O'Brien, O'Brien, Paresh Dandona, semaglutide, Travis Steed, Steed, — CNBC's Michael Bloom Organizations: UBS, Nordisk's, Novo, New, of Medicine, Tandem Diabetes, Tandem Diabetes Care, Diabetes, Jacobs School of Medicine, Biomedical Sciences, University of Buffalo, Novo Nordisk's, Bank of America Locations: CGMs

☆ Inside the struggles at Calibrate, a new kind of weight-loss startup that's facing a mountain of patient complaints and refunds
▼ + stars: | 2023-09-05 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +19 min

Weight-loss startup Calibrate has struggled to get patients access to buzzy drugs like Ozempic. Kenyon's startup Calibrate, which she launched in June 2020, is one of the healthcare companies feeding the frenzy. CalibrateThe company is now running up against several massive challenges: Weight-loss drugs are expensive and in short supply, and health insurers are increasingly reluctant to pay for them. Kenyon said about 20% of Calibrate members do not have coverage for weight-loss medications, and around half of those people request refunds from Calibrate. Want to tell us about your experience with Calibrate or weight-loss drugs?

Persons: lightbulb, Isabelle Kenyon, Kenyon, Jenny Craig, OptumRx, She's, she's, Saxenda, —, weren't, It's, they've, Holly, hadn't, hasn't, Claire Rosenzweig, Rosenzweig, it's, Andrew Kelly, Shelby Livingston, Rebecca Torrence Organizations: New, Tiger Global, Founders Fund, Optum Ventures, FedEx, Food and Drug Administration, Jefferies, Better Business Bureau, BBB, Better Business, Metropolitan New, Better, Apple, Businessolver, Optum, UnitedHealth, Employees, REUTERS, Madryn Asset Management, SM Ventures, Ventures Locations: America, New York, Danish, GLP, Florida, Metropolitan New York, slivingston@insider.com, rtorrence@insider.com

☆ Launch of arthritis drug biosimilars ramps up US pressure on pricing 'middlemen'
▼ + stars: | 2023-07-25 | by ( Patrick Wingrove | ) www.reuters.com time to read: +5 min

Seven drugmakers this month launched their own versions, known as biosimilars, of AbbVie's (ABBV.N) flagship arthritis drug Humira, once the world's top-selling prescription medicine. Three have kept their list price within 5%-7% of AbbVie's, two priced at an 85% discount and two have offered both types of prices. For insured patients who are often on the hook for co-pays of 10% to 25% of the list price, the savings have been minimal. Reuters GraphicsThe Biden administration has made lowering drug prices a priority. Amgen offered 5% and 55% discounts to AbbVie's $6,922 per month Humira price tag, and both were included on drug coverage lists at two large PBMs.

Persons: Dado Ruvic, Humira, Ameet Sarpatwari, Biden, PBMs, Cigna, UnitedHealth, Amgen, Robin Feldman, Ron Wyden, Wyden, Chuck Grassley, Grassley, Patrick Wingrove, Moira Warburton, Josephine Walker, Caroline Humer, Bill Berkrot Organizations: REUTERS, Association for Accessible Medicines, Harvard Medical School, Reuters, Lawmakers, Federal Trade Commission, FTC, CVS, Biosimilars, Healthcare, Novartis, Sandoz, Reuters Graphics Reuters, University California College of the, Democratic, Republican, Thomson Locations: U.S, Humira, San Francisco, New York, Washington

☆ UnitedHealth is worth buying and can rally nearly 25%, Bernstein says
▼ + stars: | 2023-07-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

UnitedHealth is worth buying as it still trades at a cheap valuation coming out of a good earnings report, according to Bernstein. Analyst Lance Wilkes upgraded the health insurance stock to outperform from market perform and raised his price target by $8 to $603. Now, he said those concerns are priced into the stock and valuation has fallen (from around 1.3 times earnings to 0.9 times earnings) to a level that undervalues the long-term growth opportunity. Despite the post-earnings rally, the Dow Jones Industrial Average member is still down nearly 9% in 2023 despite the broader market's rise. UnitedHealth trades at a 0.9 multiple relative to the S & P 500, near the Medicare-for-All lows of 0.85.

Persons: Bernstein, Lance Wilkes, Wilkes, UnitedHealth, That's, —, Michael Bloom Organizations: Dow Jones Industrial Locations: Monday's

☆ UnitedHealth stock jumps after earnings top estimates despite rising medical costs
▼ + stars: | 2023-07-14 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

UnitedHealth Group' s stock price jumped Friday after the health-care conglomerate reported second-quarter revenue and adjusted earnings that topped Wall Street's expectations despite rising medical costs. UnitedHealth Group is the biggest health-care company in the U.S. by market cap and revenue, and is even bigger than the nation's largest banks. Given its size, UnitedHealth Group is considered a bellwether for the broader health insurance sector. UnitedHealth Care said that was driven by the previously noted uptick in elective surgeries and outpatient care activity, primarily among seniors. But UnitedHealth Group executives indicated that the trend may be reversing.

Persons: UnitedHealth, –, John Rex, Rex, Goldman Sachs Organizations: UnitedHealth, Refinitiv, Healthcare, Analysts, Goldman, Rex . Insurance Locations: Minnesota, U.S

Historically, doctors’ practices have been relatively small, and owned by doctors themselves. Hospitals and insurance companies have also bought out many independent physicians’ practices. Optum, an arm of the publicly traded UnitedHealth Group, which also owns one of the nation’s largest insurers, employs roughly 70,000 physicians. Private equity is often viewed by physicians as an attractive alternative to having their practice bought by a hospital. “It can be a really good thing, but the private equity firms have to keep their promises and be held accountable,” she said.

Persons: ’, “, ”, Richard Scheffler, Lisa Walkush, Grant Thornton, Michael Kroin Organizations: Physicians, Institute, Petris, . Hospitals, UnitedHealth Group, Growth Partners Locations: U.S, Berkeley, Chicago

☆ UnitedHealth offers over $3 bln for home health firm Amedisys
▼ + stars: | 2023-06-05 | by ( Leroy Leo | ) www.reuters.com time to read: +2 min

June 5 (Reuters) - UnitedHealth Group (UNH.N) on Monday made a surprise $3.26 billion all-cash offer to acquire Amedisys Inc (AMED.O), pitting itself against another healthcare company set to buy the home health and hospice care firm. UnitedHealth, through its Optum unit, offered to pay $100 per share in cash, just a month after Amedisys agreed to be bought by Option Care Health Inc (OPCH.O) for $97.38 per share in an all-stock deal. If Optum's offer is accepted by Amedisys, the deal will expand UnitedHealth's presence in home healthcare that it bolstered this year through a $5.4 billion deal to buy Amedisys' rival, LHC Group. Several analysts raised concerns that a UnitedHealth deal would likely face scrutiny from the Federal Trade Commission, given UnitedHealth's home health presence. Amedisys' board has not yet determined whether Optum's offer is superior to Option Health's and is currently in exploratory discussions with the UnitedHealth unit.

Persons: Amedisys, Jefferies, Brian Tanquilut, Oppenheimer, Michael Wiederhorn, Leroy Leo, Shounak Dasgupta, Shinjini Organizations: UnitedHealth, Amedisys Inc, Care Health Inc, LHC, Federal Trade Commission, FTC, Care, Thomson Locations: Bengaluru

☆ Stocks making the biggest moves midday: Palo Alto Networks, 3M, Amedisys, Target and more
▼ + stars: | 2023-06-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

A view of the exterior of the new Dutch head office of international technology company 3M in Delft, Netherlands, November 5, 2014. EPAM Systems — Shares of the software engineering firm tumbled 18% after it cut guidance amid further deterioration in near-term demand. Amedisys — The health care company's shares rallied 14% after it received an unsolicited buyout offer from Optum, a unit of UnitedHealth , to acquire Amedisys for $100 a share in cash. ImmunoGen — The biotechnology company's shares gained 5% after it announced results from ovarian cancer treatment Elahere showing a roughly 35% reduction in the risk of disease progression or death compared to chemotherapy. Dollar General — Shares fell 2.7% after Morgan Stanley downgraded the discount retailer's stock to equal weight from overweight Sunday.

Persons: Dow, Coinbase, Binance, Changpeng Zhao commingled, Robinson, Ford's David Bozeman, Morgan Stanley, KeyBanc, —, Yun Li, Alex Harring, Jesse Pound, Samantha Subin, Brian Evans Organizations: Palo Alto Networks, Dow Jones, Dish Network, 3M, Bloomberg, U.S . Securities, Exchange Commission, Care, Ford, Equitrans Midstream Corporation, Ford Motor Co, Citi, Spotify, Target, Apple —, Developers Conference, Apple Locations: Delft, Netherlands, Optum, Bozeman, U.S, Cupertino , California

☆ The pharmacy that quietly powered top startups in the hottest part of healthcare is trying to reinvent itself after losing customers and closing facilities
▼ + stars: | 2023-05-15 | by ( Rebecca Torrence | Blake Dodge | ) www.businessinsider.com time to read: +10 min

"We were shocked," a former employee in Truepill's business development division said of the layoffs. Insider spoke with five former and two current Truepill employees about the challenges the company is confronting after a tumultuous year. Truepill was hiring employees rapidly, accumulating about 1,800 employees by the spring of 2022, according to one former employee in Truepill's business division. Since then, there's been a companywide push to inch closer to profitability, one of the current employees told Insider. It's also downsizing its Miami pharmacy, the current employee said.

Both sides blame each other for high drug prices. Senator Bernie Sanders, who chairs the Senate Health, Education, Labor, and Pensions (HELP) Committee, is a fierce critic of both industries and will likely grill the executives. Optum Rx CEO Heather Cianfrocco will say manufacturers alone set the drug prices and abuse patent protections to stifle competition, her written testimony shows. Lilly, Novo Nordisk, and Sanofi all said in March they were cutting list prices by more than 70% for some insulin products. Uninsured people often have to pay full list prices, an average of $900 a month, forcing many to ration or skip doses.

☆ Eli Lilly, Novo Nordisk and Sanofi CEOs to testify before Senate on lowering insulin prices
▼ + stars: | 2023-04-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

In this photo illustration, an insulin pen manufactured by the Novo Nordisk company is displayed on March 14, 2023 in Miami, Florida. Those companies — Eli Lilly, Novo Nordisk and Sanofi — had announced in March that they will slash prices of their most widely used insulin products by 70% or more. The companies' versions of insulin cost at least $275 before the announced price slashes, Sanders noted. Novo Nordisk said its CEO looks forward to "a productive and collaborative discussion about this important issue." PBMs have come under criticism for inflating drug prices and not passing on all the discounts they negotiate to consumers.

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