Here were some of the top stories at MedCity News this week:
— Medical products supplier Cardinal Health Inc. (NYSE:CAH) took the unusual step Tuesday afternoon of publicly responding to rumors of an imminent sale to a private equity firm. The message? “Cardinal Health is not in discussions with any party regarding an acquisition of Cardinal Health,” according to a statement from the Dublin, Ohio, company. That’s bad news for stock market speculators, who bid Cardinal’s shares up 6 percent, and as high as $34.23, on Tuesday.
— Boston Scientific Corp. (NYSE:BSX) finally pulled the trigger Thursday, saying it would sell a major business to Stryker Corp. (NYSE:SYK). It just wasn’t the business Wall Street was expecting it to sell. In a surprise move, Boston Scientific said it would sell its neurovascular unit to Stryker for $1.5 billion. For months, analysts expected the medical device giant to divest its neuromodulation business.
At ViVE 2024, Panelists Share Prior Authorization Progress and Frustration in Payer Insights Program
At the Payer Insights sessions on Day 1 of ViVE 2024, a panel on prior authorization offered compelling insights from speakers who shared the positive developments in this area after years of mounting frustration. Speakers also shared challenges as they work with providers to figure out how policy developments and technology will work in practice.
— Cleveland Clinic has released a free wellness application for mobile devices that combines a pedometer with various walking challenges. The Let’s Move It! app challenges users to walk the equivalent mileage between Cleveland Browns Stadium and Paul Brown Stadium in Cincinnati, for example. The app is part of the Clinic’s Let’s Move It! campaign, a collaboration between the Clinic and the three major Cleveland sports teams that’s aimed at encouraging people to be more active and, in turn, reduce their risk of developing chronic diseases.
— Illinois kept its lead among nine states and one region in pursuit of venture capital dollars for Midwest healthcare startups so far this year. Midwestern states have won a total of $572 million for their healthcare companies since the beginning of the year, a far cry from amounts in pre-recessionary years. In 2007, 104 Midwestern biopharmaceutical, medical device, and health IT and services companies had raised more than $1 billion by the beginning of the fourth quarter.
— Earnings reports are good ways to measure a company’s financial performance. What they’re less useful for is gauging a company’s confidence. You know…. Mojo. Swagger. Groove. And here’s what I see: Medtronic Inc. (NYSE:MDT) always had it. Boston Scientific Corp. (NYSE:BSX) has lost it. And St. Jude Medical Inc. (NYSE:STJ) is feeling it.
Unlocking Transparency in PBM Pricing
The TSX Venture Exchange has a strong history of helping early-stage health and life sciences companies raise patient capital for research and development.
