Costly specialty drugs drive higher spending on provider-administered treatments, study finds

FierceHealthcare | February 19, 2019

Spending per member in commercial plans on medical pharmacy drugs increased by nearly 20% between 2016 and 2017, due in part to the growing number of emerging therapies with high price tags. Magellan Rx Management, the pharmacy benefit management arm of managed-care company Magellan Health, released its ninth annual trend report diving into spending on drugs administered by providers, and it found that per-member, per-month spending on these therapies increased by 18% from 2016 to 2017, reaching an average of $29.97 monthly, for people enrolled in commercial plans. Spending on provider-administered drugs in Medicare also went up, the study found. Per-beneficiary, per-month spending increased by 12% in that same window, to an average of $52.19.

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MEDICAL DEVICES

Extremity Medical Files Patent Infringement Lawsuit Against Nextremity Solutions, Zimmer Biomet Holdings and Zimmer, Inc.

Extremity Medical, LLC | April 07, 2022

Extremity Medical, LLC, a global medical device company focused on the development of innovative implants and instruments for upper and lower extremities, announcedthat it filed a lawsuit against Nextremity Solutions, Inc.; Zimmer Biomet Holdings, Inc.; and Zimmer, Inc., alleging infringement of an Extremity Medical patent* for its intraosseous fixation platform arising from the marketing of the InCore® Lapidus System by these companies. The complaint was filed in the U.S. District Court for the District of Delaware. Extremity Medical has amassed an intellectual propertyportfolio that includes 49 patents in the U.S. and several foreign countries. The novel and patented technology of Extremity’s intraosseous fixation platform provides surgeons with a zero-profile solution for fusion and fixation of bones within the upper and lower extremities, with the ability to be implanted through minimal incisions. This technology is currently marketed globally by Extremity under the trade names IO FiX, IO FiX Plus, IO FiX 2.0, IO Freedom, CarpalFiX, ApeX and XMCP. “Extremity Medical has invested a tremendous amount of effort and resources in research and development to create innovative technology to improve the lives of patients and meet surgeons’ needs. Our intellectual property is a critical component in making such advancements possible and we are committed to protecting it,” Matthew Lyons, Extremity Medical Chief Executive Officer, Founder and Chairman of the Board About Extremity Medical, LLC Extremity Medical, was founded in 2008, and is a privately-held medical device company based in Parsippany, NJ. The company is known for creating innovative implants and instruments for upper and lower extremity orthopedic procedures, including fusion and motion preservation. The company is focused on developing solutions for challenging cases that promote better outcomes, especially in patients with poor bone quality.

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FUTURE OF HEALTHCARE

Medicago Announces Publication of Phase 3 COVID-19 Vaccine Study Results in New England Journal of Medicine

Medicago | May 06, 2022

Medicago announced the publication of the results from the Phase 3 study of COVIFENZ®, COVID-19 vaccine recombinant, adjuvanted, in the New England Journal of Medicine. The Phase 3 trial studied the two-dose regimen of COVIFENZ® given 21 days apart versus placebo in over 24,000 subjects aged 18 and above. Common side effects in the vaccine group included injection site pain, headache, fatigue, fever, muscle aches, and chills. COVIFENZ® is indicated for active immunization to prevent coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 in individuals 18 to 64 years of age. The safety and efficacy of COVIFENZ® in individuals younger than 18 years of age or 65 years and older have not been established. COVIFENZ® has not yet received approval in other jurisdictions. “We are proud to have our Phase 3 clinical trial published in the esteemed New England Journal of Medicine to be shared with the larger scientific community. Medicago’s scientific team has dedicated decades to the development of our proprietary plant-based vaccine manufacturing platform, and we are thrilled to see our results disseminated in this way. We hope that this exchange of research and knowledge will encourage and inspire future innovation in biomedical science and clinical practice.” Marc-André D’Aoust, Executive Vice President, Innovation, Development and Medical Affairs at Medicago COVIFENZ® was authorized for use by Health Canada on February 24, 2022. This is the first authorized COVID-19 vaccine developed by a Canadian-headquartered company, and the first that uses a plant-based protein technology. “The world needs a diverse range of vaccine options to continue to fight COVID-19, and we are proud to be able to contribute,” said Toshifumi Tada, CEO and President at Medicago. About Medicago Medicago is on a mission to help improve global public health using the power of plants. Founded in 1999 with the belief that innovative approaches and rigorous research would bring new solutions in healthcare, Medicago is a pioneer in plant-based therapeutics. We are proudly rooted in Quebec, with manufacturing capacity in both Canada and the US. Our passionate and curious team of over 500 scientific experts and employees are dedicated to using our technology to provide rapid responses to emerging global health challenges, and to advancing therapeutics against life-threatening diseases worldwide. Medicago is an affiliated company of Mitsubishi Tanabe Pharma Corporation. About Mitsubishi Tanabe Pharma Corporation Mitsubishi Tanabe Pharma Corporation, the majority parent company of Medicago, is one of the large Japanese pharmaceutical companies, with its headquarters in Osaka, Japan. It positions vaccines as one of its key R&D areas and is also working to develop new modalities of vaccines. MTPC will further contribute to the prevention of infectious diseases which is one of the world’s important social issues, by delivering a new option of plant-based VLP vaccine as a new type of vaccine. MTPC is a member of Mitsubishi Chemical Holdings Group.

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HEALTH TECHNOLOGY

CareCloud Launches All-New Interoperability and Data Exchange Solution for Healthcare Organizations

CareCloud, Inc | December 17, 2021

CareCloud, Inc., a leader in healthcare technology solutions for medical practices and health systems nationwide has released CareCloud Connector, a next-generation interface and data management engine, and the first product within its CareCloud Conductor suite. CareCloud Connector enables healthcare organizations with ready-to-use integrations that improve data management and deployment speed, while offering better interface visibility and control. “We have been a leading healthcare IT innovator for almost two decades, providing solutions that improve financial, clinical, and patient outcomes, at scale, and a partner to a wide array of healthcare organizations. Today we are introducing our proprietary, turn-key integration technology platform to help healthcare ecosystem partners leverage the same tools we ourselves use to manage our business across hundreds of unique integrations spanning thousands of locations.” Hadi Chaudhry, CEO and President, CareCloud As the U.S. healthcare industry’s data exchange regulations continue to evolve and vendors prepare to comply with provisions in the Cures Act, legacy integration tools will hinder progress. CareCloud Connector provides a seamless, scalable, and centralized platform with APIs, allowing healthcare IT vendors, medical billing organizations, and digital health companies to overcome interoperability challenges and effectively manage data integration and transmission hurdles. Connector includes a library of industry-tested, ready-to-use integrations, interfaces, and customizable tools in a convenient SaaS offering. "As one of the industry’s first true libraries of plug-and-play integration and customizable tools, CareCloud Connector transforms laborious developmental projects into simple and secure activations,” said Adeel Sarwar, Chief Technology Officer, CareCloud. “Connector makes data exchange and management simple and cost-effective for industry participants.” "Healthcare organizations often struggle with managing hundreds of interface requests and data migration challenges. Couple this with the complexities of new regulatory requirements embedded in the Cures Act and you set the stage for a solution like Connector,” said David Botero, Director of Integrations, CareCloud. “Connector allows us to close interoperability gaps for industry participants. We are proud to be a leader in integration consolidation, empowering health organizations and service providers to comply with new interoperability requirements while saving money and resting easy, knowing that a leading publicly-traded healthcare IT vendor is taking care of the hard work for them." CareCloud Connector is the first solution launching under CareCloud’s new technology suite, CareCloud Conductor. Conductor is a family of technologies designed to support interoperability, connectivity, and data transformation. CareCloud plans to unveil more products in the Conductor suite in 2022 with the launch of additional innovative solutions to support the growing prominence of health IT developers and investments in digital health. About CareCloud CareCloudbrings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs.

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FUTURE OF HEALTHCARE

GTCR Announces Partnership with Kelly McCrann to Form Avryo Healthcare

GTCR | April 22, 2022

GTCR, a leading private equity firm, announced that it has entered into a Leaders Strategy™ partnership with Kelly McCrann to form Avryo Health Services, LLC. Based in San Diego, CA, Avryo Healthcare will seek to acquire companies and assets in the multi-site healthcare services industry as part of a strategy to build a market-leading company, with a focus on utilizing new technologies and operating strategies to enhance patient access and experiences. GTCR, the firm that pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth - will invest in Avryo Healthcare from its Strategic Growth Fund, a private equity fund with $2.0 billion of limited partner capital commitments. Mr. McCrann is serving as Executive Chairman of Avryo Healthcare and will make a substantial investment alongside GTCR. Mr. McCrann has over 30 years of experience in the healthcare services industry. Prior to partnering with GTCR, Mr. McCrann most recently served as Chief Executive Officer of EyeCare Partners, the largest vertically-integrated medical vision services provider in the US. He became CEO of EyeCare Partners in 2016 and significantly grew the company via acquisition and organic growth into the largest business in the industry before completing a successful sale of the company in 2019. Prior to leading EyeCare Partners, Mr. McCrann spent more than 25 years in senior leadership roles across healthcare provider services and payor businesses, including within dental, behavioral health, ambulatory infusion and kidney dialysis. "We are excited to partner with Kelly to build a leading company in the healthcare services industry," said Sean Cunningham, Managing Director and Co-Head of Healthcare at GTCR. "Kelly has an exceptional track record in the multi-site healthcare services space with experience across specialties, including dental and behavioral health, and a history of driving organic, de novo and M&A growth. Kelly's background, industry expertise and strategic vision make him an ideal partner as GTCR commits to build a platform in this attractive industry." "I am thrilled to partner with GTCR to build Avryo Healthcare into a market-leading company in the multi-site healthcare services space. GTCR has deep domain expertise in healthcare, a substantial track record of creatively building platforms in this space, and a long history of backing experienced CEOs and Executive Chairs. With our partnership, Avryo Healthcare is well-positioned to create a compelling platform in healthcare provider services." Mr. McCrann "GTCR's formation of Avryo Healthcare with Kelly is another excellent example of The Leaders Strategy™ and builds on our history of successful investments in multi-site healthcare services and the broader healthcare industry," added John Kos, Managing Director at GTCR. "We are excited to create this multi-site healthcare services platform behind Kelly and are actively looking for companies and assets in the sector, including founder-led and sponsor-backed companies." About GTCR Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com. Follow us on LinkedIn. About Avryo Healthcare Avryo Healthcare was formed in April 2022 as a partnership between Kelly McCrann and GTCR. Avryo Healthcare's mission is to build a leading company in the multi-site healthcare provider services industry with a focus on building a company that utilizes new technologies and operating strategies to enhance patient access and experiences. For more information about Avryo Healthcare, please contact (212) 835-7042.

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