Microsoft Azure Expands API for FHIR to Fuel Interoperability

HITInfrastructure | March 17, 2020

Microsoft Azure recently announced its expansion of its application program interface (API) for Fast Healthcare Interoperability Resource (FHIR). The new open-source software (OSS) and connectors will advance interoperability and secure the exchange of protected health information (PHI). Leaders in healthcare are prioritizing and demanding cloud technology that works on open standards, such as FHIR, to transform how they manage data. Microsoft’s expansion will boost interoperability and help customers at different stages of their journey, the company stated. “Azure was the first cloud with a fully-managed, enterprise-grade service for health data in the FHIR format. Since then,’ we’ve been actively working with customers so they can easily deploy an end-to-end pipeline for PHI in the cloud with the added security of FHIR APIs,” the announcement stated. First released to the general public In November 2019, experts believe that it is vital to ensure health data works in the open format of FHIR to enable the innovation of future health.

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Daniel Martin Watterson, PhD, professor of pharmacology and John G. Searle Professor of Molecular Biology and Biochemistry, studies biological mechanisms important in how cells communicate with each other. The work is advancing basic and translational knowledge about critical biological processes and molecules that regulate physiological pathways, and how they are altered in diseases such as Alzheimer’s disease, brain injury and cancer. The goal is to develop novel drug treatments that can intervene in disease progression.


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FUTURE OF HEALTHCARE

Astorg Completes Acquisition of OPEN Health From Amulet Capital Partners

Astorg and Amulet | July 18, 2022

Astorg and Amulet Capital Partners announced that they have completed the previously announced transaction whereby Astorg has acquired OPEN Health, a leading global provider of scientific communications and market access services to the pharmaceutical industry. Established in 2011 and with more than 1,000 employees in 15 locations and six countries, OPEN Health leverages its extensive scientific knowledge and relentless focus on quality to deliver best-in-class scientific communications, health economics and outcomes research and market access services for more than 170 life sciences customers. OPEN Health’s existing management team will continue to lead the organization, building on a strong track-record of organic growth and strategic acquisitions. “The past three and a half years have been the most successful, exciting years in our company’s history, and we are appreciative of the support and partnership Amulet has provided over the course of our relationship. We are eager to work with the Astorg team as we continue expanding our capabilities and product offerings to deliver best-in-class scientific communication services to our custome Rob Barker, CEO of OPEN Health “We are thrilled to officially welcome OPEN Health to the Astorg family and look forward to working with Rob and his talented team in continuing to build a global leader in the medical affairs and market access space,” said Judith Charpentier, Partner and Head of Healthcare at Astorg. “OPEN Health’s industry-leading expertise is only becoming more important for today’s pharmaceutical products, and we see a number of opportunities to further support the company’s diverse and growing customer base.” “Our investment in OPEN Health embodies Amulet’s comprehensive value creation approach: we partner with exceptional management teams to build industry-leading businesses in the most attractive subsectors of healthcare,” said Ramsey Frank, President and Managing Partner of Amulet. “We are pleased to complete this transaction and are confident OPEN Health will continue to experience continued growth and success in partnership with Astorg.” About OPEN Health OPEN Health brings together deep scientific knowledge, global understanding and broad specialist expertise to support our clients in improving health outcomes and patient wellbeing. We are united as one flexible organization, harnessing the power of the collective to solve complex challenges. About Astorg Astorg is a European private equity firm with over €17 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth plans. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software, technology, business services and technology-based industrial companies. Astorg has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg. About Amulet Capital Partners, LP Amulet Capital Partners, LP is a middle-market private equity investment firm based in Greenwich, CT, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in companies. Amulet Capital Partners focuses on those segments it believes have the most attractive long-term fundamentals with a target investment size generally between $25 million to $150 million.

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HEALTH TECHNOLOGY

WELL Forms Canadian Clinics Business Unit, Expands Credit Agreement, and Ramps up Clinic Growth

WELL Health Technologies Corp. | July 15, 2022

WELL Health Technologies Corp. a practitioner focussed digital health company positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has formed a new legal entity called WELL Health Canada Clinics Inc. to house its Canadian omni-channel clinical businesses. These businesses include the Company's previous Primary Care, Allied Care and MyHealth Specialized Care business units. The Canadian Clinics Business Unit represents WELL's owned and operated fleet of Omni-Channel outpatient clinics leveraging WELL's highly integrated 'hybrid' brick and mortar and virtual service capabilities and includes the Company's primary care, specialized care, allied health, and diagnostics services but does not include the Company's TiaHealth.com service which is part of WELL's Virtual Services division. This business unit supports almost 1,300 healthcare practitioners who provide 1.87 million patient visits annually on a run-rate basis(2); over 40% of these patients are seen remotely via one of WELL's virtual or telehealth platforms, with the remainder treated in one of WELL's 81 Canadian clinics(3). This business is also expected to generate revenues exceeding $160 million with double digit operating Adjusted EBITDA(4) margins. Driven by WELL's consolidation and capital allocation efforts, this business has been experiencing organic growth rates approaching double digit percentage growth. The Canadian Clinics business unit is a key pillar in WELL's mission to empower practitioners. Dr. Michael Frankel, WELL's Chief Medical Officer, said "This consolidation of our Canadian clinics business provides WELL with the proper foundation to become a national health system providing the very best in highly integrated 'bricks and clicks' care. We are excited to provide healthcare practitioners with a compelling home where they are supported with exceptional front and back-office support and technology solutions so they can provide critical care to their patients. We intend on further developing our services from coast to coast." WELL will look to continue its consolidation and modernization of healthcare resources in Canada powered by its organic growth and with the help of its funding partners RBC, the Bank of Montreal, HSBC Bank Canada, The Toronto-Dominion Bank, ICICI Bank Canada and Laurentian Bank of Canada (collectively the "Lenders"). RBC is the Lead Arranger, Sole Bookrunner, and Administrative Agent on the financing. The Lenders have amended previous MyHealth credit facilities to include the newly formed Canadian Clinics Business Unit, as well as provided an extension of their credit commitments for an incremental year, extending the maturity to June 2026. The facilities are currently priced at an interest rate which is equivalent to SOFR/CDOR plus 1.25% to 3.25%(5), depending on the debt to Adjusted EBITDA ratio of the consolidated results for the Canadian Clinics Business Unit. WELL's goal is to continue to grow Canada's largest network of outpatient clinics using a combination of greenfield sites and new acquisitions. WELL is pleased to confirm that it has added a primary care clinic in Vancouver to its network and a new greenfield haemorrhoid treatment center in Hamilton, Ontario. The Company's combined investment to add these two clinics to the network is less than $100k. The combined annual revenues of the two clinics are expected to exceed $2 million in their first year under WELL and be profitable. The Company's recently announced acquisition of Calgary based InLiv, a premium provider of healthcare services in the Province of Alberta, will also be part of the Canadian Clinics Business Unit upon closing and is expected to exceed $7 million per year in revenues with 85% of such revenue reflecting recurring membership revenue. "We are thrilled to have the continued support of our banking partners and to announce the amendments to our existing Canadian credit facilities. Our ability to expand our Canadian credit agreement with favourable terms in the present challenging macroeconomic environment is not only a testament to the fantastic support we are receiving from our banking partners but also the strength of WELL's outpatient clinic business. The updated credit facilities allow us to more efficiently deploy capital towards our strategic priorities and generate more shareholder value by improving our revenue and Adjusted EBITDA per share metrics." Hamed Shahbazi, CEO and Founder of WELL WELL's objective is to continue to grow its Canadian Clinics Business Unit both organically and inorganically and continue to demonstrate market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient healthcare clinics across the country. About WELL Health Technologies Corp. WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on OTCQX under the symbol "WHTCF".

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HEALTH TECHNOLOGY

Cardinal Health Announces Governance Enhancements and Shareholder Value Creation Initiatives

Cardinal Health | September 07, 2022

Cardinal Health announced initiatives aimed at positioning the Company for long-term success, building on Cardinal Health's previously announced growth plans. These initiatives have benefited from input received from Elliott Investment Management L.P. In connection with these initiatives, Elliott has also entered into a cooperation agreement with Cardinal Health, and Elliott's Steven Barg will join the Company's Board of Directors. As part of Cardinal Health's ongoing commitment to Board refreshment and the initiatives announced today, the Governance and Sustainability Committee of the Board has recommended and the Board has approved the appointment of four new independent directors: Steven Barg, Michelle Brennan, Sujatha Chandrasekaran and Christine Mundkur. With these immediate appointments, Cardinal Health's Board will be made up of 15 Directors, 14 of whom are independent under the Company's director independence standards. Two existing Directors – Dean Scarborough and John Weiland – have announced their intentions to conclude their Board service at the end of their previously elected terms this fall and will not stand for re-election at Cardinal Health's 2022 Annual Meeting, resulting in a 13-member Board. Following the Annual Meeting, Cardinal Health's Board will consist of 54% women and 23% racially or ethnically diverse individuals. Cardinal Health's Board has also formed a new Board committee, the Business Review Committee, to support a comprehensive review of the Company's strategy, portfolio, capital-allocation framework, and operations with the goal of maximizing Cardinal Health's potential for the benefit of all stakeholders. The Business Review Committee will be chaired by Chief Executive Officer Jason Hollar; Mr. Barg and Akhil Johri will also serve on the Committee. The Committee, with the assistance of the Company's legal and financial advisors, will make recommendations to the full Board. The Company expects to conduct an investor day in the first half of calendar 2023 to share the Board's conclusions and to provide additional guidance. "We'd like to thank Dean and John for their service to the Board. We're grateful for their leadership and contributions and wish them both the very best. We're pleased to welcome Steven, Michelle, Sujatha and Christine to the Board and believe the Company and our many stakeholders will benefit from their mix of experience, skills and leadership. We are also pleased with Elliott's confidence in, and commitment to, the go-forward long-term potential of Cardinal Health. Our Board looks forward to receiving the recommendations of the Business Review Committee and updating the market in due course, as Jason and his leadership team chart a path to deliver upon our mission for our customers and employees and drive value creation for our shareholders." Gregory Kenny, Independent Chairman of the Board of Cardinal Health "Cardinal Health's leadership team is focused on creating value for all our stakeholders, and the newly initiated Business Review Committee, as well as the new expertise and experience being added to our Board, are critical steps in this process," said Mr. Hollar, Cardinal Health's Chief Executive Officer. "I look forward to working with the Board, including our four new directors, to optimize our strategy, structure, and operations as we position Cardinal Health for long-term success." Elliott Senior Portfolio Manager Marc Steinberg said, "Our discussions with Jason and the Board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement. Cardinal Health plays a mission-critical, market-leading role in the global healthcare system, and we have been encouraged by the Company's openness to taking actions necessary to ensuring that Cardinal Health realizes its full potential. We are confident that the initiatives announced today will drive meaningful shareholder value creation, and we look forward to continuing our collaboration with the Company." Michelle Brennan is Chair of Connect Healthcare Council for Pioneering Collective and serves on the Board of Coupa Software. Ms. Brennan spent more than 30 years at Johnson & Johnson, a leader in the field of medical devices, pharmaceutical, and consumer packaged goods, where she focused on driving growth, optimization and business transformation across diverse businesses and geographies. Most recently, Ms. Brennan served as the Global Value Creation Leader for Johnson & Johnson and as a member of the company's Medical Device Executive Leadership Team responsible for the division's value creation through cost management initiatives. Prior to that, Ms. Brennan held a number of positions at Johnson & Johnson, including Company Group Chair, Medical Devices (EMEA); President, Enterprise Standards & Productivity; Worldwide President, Ethicon Energy; as well as a variety of sales and marketing positions for other Johnson & Johnson divisions. Throughout her time at Johnson & Johnson, Ms. Brennan held significant board roles for the company, including Chairman of the Board for Medtech Europe Trading Association. She was previously a member of the UK's Office of Life Sciences Council and Chairman of the Council's Health Technology Partnership Committee. Ms. Brennan holds a B.S. from the University of Kansas. Sujatha Chandrasekaran, also known as Suja, is an advisor and independent consultant in the research and technology sectors. She currently serves on the Board of American Eagle Outfitters as well as private companies including Agendia, a molecular diagnostics company, and Blume Global, a digital supply chain platform company. Ms. Chandrasekaran has more than 25 years of experience in technology and leadership roles across the healthcare, consumer packaged goods and retail industries. Most recently, Ms. Chandrasekaran was Senior EVP & Chief Digital and Information Officer at CommonSpirit Health, one of the largest non-profit health systems in the US. Prior to that, she held a number of senior executive roles at several Fortune 500 multinational companies, including Global Chief Information Officer for Kimberly-Clark; SVP, Global Chief Technology and Data Officer for Walmart; as well as a number of C-level roles at The Timberland Company, PepsiCo and Nestlé SA. Ms. Chandrasekaran has a strong track record of delivering significant value to customers and organizations by leading global technology, supply chain and digital transformation initiatives. In 2022, Ms. Chandrasekaran was recognized by Modern Healthcare as one of the Top 25 Women Leaders in Healthcare. She was previously a Director of Symphony Technology Group and a Director of Barry Callebaut AG as well as a Member of Advisory Board at Atmio Inc. Ms. Chandrasekaran holds an Executive Development Education Certificate from London Business School; a Master of Business Systems/M.B.A. from Monash University in Melbourne, Australia; and a B.Eng. from the University of Madras, India. Christine Mundkur most recently served as Chief Executive Officer and Non-Voting Chairman of the Board of Directors for Impopharma Inc, a developer of complex formulations focused on inhalation pharmaceutical products. Ms. Mundkur currently serves on the Boards of Lupin Limited and MannKind Corporation. While at Impopharma, she led the transition of the company from a successful clinical research organization into a generic pharmaceutical inhalation development company. She also held leadership positions as President and Chief Executive Officer for North America for Sandoz, Inc. Earlier, she served as Chief Executive Officer of Barr Laboratories, Inc. Ms. Mundkur started her career at Barr as quality and regulatory counsel. In addition, she served as a strategic advisor to clients on generics, 505(b)2, biosimilars and NDA business strategies. Ms. Mundkur holds a J.D. from the St. Louis University School of Law and a B.S. from St. Louis University. About Cardinal Health Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With 50 years in business, operations in more than 30 countries and approximately 44,000 employees globally, Cardinal Health is essential to care.

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HEALTH TECHNOLOGY

Alexandra Clyde appointed to Sequana Medical Board of Directors

Sequana Medical NV | August 29, 2022

Sequana Medical NV a pioneer in the treatment of drug-resistant fluid overload in liver disease, heart failure and cancer, announces the appointment of Alexandra Clyde as an independent Non-Executive Director of the Company. Ms. Clyde is a highly experienced global business executive with an exceptional understanding and track record of successfully navigating health economics and reimbursement in the medical device industry. The Company also announces that Erik Amble will step down as a member of the Board of Directors after the board meeting of 7 September 2022, and will continue to attend the meetings as a board observer in a non-voting capacity. “Alex will be a critical member of our Board as Sequana Medical prepares to expand commercialization of the alfapump. Her experience from more than 25 years at Medtronic, a global leader in healthcare technology, and her understanding of healthcare systems around the world will prove invaluable as we continue to grow our business and seek to transform the care of liver disease and heart failure. On behalf of the Board, I would also like to thank Erik for his tremendous contributions to the Company and we are pleased to still have him as an observer on the Board.” Pierre Chauvineau, Chairman of the Board at Sequana Medical Ms. Clyde added: “I believe that both of Sequana Medical’s programs – the alfapump® and DSR® therapy – have the potential to deliver tremendous benefit to patients and the healthcare community. In these two large and growing patient populations, liver disease and heart failure, drug-resistant fluid overload is a significant and burdensome challenge with limited effective treatment options. Sequana Medical is in an exciting position to help these patients and reduce the burden of disease. I look forward to working with the Board and management team to help the Company reach its potential.” Mr. Amble added: “At this time in the Company’s evolution, it is critically important that the Board brings expertise to help guide the Company’s commercial readiness activities in North America. With Doug and Alex now on the Board, I am confident that the Board is well positioned to guide Sequana Medical as it enters a period of potential exponential growth. It’s been a pleasure to work with Sequana Medical’s Board and management team for more than 15 years and I look forward to continuing my involvement as a Board observer.” Ms. Clyde is Senior Vice President of Global Health Economics, Policy, and Reimbursement for Medtronic plc. In this role, she leads a global function of more than 300 reimbursement and health economics professionals and provides company-wide leadership on health and payment policy. She is a member of the Duke Margolis Value-Based Payment and Innovative Technology Consortium, the Health Technology Assessment International (HTAi) Policy Forum, and the Advisory Board for the Center for the Evaluation of Value and Risk in Health at the Institute for Clinical Research and Health Policy Studies at Tufts Medical Center. She is a former member of the Health Care Payment Learning and Action Network’s Guiding Committee which is charged by the US Secretary of Health and Human Services with accelerating the health care system’s transition to alternative payment models (APMs) by combining the innovation, power, and reach of the public and private sectors. She has also participated in various Centers for Medicare and Medicaid Services technical advisory councils as well as other private and public sector initiatives to improve value in health care. Alex graduated from Colgate University with a B.A. in Economics and from Harvard University with a M.S. in Health Policy and Management. Sequana Medical NV is a pioneer in treating drug-resistant fluid overload, a serious and frequent clinical complication in patients with liver disease, heart failure and cancer. Fluid overload is a well-recognized problem in these growing diseases, causing severe problems for the large number of patients for whom current medicines are no longer effective. These patients can have up to 15 liters of extra fluid in their bodies, causing major medical issues including increased mortality, repeated hospitalizations, severe pain, difficult breathing and restricted mobility that severely impacts daily life.

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Spotlight

Daniel Martin Watterson, PhD, professor of pharmacology and John G. Searle Professor of Molecular Biology and Biochemistry, studies biological mechanisms important in how cells communicate with each other. The work is advancing basic and translational knowledge about critical biological processes and molecules that regulate physiological pathways, and how they are altered in diseases such as Alzheimer’s disease, brain injury and cancer. The goal is to develop novel drug treatments that can intervene in disease progression.

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