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Sunday, July 1, 2018

Loeb’s Third Point urges Nestle to split into three units


Billionaire investor Daniel Loeb on Sunday raised the pressure on food group Nestle, urging it to split into three divisions and telling its board to be “sharper,” “bolder,” and “faster” in overhauling the company.

Loeb, whose $18 billion hedge fund Third Point has invested more than $3 billion in Nestle, said in a letter to the board that the company needed to act more quickly on an overhaul and suggested it should be divided into beverage, nutrition and grocery units.
Such a move would help “simplify (Nestle’s) overly complex organizational structure,” according to the letter, which was seen by Reuters on Sunday.
“This is a call for urgency – rather than incrementalism,” Loeb wrote.
The Financial Times first reported on Loeb’s letter.
Loeb, who has been watching Nestle from afar for roughly a year and has periodically praised the company’s relatively new chief executive’s moves, appears to be running out of patience.
The fund manager criticized the slow pace of Nestle’s sales growth, the decline in its stock price and the fact that it had not sold more pieces that did not fit into its “nutrition health and wellness” strategy.
Third Point published a 34-page long presentation that says the company is not living up to its potential.
“Nestle’s insular, complacent, and bureaucratic organisation is overly complex, lethargic, and misses too many trends,” Loeb said in the letter.
Nestle hired Mark Schneider, a German, as chief executive officer in early 2017. Schneider became the company’s first non-Swiss CEO in nearly a century.
Over the years, Loeb has repeatedly taken on revered corporations, including Yahoo, Sony and Dow Chemical and Sotheby’s, urging them to perform better and finding new chief executives for some of them.
Loeb doesn’t shy away from making specific recommendations and has consistently urged Nestle to sell businesses that do not fit its strategy, including its stake in cosmetics firm L’Oreal.

Acquisition of PillPack gives Amazon access to sensitive health data: WSJ


Amazon’s acquisition of online pharmacy startup PillPack will give the e-commerce giant insight into people’s prescriptions, putting it into the highly regulated realm of health information with more restrictions than it is accustomed to on data-mining, according to The Wall Street Journal.

FDA Eyes Introduction of Lower-Cost Drugs, Next-Gen Sequencing


The market for biosimilar introduction is “extremely unstable,” but the FDA is working to ease the launch of more affordable cancer medicines, both biosimilars and generics, with a strategy that includes an attempt to reduce anticompetitive behavior, according to Scott Gottlieb, MD, commissioner of the FDA.
Gottlieb discussed the competitive landscape for oncology agents and how it is affecting the introduction of new medicines in a keynote talk at the 2018 Community Oncology Conference that the Community Oncology Alliance held in National Harbor, Maryland, in April.
There are numerous approval and marketing challenges for makers of biosimilars who seek to challenge the dominance of branded drugs. Since September 2017, 2 biosimilars have received FDA approval specifically for treatment of cancer and 2 for conditions related to cancer. Gottlieb said that pace has been a pleasant surprise. “I always thought it was going to be a slower-developing area with more hurdles to get over, but we’re right on track,” he said.
Although the FDA has no regulatory power over the prices set by manufacturers, distributors, and retailers, Gottlieb said, the FDA’s commitment to encouraging biosimilar and generic competition in the cancer drug marketplace has the potential to lower costs and improve patient access to available cancer care.
“Drug treatment costs are only a fraction of total care oncology costs, but patients [with cancer] are disproportionately shouldering the cost of oncology medicines,” stated Gottlieb. “The perverse reality of the market today is that cancer treatment comes with its own financial toxicity.”
In tandem with his discussion on improving competition in the oncology drug marketplace, Gottlieb discussed new guidelines from the FDA on the development and review of next-generation sequencing (NGS) tests.1 These tests also should help to spur innovation and the introduction of life-extending oncologics, he said.
“The FDA recognizes the tremendous potential of NGS technology to guide and improve patient outcomes,” Gottlieb said. “And we’re developing a policy approach to keep the pace with fast-moving NGS technologies that give patients and clinicians confidence in these panels’ analytical and clinical validity.”
The first breakthrough-designated NGS-based diagnostic test, F1CDx (FoundationOne CDx), was approved in November 2017. The powerful diagnostic tool can detect mutations in 324 genes and 2 genomic signatures in any solid tumor type. In March, CMS followed up with a national coverage determination in favor of NGS panel testing, expanding coverage to FDA-approved tests for patients with relapsed, refractory, or stage III cancers in addition to stage IV cancers.
Large-panel NGS tests will make it “easier and less expensive to screen patients for tumor mutations with a single test and then efficiently match them with available clinical trials,” Gottlieb said. He predicted that the information gained through this process will illuminate pathways to more effective therapies and stimulate the development of new agents. “This will increase the productivity of drug development, as drugs can then be targeted at common biomarkers across numerous tumor types.”
Gottlieb said that the FDA is striving to make NGS guidelines and current and future regulations “as nimble and sophisticated as the science driving these technologies so that clinicians and patients have access to them as soon as possible, while still providing patients with the reasonable assurance of safety and effectiveness they expect.”
The first set of guidelines addresses the design, development, and analytical validation of NGS-based panels, which can be used when diagnosing individuals with suspected genetic diseases. “For oncology, germline cancer predisposition contributes to about 5% to 10% of observed cancers. For cancer predisposition syndromes, such as Lynch syndrome, interventions like colonoscopies may be able to improve expected survival by sharply decreasing the rates of colorectal cancer,” Gottlieb noted.
These recommendations also explain what the FDA would look for in a premarket submission to assess a prospective test’s analytical and clinical validity, as well as its accuracy in detecting the presence or absence of a particular genomic change, leading to what Gottlieb said would be consensus standards for future NGS-based tests.
The second set of guidelines recognizes the availability of public human genetic variant databases, which could help to confirm the clinical utility of in vitro diagnostic (IVD) tests, particularly during premarket review. These FDA-recognized databases could serve as sources of existing evidence for the claims, such as of the clinical significance of a germline or somatic mutation, that developers of IVD tests make in the review process.
An additional piece of draft guidance explains a process that oncology trial sponsors can use to establish the risk level associated with an investigational IVD to be used in a trial of an investigational cancer drug or biological product.2 According to the guidelines, investigational IVDs are categorized as a significant risk, nonsignificant risk, or exempt from review. If a device is determined to be a significant risk, meaning that it could pose a serious risk to the health or safety of a patient, an investigational device exemption may be needed. The level of risk may disqualify a study for streamlined submission.
“This guidance reduces burdens on sponsors and on FDA staff by outlining circumstances under which sponsors may be able to include information about an investigational IVD into the investigational new drug application submission to the FDA center responsible for the therapeutic product,” Gottlieb said.
With these new policies, the FDA hopes to provide test developers with a more efficient path to market by means of efficient and accurate testing. They will encourage the innovation and adaptation of tools that can increase the productivity research and patient care.

References

  1. FDA finalizes guidances to accelerate the development of reliable, beneficial next generation sequencing-based tests [news release]. Silver Spring, MD: FDA; April 12, 2018. 2018. http://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm604462.htm. Accessed April 12, 2018.
  2. Investigational in vitro diagnostics in oncology trials: streamlined submission process for study risk determination guidance for industry. FDA website. http://www.fda.gov/downloads/Drugs/GuidanceCompliance-RegulatoryInformation/Guidances/UCM604441.pdf. Published 2018. Accessed May 17, 2018.

The Case Against Thrombolytic Therapy in Stroke


Lysing clots in brain arteries to reverse an acute ischemic stroke should work. Thrombolysis worked in myocardial infarction (MI).
For MI, 14 trials of more than 140,000 patients proved lytic therapy improved outcomes.[1] A 2014 Cochrane review of 27 stroke trials included about 11,000 patients—12-fold fewer.[2]
Before Gina Kolata, a health journalist at the New York Timeswrote a story about the decades-long debate between neurology leadership and emergency medicine specialists on the use of lytic therapy for stroke, I, like many cardiologists, accepted the experts’ view that tissue plasminogen activator (tPA) is beneficial and “should be given”[3] to eligible patients with stroke.
Kolata clearly sided with the neurologists. She also featured the oft-heard opinion from many in academic medicine that social media, blogs, and podcasts can be used in negative ways to slow uptake of beneficial therapy.
As an electrophysiologist, I often see patients with stroke—both acutely in the hospital and also in follow-up. I did not know about the tPA debate. So I studied the evidence.
What I found was shocking: The evidence for thrombolysis in acute stroke does not support its guideline recommendation. The resistance to thrombolysis promoted through social media channels and in emergency medicine literature is rational.
Let me explain the strong case against lytic therapy.

Dubious Benefits

Unlike thrombolysis for MI, no stroke trial has shown that lytic therapy lowers death rates. In fact, lytic therapy for stroke strongly increases early death, and shows trends towards higher death overall.
Neurologists measure benefit of lytic therapy by estimating function or ability to remain independent, a much more subjective endpoint than death. Trialists use multiple scales (such as the modified Rankin Scale [mRS]) to quantify functional capacity. Attempts to put numbers on qualitative outcomes is the first of many flaws in the lytic trials. Evidence from the neurology literature chronicle “potentially significant interobserver variability in these scales.”[4,5]
Ten randomized clinical trials assessed functional capacity in patients with acute ischemic stroke treated with thrombolysis or placebo. Two streptokinase trials[6,7] and two tPA trials[8,9] were stopped early because of harm or futility, and four trials showed no benefit of tPA on functional improvement.[10,11,12,13]That leaves two positive trials: NINDS (Part 2)[14] and ECASS III.[15] The first point to make concerns the distribution of these results. If you did 10 trials of an ineffective treatment, this pattern (most trials negative and outliers showing both harm and benefit) is what you would observe in a normal distribution—or by chance alone.
The second point is that the two positive trials have significant flaws and biases toward tPA.

Flawed Trials in Favor

In the NINDS (Part 2) trial,[14] patients treated with tPA were at least 30% more likely to have minimal or no disability at 3 months compared with those treated with placebo. In the original New England Journal of Medicine publication, the authors listed median baseline National Institutes of Health Stroke Scale (NIHSS) scores of 14 and 15 in the respective treatment groups. This gave readers the impression that baseline characteristics were similar. But they were not.
Five years later, the same authors[16] published a subanalysis of NINDS that brought to light imbalances in the baseline characteristics of the two groups. For example, within the subgroup of patients treated between 91 and 180 minutes, 19% of those given tPA  had NIHSS scores of 0 to 5 (mild) compared with only 4.2% of the placebo group. In addition, fewer patients in the tPA subgroup had severe strokes (18% vs 27% with NIHSS score > 20). Because the outcome of stroke depends greatly on the severity of the initial presentation, these imbalances bias the results in favor of tPA.[17]
Using patient-level data from the NINDS trial, which the National Institutes of Health (NIH) placed in the public domain, Jerome Hoffman and David Schriger, from the University of California, Los Angeles, published a reanalysis showing that baseline stroke severity and preexisting disability had a greater association with outcome than did the treatment provided.[18]
Their novel reanalysis centered on the concept of change in NIHSS score.  Essentially, the original NINDS investigators reported where patients end up at 90 days based on treatment assignment. What’s not reported is the change from baseline. If tPA is beneficial, people treated with the drug should end up with a significantly lower score than they started with. When Hoffman and Schriger charted the change in NIHSS, tPA benefit was no longer evident.
Their provocative analysis also refuted the time-is-brain hypothesis. When they analyzed the relationship in 90-day change in stroke scale by time to treatment, the purported advantage of early tPA disappeared. This finding supports the notion that the best predictor of stroke outcomes is the severity of stroke at presentation.
Post hoc analyses challenge Hoffman and Schriger’s conclusions and uphold the original findings of NINDS.[19,20,21] Crucially, none of these papers use patient-level data to measure the change in stroke score from baseline. Another post hoc study[22] by an independent group of authors convened at the request of the NIH to ascertain whether the subgroup imbalance invalidates NINDS  backed up the main trial but added the caveat that their exploratory analysis “was not powered to detect subgroup treatment differences.”
The other positive trial, ECASS III,[15] also had statistically significant imbalances in baseline stroke severity that biased toward tPA: The placebo group had more severe strokes (higher NIHSS score) and nearly double the number of patients with previous strokes (14.1% vs 7.7%; P = .003).
The most significant flaw in ECASS III involved the subjective primary endpoint. Investigators used the mRS dichotomized at scores of 0 to 1 or 2 to 6 for their primary endpoint. A favorable outcome (mRS score of 0 or 1) occurred in 52.4% of the tPA group vs 45.2% of the placebo group. The absolute difference of 7.2 percentage points just reached statistical significance at a level of P = .04. The problem is that the difference between a score of 1 (able to carry out all usual activities, despite some symptoms) and a score of 2 (able to look after own affairs without assistance, but unable to carry out all previous activities) is subjective. Yet in ECASS III, a score of 2 was lumped together with a score of 6 or death. If instead you compared those with a score of 0 to 2 with those with a score of 3 to 6, there was no significant difference between tPA and placebo.
The strongest argument against tPA in stroke came from the negative IST-3 trial[12]— the largest randomized, controlled trial of thrombolysis vs placebo, which included just over 3000 patients. The primary outcome of being alive and independent at 6 months as measured by the Oxford Handicap Score was not statistically different between those in tPA group and those in the placebo group (37% vs 35%, respectively; P = .18).

Certain Harm: Increased Risk for ICH

Every paper published on thrombolysis in stroke reports a higher rate of intracerebral  hemorrhage (ICH) with lytic therapy. This statement comes from the American Heart Association/American Stroke Association guidelines[3] for the early management of acute ischemic stroke: “Treatment with intravenous rtPA is associated with increased rates of intracranial hemorrhage, which may be fatal.”  A Cochrane systematic review found that thrombolytic therapy for stroke increased the risk for symptomatic ICH nearly fourfold (odds ratio [OR]; 3.75, 95% confidence interval [CI], 3.11 – 4.51).[2] It was two- to sixfold higher in ECASS III and NINDS (Part 2).

Possible Risk for Increased Death

All thrombolytic trials show an increased risk of early death with tPA. Death rates tend to even out over time, but the cumulative mortality signal trends higher with thrombolysis.
A 2012 meta-analysis of tPA trials did not show a significant increase in overall mortality (OR, 1.06; 95% CI, 0.94 – 1.20; P = .33).[23] Australian authors, who were not involved in any of the thrombolytic trials, did a systematic review of thrombolysis in stroke and found a 17% higher rate of overall death with lytic therapy vs placebo when they included all thrombolytic trials (OR, 1.17; 95% CI, 1.06 – 1.30; P = .003). When they included only tPA trials, overall death did not differ (OR, 1.04; 95% CI, 0.92 – 1.18; P = .49).[24] This latter meta-analysis also reported a trend for decreasing mortality rates over the two decades that stroke trials have been done. Because tPA trials came after the streptokinase trials, it’s possible the improved mortality in tPA trials occurred not because of drug effects but because of overall improvements in stroke care.

External Validity of Thrombolytic Trials

Let’s say you disagree with this analysis. You ignore the trials stopped early for harm. You ignore the many negative trials. You ignore the higher rate of ICH and possible signal of increased death. And you focus only on the two positive trials, despite their flaws and subjective efficacy endpoint. You still have the problem of translating this evidence to real life.
Diagnosing stroke emergently isn’t always easy. A study from the 1990s found that stroke mimics, such as Todd’s paralysis, infection, or metabolic disorders, occurred in nearly one in five patients initially diagnosed with stroke.[25]Proponents might argue that the rate of misdiagnosis is lower now because of stroke centers. Maybe, but many patients still receive care outside of specialty centers.  What’s more, any patient who receives tPA for a nonstroke gains no benefit and is exposed to a real possibility of harm.
In the tPA trials, strict criteria governed enrollment of patients, which is not feasible in regular practice. Cleveland Clinic researchers  tallied results from every stroke patient receiving tPA from 29 local hospitals area and found that half of the 70 patients treated with tPA received it inappropriately and that treated patients had a rate of ICH (15.7%), which greatly exceeded that seen in clinical trials.[26]
Supporters of tPA can point to observational studies reporting rates of ICH, early death, and functional independence similar to those in the clinical trials.  These studies have significant limitations: In addition to being uncontrolled, they suffer from incomplete case ascertainment and likely selection bias. For example, one such Canadian registry study[27] is not applicable to US practice because the centralized infrastructure of Canada’s healthcare system allows for the naturalized development of expert stroke centers. Another registry study (SITS-MOST)[28] had voluntary participation of centers that “promised” to enroll all patients. Also, SITS-MOST represents an idealized situation in that it excluded all patients given tPA in violation of strict eligibility criteria.[29]

Conclusion

Here I echo Hoffman’s analysis[30] of lytic trials from almost two decades ago when he wrote that using a new therapy is reasonable for a condition if four criteria are met:
  1. Outcome is almost uniformly bad with standard therapy.
  2. The potential benefits of the new therapy are substantial.
  3. The proposed treatment is unlikely to cause harm.
  4. There is no reason to suspect results will be substantially worse in general practice.
None of these criteria exist for thrombolysis in stroke.
Although we have all seen a patient with stroke defects improve after lytic therapy, the evidence from nearly 10,000 patients in trials shows that the odds of that patient getting better with placebo are similar (eg, spontaneous lysis) whereas the chances of that patient suffering ICH are two- to sixfold higher.
Thrombolytic proponents are wrong to recommend this therapy  as something that “should be done.” The evidence for harm is greater than the evidence for benefit. You don’t have to be a neurologist to see that.
Finally, the fact that a therapy with clear harms and high costs became anointed as beneficial despite dubious evidence argues strongly for the kind of independent critical appraisal that the digital democracy now allows.

Investors ‘probably overreacted’ to Amazon’s drug push, Barron’s says


Drugstore stocks plunged on the news that Amazon (AMZN) is buying mail-order pharmacy PillPack, Bill Alpert writes in this week’s edition of Barron’s. By week’s end, shares of Walgreens Boots Alliance (WBA), CVS Health (CVS), Rite Aid (RAD), Fred’s (FRED), Cardinal Health (CAH), AmerisourceBergen (ABC), and McKesson (MCK) were all in negative territory as investors “probably overreacted,” he contends. No one should doubt the ability of Amazon to disrupt an industry, but Wall Street has greatly reduced the multiples that it pays for drug chains and chances are, drugstore stocks will recover from that “anxiety attack,” Alpert adds.

CMS decides Okla., Mass. Medicaid modification requests


This week, the Centers for Medicare & Medicaid Services decided on two states’ requests to modify their Medicaid programs.
And the administration gave one a thumbs up and the other a thumbs down.
The CMS denied Massachusetts’ request (PDF) to limit certain expensive Medicaid drugs covered under the state’s program. The agency also denied the state’s request to move Medicaid beneficiaries with incomes over 100% of the poverty line to the state’s marketplace, which would have increased federal reimbursements to the state.
At the same time, Oklahoma’s Medicaid program became the first to win approval from the federal government to negotiate supplemental rebate agreements involving value-based arrangements with drug manufacturers, which have the goal of increasing rebates for the state if patient outcomes don’t improve.
“Oklahoma’s plan for value-based drug contracts is an important example of how states can innovate to bring down drug costs,” HHS Secretary Alex Azar said in a statement. “The Trump Administration is committed to giving states the flexibility they need to make healthcare more affordable, and strongly supports innovations like value-based purchasing for prescription drugs.”
And while the decisions have been compared to each other, one healthcare lawyer said there was an important legal distinction between the two requests.

“Oklahoma had requested assurances that a value-based payment model developed via a supplemental rebate would not reset best price,” Ross Margulies, a healthcare attorney at Foley Hoag, told FierceHealthcare. “This was a policy clarification for CMS; the agency did not have to exercise its waiver authority to waive any existing Medicaid law.”
However, Massachusetts asked to waive the legal requirement that a state generally cover all medically appropriate drugs but still be entitled to statutory rebate payments from manufacturers.
“The CMS found you can’t pick and choose,” he added.

Deep brain stimulation ‘slows Parkinson’s progression’


There is not yet a cure for Parkinson’s, and available drugs can only relieve symptoms. However, a new study finds that deep brain stimulation may slow the progression of tremor.
Older adults holding hands
A new deep brain stimulation study comes to surprising conclusions.
Parkinson’s disease is a neurodegenerative condition that affects an estimated 500,000people in the United States.
As the condition mostly affects older adults, the number of affected people is likely to increase in line with the average age of the population.
The disease is caused by a loss of neurons in a part of the brain called the substantia nigra.
Loss of cells in this region leads to a reduction in dopamine levels and a range of symptoms.

Treating tremor

One of the most common symptoms of Parkinson’s disease is tremor; often starting in the hands, it tends to worsen as the disease progresses.
Some drugs limit tremor, as can deep brain stimulation (DBS). Electrode-tipped wires are inserted into the brain and connected to a device similar to a pacemaker, implanted under the skin in the chest or stomach area.
DBS will deliver high-frequency stimulation to the brain, which reduces tremor. It does not work for everyone and it is not a cure, but it has provided some patients with a new lease of life.
In 2006, a new DBS trial recruited a group of people with early-stage Parkinson’s disease. This was considered controversial because, at that time, DBS was a treatment of last resort; it was only used if an individual’s symptoms no longer responded to medication.
The study was conducted at the Vanderbilt University Medical Center in Nashville, TN. The findings were recently published in the journal Neurology. The results have the potential to change medical science’s approach to early-stage Parkinson’s.

Can DBS slow progression?

The participants were assigned to one of two groups. One received DBS plus medication, and the other group only received medication.
They found that those in the medication only group were seven times more likely to develop new rest tremor in the following 2 years compared with the DBS plus medication group.
Similarly, 86 percent of the drug group developed tremor in a limb that was initially unaffected, but just 46 percent of the DBS group did. Also, four DBS patients’ tremor actually improved, and one patient’s tremor stopped entirely.
The finding concerning tremor progression is truly exceptional. It suggests that DBS applied in early-stage Parkinson’s disease may slow the progression of tremor, which is remarkable because there are no treatments for Parkinson’s that have been proven to slow the progression of any element of the disease.”
Senior study author Dr. David Charles
Off the back of these positive findings, the Food and Drug Administration (FDA) have approved a much larger phase III multicenter study. They hope to involve 280 individuals with early-stage Parkinson’s disease.
Dr. Charles is excited about the future of Parkinson’s research but explains that caution is needed.
He says that “[t]he field of DBS therapy for Parkinson’s disease is moving toward earlier stages of treatment, therefore, we must conduct the pivotal trial to ensure patient safety and provide the Parkinson’s community with the best possible medical evidence to guide treatment.”