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Friday, May 3, 2019

10 most, least expensive cities for prescription drugs

Relative to nationwide averages for the cost of the 500 most commonly prescribed medications, Atlanta is the least expensive city to purchase those drugs, according  according to GoodRx’s inaugural quarterly report, an in-depth analysis of drug prices and fill rates in the U.S.
For its report, GoodRx analyzed the cash prices of the 500 most commonly prescribed medications in 30 of the most populated cities in the U.S. for the last year. The pricing data includes costs from pharmacies and insurers.
The 10 most expensive cities and percent above the national average:
1. New York City (+16.9 percent)
2. San Francisco (+14 percent)
3. Los Angeles (+9.9 percent)
4. Philadelphia (+6.4 percent)
5. San Diego (+6.2 percent)
6. Milwaukee (+4.5 percent)
7. Birmingham, Ala. (+3.3 percent)
8. Sacramento, Calif. (+3.2 percent)
9. Seattle (+3.1 percent)
10. Little Rock, Ark. (+2.8 percent)
The 10 most expensive cities and percent below the national average:
1. Atlanta (-20.4 percent)
2. Houston(-19.3 percent)
3. Dallas (-17.5 percent)
4. Denver (-17.4 percent
5. Cincinnati (-12.7 percent)
6. Tampa, Fla. (-10.7 percent)
7. Indianapolis (-10.6 percent)
8. Salt Lake City (-8.6 percent)
9. Chicago (-7.6 percent)
10. Detroit (-5.7 percent)

1st cancer-targeting CRISPR clinical trial in US seeks FDA approval

A study that will deliver CRISPR gene editing technology directly into cancer cells in patients’ bodies is preparing to seek regulatory approval from the FDA, STAT reports.
The study, proposed by Newark, Del.-based Christiana Care Health System’s gene editing institute, would be the first of its kind in the U.S. Other clinical trials using CRISPR to treat cancer use the technology to modify immune cells that have been removed from the body, then infuse the cells back into the patient.
If approved, Christiana Care is reportedly planning on recruiting six to 10 patients with late-stage, non-small-cell lung cancer. Researchers would target the patients’ NRF2 genes by either injecting CRISPR directly into tumors or packaging it within adeno-associated viruses infused into the blood. Previous studies have shown that disabling NRF2 genes can slow down tumor cell proliferation and increase chemotherapy’s effectiveness.
Researchers told STAT the study’s goals will be “modest”: The treatment will hopefully add a few more months to the lives of stage 3 and 4 cancer patients who have been told they only have about six months to live.

Weight Watchers Gains, But These Analysts Remain Wary

Weight Watchers International, Inc. NASDAQWW surged more than 18 percent Friday after reporting a first-quarter bottom-line beat. The company’s 16-cent loss per share far exceeded analyst expectations for a 27-cent loss. The $363 million sales figures was just under analysts estimates.

What Weight Watchers Achieved

Bank of America Merrill Lynch attributed the beat to favorable operating margins, which came in at 6 percent against estimates of 3.2 percent. The firm also notched 0.9-percent subscriber growth against expectations for a decline. Growth in digital app engagement helped.
But that was the extent of Weight Watchers’ celebrated metrics.
“Gross margin was +110bps as weakness was disproportionately driven by the lower-margin studio (meetings) business; high marketing and SG&A were anticipated,” Bank of America analysts wrote in a note.
Meanwhile, product sales fell 30 percent year over year — an issue Bank of America attributed to recruitment problems and KeyBanc attributed to poor studio attendance. Recruitment challenges remain from rebranding issues and pressure from diet competitors.
“The Studios business was challenged, but remains a critical component of the Business,” KeyBanc wrote. “[…] The Studios part of the business is a key competitive advantage as it allows for deeper engagement with members through interaction with coaches and other members to build a wellness community.”

Weight Watchers’ Target Weight

Bank of America suspects Weight Watchers may be conservative on 2019 bottom-line projections, but it sees little room for sales expansion. It expects promotional campaigns to drive recruitment during seasonal lulls and product sales declines to level off with the consumables relaunch. However, soft sales may stunt near-term recovery.
With slightly more optimism, KeyBanc anticipates retention gains from the WellnessWins loyalty program and app engagement.
“Improving retention will be critical for WW this year after a soft start to recruitment trends since about 40% of annual recruits join in 1Q,” KeyBanc wrote.

The Ratings

KeyBanc Capital Markets maintained a Sector Weight rating, while Bank of America Merrill Lynch maintained an Underperform rating with a $21 price target.
“While we expect shares to rally off of very low expectations, in our view, questions remain as to WW’s ability to return to a sustainable, consistent growth trajectory,” Bank of America wrote.

FDA to end program that hid millions of reports on faulty medical devices

The Food and Drug Administration announced it is shutting down its controversial “alternative summary reporting” program and ending its decades-long practice of allowing medical device makers to conceal millions of reports of harm and malfunctions from the general public.
The agency said it will open past records to the public within weeks.
A Kaiser Health News investigation in March revealed that the obscure program was vast, collecting 1.1 million reports since 2016. The program, which began about 20 years ago, was so little-known that forensic medical device experts and even a recent FDA commissioner were unaware of its existence.
Former FDA official S. Lori Brown said ending the program now is a “victory for patients and consumers.”
“The No. 1 job of the FDA — it shouldn’t be ‘buyer beware’ — is to have the information available to people so they can have information about the devices they are going to put in their body,” Brown said.
FDA principal deputy commissioner Dr. Amy Abernethy and its device center director, Dr. Jeff Shuren, announced the decision to terminate the program in a statement on increasing transparency about the safety of breast implants.
Makers of breast implants for years were allowed to report hundreds of thousands of injuries and malfunctions out of the public eye, federal records show.
“We believe these steps for more transparent medical device reports will contribute to greater public awareness of breast implant adverse events,” Abernethy and Shuren said in a Thursday statement. “This is part of a larger effort to end the alternative summary reporting program for all medical devices.”
FDA spokeswoman Angela Stark said the agency will also end “alternative summary reporting” exemptions still in place for makers of implantable cardiac defibrillators, pacemakers and tooth implants. The FDA has said the program was originally designed to allow for more efficient internal review of well-known risks.
The agency said it began winding down the program in mid-2017, revoking many reporting exemptions, including those for saline breast implants and for balloon pumps used inside patients’ blood vessels.
At that point, the agency required device makers with ongoing exemptions to file quarterly reports in its public device-harm database known as MAUDE, short for the Manufacturer and User Facility Device Experience.
Still, FDA data provided to KHN shows that during the first nine months of 2018 the FDA continued to accept more than 190,000 injury reports and 45,000 malfunction reports under the hidden “alternative summary reporting” program.
Ronni Solomon, vice president and chief policy officer of the ECRI Institute, which studies device safety, said the staff uses the FDA’s open data on a daily basis to look for signals that might show heightened risks with a particular device.
“We think it’s really vital for the sake of transparency, for the sake of policy, for sake of science,” she said. “We’re really glad to see this, the sooner the better.”
The agency said its forthcoming data release will be for the alternative summary reports filed before mid-2017. The FDA for years reached agreements with makers of about 100 devices, allowing them to cease public reports of certain types of problems. The agency previously said the agreements and resulting records were available only by filing a Freedom of Information Act request, a process that can take months or even years.
Going forward, device makers will be required to file individual reports describing each case of patient harm related to a medical device.
The FDA has not said it will stop allowing device makers to file other types of device-harm exemption reports that are withheld from the public, such as when there is mass litigation over a device or when a company is submitting reports from an independent device-tracking registry. Nor has a plan been announced to open those records, which contain reports of harm related to pelvic mesh and surgical robots and reports of deaths related to several cardiac devices.
The FDA had granted Covidien, now a division of Medtronic, a long-standing “alternative summary reporting” exemption for its surgical staplers, a device used to cut tissues and vessels and quickly seal them during a variety of surgeries.
In 2016, when just 84 reports of stapler-related harm were disclosed in the FDA’s MAUDE database, almost 10,000 more malfunction reports were sent directly to the FDA’s in-house database, the agency acknowledged.
The device has been subject to numerous lawsuits over patient deaths and grave harm.
Matt Baretich, a Denver-area biomedical engineer who advises health systems on device safety, is eager to examine the hidden reports as they’re released by the FDA.
“I’m really interested to see what information has been hidden so I can go back,” Baretich said. “I may have been looking for that information and not found anything and thought there was not a problem.”

VA proposes drastic cut to federally funded union time

VA Secretary Robert Wilkie on Thursday set out new proposals to cut federally funded union time as the Veterans Affairs Department looks to renegotiate its collective bargaining agreement.
The proposals include an annual cap on the time all union workers can get paid by the VA to perform union work to 10,000 hours per year. Another provision would give “frontline supervisors” more authority over workers.
The current collective bargaining agreement with the American Federation of Government Employees has been in place since 2011. The union represents about a quarter million federal workers.
In a statement, Wilkie called for a reset of the “VA’s approach to labor-management relations.” The VA said that under the Obama administration’s agreement, the government was paying more than a million hours’ wages for employees to perform union work.
“A reluctance to challenge the status quo produced the current agreement, which includes many benefits that favor the union rather than the veterans we are charged with serving,” Wilkie said. “With VA facing thousands of vacancies, these proposals could add more than 1 million man-hours per year back into our work force—a vital influx of resources that would make an almost immediate difference for veterans and the employees who care for them.”
The Trump administration has been riling unions for the past year, starting with an executive order issued last May that sought to claw back federal workers’ time from union business when they’re on the government payroll.
In that order, the White House specifically called out nearly 500 VA employees, including 74 nurses, who spent 100% of their work time on union duties.
As work ramps up to launch the expanded Community Care program for veterans, the VA’s new proposed agreement said union contracts must not “interfere” with the department’s ability to administer various laws including the Mission Act— which mandated the consolidation and expansion of VA community care.
Representatives of the American Federation of Government Employees did not immediately respond to a request for comment.

Biohaven to Present on Migraine Phase 3 at American Academy Of Neurology

Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN), today announced that results from the pivotal rimegepant Zydis® ODT Phase 3 clinical trial will be presented as a late-breaking oral presentation at the 2019 American Academy of Neurology (AAN) Annual Meeting in PhiladelphiaMay 4-10, 2019. This presentation is 1 of only 11 abstracts accepted as part of the Emerging Science (Late-Breaking) program, and the only CGRP-targeting migraine data accepted for the Late-Breaking session. Rimegepant is an oral, single-dose, selective and potent small molecule calcitonin gene-related peptide (CGRP) receptor antagonist in development for the acute treatment of migraine.

AAN Emerging Science (Late-Breaking) Presentation Details:
Data Blitz Oral and Poster Presentation Title: Efficacy, Safety, and Tolerability of Rimegepant 75 mg Orally Dissolving Tablet for the Acute Treatment of Migraine: Results from a Phase 3, Double-Blind, Randomized, Placebo-Controlled Trial, Study 303 (Data Blitz #005, Poster #075)
Presentation Date: May 7, 2019
Presentation Time: Oral at 11:57 a.m.; Poster displayed 11:30 a.m.-6:30 p.m.
Company Off-Site CGRP Presentation and Migraine Expert Panel, at 7:00 p.m. ETon May 7, 2019:
Richard Lipton, MD
Albert Einstein College of Medicine / Montefiore Headache Center
David Kudrow, MD
California Medical Clinic for Headache
Jelena Pavlovic, MD, PhD
Albert Einstein College of Medicine / Montefiore Headache Center
Moderated by: 
Kishen Mehta

Lannett to Launch Generic Concerta, AB-rated Methylphenidate Hydrochloride ER

Lannett Company, Inc. (NYSE: LCI) announced that it expects to launch later this quarter Methylphenidate Hydrochloride Extended Release (ER) tablets USP (CII) in 18 mg, 27 mg, 36 mg and 54 mg strengths, an AB-rated generic equivalent to the brand Concerta.
Total U.S. sales of Methylphenidate Hydrochloride ER tablets were approximately $1.4 billion for the 12 months ended February 2019, according to IQVIA, although actual generic market values are expected to be lower.
‘The market for AB-rated Methylphenidate is sizable,’ said Tim Crew, chief executive officer of Lannett. ‘We expect this product will generate modest sales in our fiscal 2019 fourth quarter and grow to be one of our more significant revenue contributors in fiscal 2020.’
Lannett’s strategic alliance partner, Andor Pharmaceuticals, LLC, recently received approval from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Application (ANDA) of Methylphenidate Hydrochloride ER tablets USP (CII) in 18 mg, 27 mg, 36 mg and 54 mg strengths, the therapeutic equivalent to the reference listed drug (RLD), Concerta Extended-Release Tablets, 18 mg, 27 mg, 36 mg and 54 mg, of Janssen Pharmaceuticals, Inc.
In August 2018, Lannett announced that it entered into a licensing agreement with Andor for Methylphenidate Hydrochloride ER tablets. Under the agreement, Lannett will primarily provide sales, marketing and distribution support of Andor’s Methylphenidate ER product, for which it will receive a percentage of the net profits.