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Tuesday, December 22, 2020

Hiring Frenzy for Pharmacists as Covid-19 Vaccines Roll Out

 The nation's drugstores and groceries are racing to hire thousands of pharmacists and technicians to administer Covid-19 vaccines to the masses.

Pharmacies big and small were laying off pharmacists as recently as summer, as the profession's outlook grew dim. Now some of those same pharmacies and supermarkets are making public pleas, reaching out to retired workers and offering signing bonuses. Several retail pharmacy chains, including CVS Health Corp. and Walgreens Boots Alliance Inc., have agreed to work with the U.S. government to serve as Covid-19 vaccination sites.

"Calling all pharmacists, nurses and pharmacy techs," read a mass email to customers from CVS, in which the company said it is urgently hiring thousands of health-care professionals. CVS, which employs 34,000 pharmacists and 65,000 technicians, declined to say how many workers it is hiring. The company is looking for both short-term and permanent workers.

Walgreens said it plans to hire about 25,000 people across the U.S., including 8,000 to 9,000 pharmacists and other health-care workers, to administer the vaccine. It employs 75,000 pharmacists and technicians.

Executives at both chains said this week they are confident they will have adequate manpower to administer the vaccines. "There is a sense of pride, of wanting to step up," said Rick Gates, a senior vice president at Walgreens. "We have people coming out of retirement saying, 'I absolutely want to help.' "

Smaller chains and grocers, many of which have pharmacy counters, are less certain they'll find the workers, particularly when it comes to technicians. Technicians are typically hourly workers who are licensed to assist pharmacists with filling prescriptions, such as counting pills or answering customer questions.

"There's not enough people to immunize. It's going to take all hands on deck," said Aaron Wiese, chief health officer at Hy-Vee Inc. The Midwest grocer, which has roughly 1,300 pharmacy technicians in more than 270 pharmacies, is seeking to hire 1,000 more for the distribution of Covid-19 vaccines and tests.

The job market for pharmacists has been bleak for years, with the number of pharmacy-school graduates far outnumbering jobs. The U.S. Department of Labor expects the job market for pharmacists to shrink by 3% in the next decade, according to data from 2019.

Hundreds of independent and grocery-based pharmacies have closed, unable to handle high operating costs and make money. Big chains have either slowed store growth or begun to downsize as consumer purchasing, even of prescription drugs, has moved online. Meantime, declining drug-reimbursement rates have pinched profits. The fallout for working pharmacists has been fewer jobs and lower pay, along with a rougher workload.

"I'm not really interested in going back just to give shots," said Michael West, a pharmacist who was laid off with a severance package in July from Walgreens in North Carolina. Pharmacies "made these cuts and now they're begging for people to come back," he said.

Mr. West, who spent more than two decades as a pharmacist, including at CVS, said he plans to remain in retirement. He said he felt increasing pressure over the years to pump out prescriptions at the expense of spending time with customers, while tracking down lower-cost treatments that can require getting approval from physicians. "It started to feel like I was basically pushing sales," he said.

A Walgreens spokeswoman said the company invests in technology and operational improvements in an effort to reduce the burden of routine tasks for pharmacists. "We are committed to providing high-quality and trusted pharmacy services to meet the needs of our customers, while also ensuring the well-being of each of our pharmacy staff members," she said.

Walgreens, CVS and Rite Aid Corp., the third largest U.S. drugstore chain, combined have about 21,300 U.S. stores, about 1,000 fewer than five years ago. The number of grocery pharmacies declined for the first time in years in 2017, the latest year for which data is available, to 9,026, down from 9,344 in 2016.

"It's a supply and demand thing -- we didn't have enough supply [a decade ago from pharmacy schools] and now we have too much supply," said Scott Knoer, president of the American Pharmacists Association. That oversupply will likely be enough to ensure enough workers to vaccinate the masses starting next year, he said. And the hiring spree is a bright spot for pharmacy school graduates and technicians, he said.

But for many in the field, the new jobs -- many of which are short-term for the duration of vaccination efforts -- are less attractive than a long-term spot. Median annual pay for a pharmacist was $128,090 in 2019; pharmacy technicians made $33,950 a year, according to the Labor Department.

Pharmacists' wages have grown more slowly than the overall workforce, and the field has added fewer jobs. The median hourly wage for pharmacists rose 4.8% between 2016 and 2019 while wages rose 7.5% for all occupations, according to Labor Department statistics.

Pharmacists require a doctoral or professional degree. Pharmacy technician jobs require a high-school diploma or equivalent. Employers may require additional training or education.

Pharmacies have looked to hire more technicians in recent years to free up pharmacists from administrative tasks. The pace of that hiring is intensifying ahead of the Covid-19 vaccination drive. Technicians were cleared in October by the U.S. Department of Health and Human Services to administer Covid-19 vaccines, though each state has different requirements.

Beyond giving shots, technicians review vaccine history, handle consent forms and schedule appointments for two-dose vaccines, companies say. They also can help with spacing out patients and encouraging distancing in their stores.

Chains say that it is tough to keep track of varying state rules that determine which jobs pharmacy technicians can do and the qualifications they need.

Koninklijke Ahold Delhaize NV's Hannaford grocery chain, which has more than 180 stores with pharmacies in the Northeast, is encouraging technicians to get certified to administer vaccinations by offering a one-time bonus, said John McGrath, vice president of pharmacy services at Ahold Delhaize's services business.

Immunization certification includes various credentials such as CPR training. In addition to training staff, Ahold Delhaize has also hired per-diem pharmacists and continues to look for technicians, he added.

Hy-Vee is targeting former pharmacy workers, especially those in rural areas whose shops closed due to competition and who left the industry. "We're all going after the same pool," said Mr. Wiese, the chief health officer, adding that competitors are coming after his technicians with signing bonuses.

https://www.marketscreener.com/quote/stock/CVS-HEALTH-CORPORATION-12230/news/Hiring-Frenzy-for-Pharmacists-as-Covid-19-Vaccines-Roll-Out-32067160/

New Delhi airport aims to start distributing COVID vaccine in January

 India’s largest airport plans to start distributing COVID-19 vaccines in January with up to 5.4 million vials a day, its CEO said on Tuesday, underscoring the logistical challenge of reaching everyone in the country of 1.3 billion.

The Indian government is considering emergency use authorization for three vaccine candidates - one from AstraZeneca (AZN.L, another from Pfizer (PFE.N), and a separate one developed by the Indian firm Bharat Biotech.

“If we are able to rotate cargo twice a day, then 5.4 million (vials) can be distributed in a day,” Videh Kumar Jaipuriar, chief executive officer (CEO) of the Delhi International Airport Limited (DIAL) said. Overall, the airport had the capacity to handle up to 8 million vials a day, he said.

India has the world’s second-highest number of cases after the United States -- totalling over 10 million, with more than 146,000 deaths as of Tuesday.

The government said on Tuesday it would track down everyone arriving in recent weeks from Britain, where a more infectious strain of COVID-19 has been found, to try to prevent its spread.

https://www.reuters.com/article/us-health-coronavirus-india-vaccine/new-delhi-airport-aims-to-start-distributing-covid-vaccine-in-january-idUSKBN28W1JS

Amgen seeks marketing authorization for lung cancer therapy in Europe

 

  • Amgen (NASDAQ:AMGN) has submitted the marketing authorization application to the European Medicines Agency for sotorasib in locally advanced or metastatic non-small cell lung cancer in adults.
  • Aotorasib, an investigational KRASG12C inhibitor with a once-daily oral formulation, has demonstrated a positive benefit-risk profile with fast, deep, and durable anti-cancer activity in advanced NSCLC with KRAS G12C mutation, a statement from the company stated.
  • The submission is backed by positive Phase 2 results for sotorasib from the CodeBreaK 100 clinical study involving previously treated patients with locally advanced or metastatic NSCLC with KRAS G12C mutation.
  • The most common KRAS mutation in NSCLC, KRAS G12C mutation, is found in 13% of patients with NSCLC with no approved KRAS G12C targeted therapies.
  • “Just over two years since the first patient was dosed, sotorasib is now on track to potentially be the first approved targeted therapy for patients with previously treated NSCLC harboring the KRAS G12C mutation,” said David M. Reese, M.D., executive vice president of Research and Development at Amgen.
  • The European submission for marketing authorization comes days after the company’s New Drug Application was submitted to the FDA for sotorasib in NSCLC.
  • https://seekingalpha.com/news/3646668-amgen-seeks-marketing-authorization-for-lung-cancer-therapy-in-europe

Co-Diagnostics’ PCR test detects mutations in new coronavirus strain

 

  • Co-Diagnostics (NASDAQ:CODX) has announced it has completed the principal design work for a PCR test to detect several mutations in the newly detected variant of SARS-CoV-2 known as VUI 202012/01.
  • The new test will be a separate product, the company said, confirming that the mutations in the new variant 'are not believed to interfere’ with its existing line of COVID-19 diagnostics.
  • Highlighting the ability of its CoPrimer™ platform to reduce false positives, Dwight Egan, CEO of Co-Diagnostics, commented, “the multiplexing capabilities of our CoPrimer platform go hand-in-glove with the technology's applications in detecting small genetic variations in a given gene.’
  • The new coronavirus strain, found in the UK, is thought to be highly transmissible than its predecessors, and the British government has imposed tougher social restriction measures to address the fears
  • https://seekingalpha.com/news/3646713-co-diagnostics-pcr-test-detects-mutations-in-new-coronavirus-strain

BioCryst to stop testing galidesivir in COVID-19 patients

 

  • BioCryst (NASDAQ:BCRX) drops 8% in premarket, after announcing part 1 data from NIAID-funded Phase 1 trial evaluating galidesivir (BCX4430), broad-spectrum antiviral, in COVID-19 patients.
  • The company said that the trial initiated in April this year was not designed or sized to demonstrate clinical efficacy and no clinical efficacy benefit with galidesivir treatment compared to placebo treatment was observed.
  • Based on ongoing discussions with the National Institute of Allergy and Infectious Diseases (NIAID), the company expects NIAID to continue their support for the development of galidesivir with a focus on biodefense threats, such as Marburg virus disease, and to discontinue the pursuit of a COVID-19 indication for galidesivir.
  • BioCryst is engaged in ongoing discussions with NIAID to define specific further galidesivir studies that NIAID would support.
  • https://seekingalpha.com/news/3646567-biocryst-to-stop-testing-galidesivir-in-covidminus-19-patients

Health insurer Oscar adds another $140 million in likely pre-IPO round

 Oscar, the New York-based health insurance upstart at the vanguard of a wave of venture capital healthcare investment made in the wake of the Affordable Care Act, has raised another $140 million in financing.

The new capital means that Oscar has raised what would be the equivalent of $1 million a day for the entirety of 2020.

The company’s last funding round, a $225 million haul, came just a few short months ago in June.

Given the list of investors in the round — which was led by Tiger Global Management  and includes Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla Ventures, Lakestar and Reinvent — it’s likely going to be one of the last times the company taps private markets before an eventual public offering.

“Since 2017, Oscar has seen annualized membership growth of more than 70%,” said Mario Schlosser, co-founder and chief executive of Oscar, in a statement. “As we continue to rapidly scale our business, this capital will help us deliver on our commitment to bring accessible and affordable care to even more Oscar members across the country.”

Heading into the new year, the company said it will be available in 18 states and 286 counties across its Individual and Family Plans, Medicare Advantage and Small group products. As of September 30, 2020, Oscar had approximately 420,000 members across 15 states, the company said.

Oscar was one of the first insurers to offer virtual care services (launching the practice as early as 2014). Now nearly half of all Oscar member visits to a primary care practitioner are made with an Oscar-recommended doctor. Roughly 38% of the company’s subscribing members who have one or more medical visits use the company’s virtual care services, Oscar said.

https://techcrunch.com/2020/12/17/health-insurer-oscar-adds-another-140-million-in-whats-likely-a-pre-ipo-round/

Sinovac’s COVID-19 shot effective in Brazil trials

 

  • Sinovac Biotech's (NASDAQ:SVA) coronavirus vaccine has passed the 50% threshold for efficacy in late-stage trials in Brazil, WSJ reports.
  • Considering these results, regulators can give it the green light for use, said people involved in its development.
  • Brazil is the first country to complete Phase 3 trials of the China's CoronaVac vaccine, which is also being tested in Indonesia and Turkey.
  • The results showed CoronaVac with an effective rate above 50%, the threshold for a vaccine to be considered viable by international scientists. No further information was provided.
  • As wealthy nations buy up doses of vaccines from Western drugmakers, poorer countries have pinned their hopes on China.
  • Sinovac’s CoronaVac vaccine can also be kept in a standard refrigerator at between about 36 and 46 degrees Fahrenheit, making it easier to transport and store.
  • The results of the trials will be submitted to drug regulators in both Brazil and China on Wednesday.
  • https://seekingalpha.com/news/3646499-sinovac-s-covidminus-19-shot-effective-in-brazil-trials-wsj