To resolve veterans’ hearing loss lawsuit, 3M sets aside $1 billion


NBC News reports how a lawsuit centered on protecting earplugs for US service makers has impacted manufacturer 3M. Also in the news are strong healthcare CEO earnings, new heart drug sales, GSK earnings, Biogen’s ALS therapy, health insurance pricing data and more. Of the industry.

NBC News: 3M creates billion-dollar trust for service members who say its earplugs haven’t protected them from hearing loss

Faced with thousands of lawsuits from US service members who said 3M earplugs failed to protect their hearing, the manufacturing giant announced it was committing $1 billion to a trust to resolve the lawsuits — and that Aearo Technologies, the 3M unit that made the caps, is filing voluntary bankruptcy under the plan. (Morgenson, 7/26)

In other industry news —

Stat: Healthcare High Rollers: As the pandemic raged, CEO earnings surged

The CEOs of about 300 healthcare companies collectively took home more than $4.5 billion in 2021, according to a STAT analysis of hundreds of financial documents. Regeneron Pharmaceuticals CEO Leonard Schleifer alone accounted for 10% of that total, raking in an incredible $453 million. (Herman, Sheridan, Parker, Feuerstein, and Ravindranath, 7/18)

The Washington Post: Opioid maker Teva agrees to $4.25 billion tentative deal

If the deal is finalized, the company will pay $3 billion in cash and $1.2 billion in donations of Narcan, the drug that reverses overdoses, over 13 years. About $100 million would be distributed to the tribes. The sum includes $650 million that the company has already agreed to pay when settling cases with Texas, Florida, West Virginia and others. (Kornfield, 7/27)

The Wall Street Journal: Drugmakers hope new heart drugs will boost sales and revive the market

The once lucrative market for heart drugs is now on the verge of a comeback, albeit at the cost of heavy investment in research and closing deals. After seeing low-cost generics take over sales of blood pressure, cholesterol and other heart medications, companies have struggled to discover substitutes and then get reimbursement for five-figure prices. Drugmakers are now launching new drugs, even if their market prospects are uncertain. (Hopkins, 7/26)

Reuters: GSK raises full-year guidance, days after consumer health spin-off

GSK (GSK.L) raised its full-year forecast on Wednesday, boosted by reinvigorated demand for its blockbuster vaccine Shingrix, days after the company overhauled with the spin-off of its large healthcare unit. audience. GSK now expects 2022 sales to grow 6% to 8% and adjusted operating profit to grow 13% to 15%, excluding any contribution from the COVID-19 solutions business. 19 of the company. (7/27)

Stat: American Cancer Society’s VC Arm partners with Third Rock

Cancer startups aren’t exactly underfunded — as a disease area, oncology has captured the attention of investors over the past decade. But the American Cancer Society sees shortcomings. “Oncology is actually very well funded and invested. The challenge is, is the money going to the areas where there is the most impact?” said Alice Pomponio, managing director of the firm’s venture capital arm, BrightEdge. (DeAngelis, 7/26)

Stat: Cue Health Rode Covid at a $3 billion valuation. Now he faces a difficult future

It didn’t have the brand recognition of Abbott, or the billions of multinational medical technology company Becton Dickinson. Before the pandemic hit, Cue Health didn’t even have a product on the market. What the young company had in July 2020 was an agreement to provide its newly authorized Covid-19 test for the National Basketball Association’s high-profile bubble. (Palmer, 07/27)

Reuters: BioNTech and Pfizer sue CureVac in US over COVID-19 vaccine patent claims

July 26 (Reuters) – COVID-19 vaccine maker BioNTech (22UAy.DE) said on Tuesday that it and its partner Pfizer (PFE.N) had filed a lawsuit in the U.S. District Court in Massachusetts, seeking a judgment that they had not infringed US patents held by rival CureVac (5CV.DE). The lawsuit, filed Monday, said CureVac was trying to cash in on the success of COVID-19 vaccines from BioNTech and Pfizer after CureVac’s efforts to create its own vaccine failed. (Hamburger, 07/26)

Also –

Reuters: US FDA accepts Biogen’s ALS therapy for review

Biogen Inc’s (BIIB.O) treatment for a rare type of amyotrophic lateral sclerosis (ALS) has been accepted for review by the US health regulator, weeks after follow-up analyzes of data from a Failed late-stage study suggested the drug was likely to work. (26/07)

On health care costs —

KHN: Health insurance price data: It exists, but it’s not for the faint-hearted

Data buffs with powerful computers are delighted. Ordinary consumers, not so much. That’s the reaction about three weeks after a data dump of enormous proportions. Health insurers post their negotiated rates for just about every type of medical service they cover with every provider. (Appleby, 7/27)

KHN: Bill Of The Month: Ambulance Chased Patient Into Collections

In retrospect, Peggy Dula said she shouldn’t have taken the ambulance. She was the least injured of the three siblings who were in a car when she was hit by a van last September. Her daughter had even offered to come to the scene of the accident and pick her up. Jim Martens, 62, and Cynthia Martens, 63, Peggy’s brother and sister, were more seriously injured and were heading to hospital in separate ambulances. Peggy, 55, was told it would be a good idea for her to get checked out as well. So she accepted a ride with a third ambulance team. (Sable-Smith, 7/27)

KHN: Listen: Can California lower the price of insulin?

California Healthline senior correspondent Angela Hart describes California’s ambitious plan to manufacture generic insulin under the state’s new “CalRx” drug label. (7/27)

This is part of the KHN Morning Briefing, a summary of health policy coverage by major news outlets. Sign up for an email subscription.


Comments are closed.