Potential Lilly drug doubles good cholesterol
Eli Lilly and Co.’s experimental drug doubled levels of good cholesterol in a study, setting up a race with Merck & Co. and Roche Holding AG to develop a new class of medicines to lower heart risk.
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WellPoint Inc. is one of several health insurers weighing bids as high as $2 billion for XLHealth Corp., a provider of managed care for chronically ill Medicare members, according to Bloomberg News. According to unnamed sources cited by Bloomberg, the bids for XLHealth may value the company in a rage from $1.5 billion to $2 billion. A deal may be announced in the coming weeks, Bloomberg reported. Indianapolis-based WellPoint and its peers have made a point of expanding their services to beneficiaries of the federal Medicare program, which is expected to grow rapidly thanks to aging baby boomers. By contrast, WellPoint expects its bread-and-butter employer business to stagnate soon. In June, WellPoint purchased California-based CareMore Health Group, which serves Medicare patients. XLHealth, started in 1997, provides managed care services for Medicare patients with diabetes, heart disease and other chronic conditions. It has 111,000 members in Medicare products, including the Part D drug plan and the Advantage plan for physician fees and hospital charges.
West Lafayette-based Medtric Biotech LLC won $65,000 in cash and services at the Purdue University Life Sciences Business Plan Competition for its winning presentation on its innovative wound-care technology. Medtric’s technology uses "nanobubbles" in its antimicrobial process for destroying bacteria to help prevent and treat infected wounds. Two other West Lafayette companies—BioRegeneration Technologies and QuantIon Technologies Inc.—placed third and fourth, respectively. The runner-up company was OneBreath, of Palo Alto, Calif., which is developing a simpler platform to provide mechanical ventilation for those with respiratory problems from flu or other trauma.
Indianapolis-based Better Healthcare for Indiana is convening community leaders to improve health and health care in cities around Indiana. The not-for-profit group’s third annual “All Healthcare is Local” conference will take place on Nov. 16 at Second Presbyterian Church in Indianapolis. Leaders from Terre Haute, Columbus, Kokomo and Evansville will all give presentations on the efforts in their communities. Keith Reissaus, vice president of community and work force initiatives at Goodwill Industries of Central Indiana, will give the lunchtime talk. The keynote speech, titled “Healthy Communities Mean Lower Costs,” will be delivered by Tyler Norris, president of Community Initiatives Inc. in Boulder, Colo., and a senior adviser to the California-based health insurer and medical provider Kaiser Permanente.
In an early example of enforced rebates, Indianapolis-based WellPoint Inc. is one of 11 health insurers ordered by New York Gov. Andrew Cuomo to refund $114.5 million to policyholders, according to Bloomberg News. That’s because the insurers failed to spend at least 82 cents of each premium dollar on health care as required by the state. A mandate to spend a certain amount on medical care also is a federal requirement under the 2010 U.S. health reform law. WellPoint’s Empire BlueCross BlueShield was ordered to pay $61.1 million, which is the largest rebate demanded from insurers in New York and nearly three times as much as the second-largest rebate. WellPoint’s Empire payments represent about 3 percent of its total premium revenue for insurance products subject to these laws, Kristin Binns, a WellPoint spokeswoman, told Bloomberg. “As in previous years, and consistent with New York law, if the amount Empire pays for medical claims is unexpectedly low, Empire pays refunds to its customers,” she said.
Biomedical research at the Indiana University School of Medicine and its partner hospitals pumped $370 million into Indiana's economy in 2009, according to a new study detailed by the Associated Press. The study by the Association of American Medical Colleges estimates the medical school pumped an estimated $142.5 million into the economy directly through federal and state-funded research. That research generated another $228 million in indirect economic activity. It also estimates the Indianapolis medical school's research supported about 2,470 jobs in Indiana in 2009. The report doesn't include economic activity of businesses that commercialize biomedical discoveries made by IU researchers.
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Hall Render Killian Heath & Lyman PC hired three new associate attorneys in its Indianapolis office. Geoffrey Davis focuses his litigation practice in defending physicians, hospitals and dentists. He graduated from Butler University in 1999 and earned his law degree from the University of Toledo in 2005. Katie Miller focuses on corporate deals, physician integration and intellectual property issues. She graduated from Purdue University in 2008 and from the Indiana University School of Law-Indianapolis in 2011. Chad Wilson, a licensed physical therapist, focuses on hospital and physician contracts. He received all his degrees from Indiana University.
Dr. Ryan R. Lacy has established a practice with Martinsville Family & Internal Medicine with St. Francis Medical Group, the second physician in St. Francis’ new Martinsville medical office. Lacy holds a bachelor’s in biology and a master’s in physiology, both from IUPUI. He did his medical training at the Indiana University School of Medicine.
Dr. Jeff Sperring, chief medical officer of Riley Hospital for Children at Indiana University Health, has been named the hospital’s president and CEO. Riley was left with a sudden leadership vacuum in late spring after CEO Dan Fink resigned, followed three weeks later by the departure of Chief Operating Officer Brett Lee to another hospital. Since then, Riley’s chief nursing officer, Marilyn Cox, has been serving as interim CEO. She will return to her role in nursing administration. Sperring graduated from Emory University in Atlanta and did his medical training at the Vanderbilt University School of Medicine in Nashville, Tenn.
MAURER: Ideas worth testing when risk is nil
Most economic development programs are crafted in such a way that no benefits are paid unless promises are kept.
LOU’S VIEWS: Indianapolis Opera production takes wing
Unfamiliarity breeds appreciation at intimate double bill: “A Water Bird Talk” and “Bon Appetit!” paired at Basile Opera Center.
Civic leaders urge Ballard to tackle woes facing urban core
Community leaders are coalescing around a three-prong strategy to attract residents and capital to neighborhoods from just outside downtown to the borders of Interstate 465. It’s not yet clear whether all the initiatives will have the full support of Indianapolis Mayor Greg Ballard.
Obscure not-for-profit covering shortfalls in Carmel
The Carmel City Center Community Development Corp. has emerged as a key player in the city’s burgeoning downtown. The not-for-profit 4CDC last month gave the performing arts center $1 million to cover its operating expenses, and it’s expected to provide another $4.5 million through June 30.
BENNER: Cowardly silence brings shame to Happy Valley
As horrific as the allegations are, just as horrendous are the alleged inactions of Penn State officials and Paterno himself.
Sign-company owner builds full-service firm on trust
Beverly Miller has built a successful sign company by providing clients full service, from helping them navigate city code regulations, to designing, manufacturing, installing and servicing their signs.
Study: IU med school, hospitals boost Indiana economy
A new study says biomedical research at the Indiana University School of Medicine and its partner hospitals pumped about $370 million into Indiana's economy in 2009.
LEADING QUESTIONS: Sales training guru takes own advice
What lessons in salesmanship and humility did Paul Lushin learn as an Indianapolis police officer? What common mistakes do managers make? When should they give employees the reins?New York orders WellPoint to make refunds for overcharges
WellPoint is among 11 insurers ordered to refund money to almost 600,000 New Yorkers who were charged too much for health insurance.
Experts discuss Super Bowl XLVI in Indianapolis
Figures who played key roles in attracting the big game and for making the event a success share their insights.
Outsider appeal, moderate stance helped Ballard win
Mayor Greg Ballard maintained an appeal as a political outsider and moderate Republican that drew enough Democratic support to secure him a second term Tuesday, experts said.
EnerDel parent dismantles executive team
Ener1 Inc., the struggling parent company of Indianapolis-based advanced-battery maker EnerDel, continued its tumultuous year by naming a new CEO, president and chief financial officer.
Mayoral roundup: Republicans dominate elections
A Republican Party tally gives the GOP a 61-54 majority over Democrats among the state's mayor's offices — a shift from a 68-48 Democratic lead.
New Indiana commerce chief focuses on small companies
The new head of the Indiana Economic Development Corp. says the agency is turning its focus to smaller companies and getting them to relocate to the state so they can build their roots.
Central Indiana cities hope for lift from Super Bowl
Hotel operators in Kokomo and Muncie are among those who’ve seen signs the game in Indianapolis will improve their business.
Company news
Witham Health Services is constructing a clinic in Lebanon to house a satellite branch of the Indiana University Eugene and Marilyn Glick Eye Institute. The 4,000-square-foot facility, to open in January, will offer a range of vision care, including eye exams, fittings for new glasses and contacts, as well as cataract surgeries. The clinic primarily will be staffed by Dr. Daniel Spitzberg and Dr. Melanie Pickett, both professors at the IU School of Medicine’s department of ophthalmology. They initially will see patients several days a week, but hope to gradually increase to offer daily service. “We believe that receiving treatment close to home has a significant impact on the overall health of a patient—and this will help bolster that,” said Ray Ingham, CEO of Witham Health Services.
The British Supreme Court ruled in favor of Maryland-based Human Genome Sciences Inc. in its dispute with Indianapolis-based Eli Lilly and Co. over the validity of a patent for a gene sequence that could be used to treat people with autoimmune diseases. Lilly has made autoimmune diseases one of its key areas of research. Lilly had persuaded a U.K. judge in a previous hearing to revoke the patent on the basis that Human Genome’s list of potential uses for the gene was too vague. The court decision affects patent rights in the United Kingdom, but necessarily throughout Europe. Lilly maintains the patent is invalid and is “exploring available avenues to make its case,” the company told Bloomberg News in a Nov. 2 e-mailed statement. “Human Genome Sciences seek to foreclose a whole area of research in a way that is not only harmful to the industry, but would ultimately and unjustifiably hinder the future development of new medicines,” it said.
The Indiana Alzheimer Disease Center at the Indiana University School of Medicine will get $9.1 million over the next five years from the National Institutes of Health. The funds mark the fifth consecutive five-year grant the Alzheimer Disease Center has received from NIH to support research to understand the causes and potential treatments for Alzheimer’s and other forms of dementia. It is the center's largest grant to date. The IU center is one of 29 similar centers around the country funded by the NIH. Alzheimer’s and other dementias afflicted 36 million people worldwide in 2010. That number could triple in the next four decades as the size of the world’s elderly population surges, according to a report from Alzheimer’s Disease International. Scientists are unsure what causes Alzheimer’s and there is no effective treatment.