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Lilly’s path to redemption: Turn new drugs into sales
This year will be ugly for Eli Lilly and Co., after the recent loss of two blockbusters, but it also gives Lilly an opportunity it hasn’t really had for nearly a decade: grow sales and profit by launching new drugs.
Indy political, business leader Beurt SerVaas dies at 94
SerVaas was elected to the City-County Council in 1962 and served for more than 40 years, including 27 as council president. He was one of the architects of Unigov, the consolidated city-county government plan credited with revitalizing Indianapolis.
People
Community Health Network named Ron Thieme, the former CEO of AIT Laboratories, its chief knowledge and information officer. Thieme, who served on Community’s board of directors, succeeded AIT founder Michael Evans as CEO of the medical lab business in 2012 but was then replaced by Evans later that year. Thieme holds bachelor’s, master’s and doctoral degrees from Purdue University.
Dr. David Crabb has been named the new chief of internal medicine at Eskenazi Health, replacing Dr. William Tierney, who remains CEO of the Indianapolis-based Regenstrief Institute Inc. Crabb, an internist and gastroenterologist, has been on the Indiana University School of Medicine faculty since 1983. He holds a bachelor’s degree from Purdue University and a medical degree from the IU medical school.
Community Physician Network named Dr. David Kiley senior specialty care medical director. Kiley, an OBGYN, also serves as vice president of clinical performance for Community’s north region. He holds a medical degree from the IU School of Medicine.
Company news
Ronald Reed, the owner of an Indianapolis-based medical equipment business Benchmark Mobility Corp., has been indicted for bilking $442,688 from Medicare and for Medicaid fraud. Benchmark sold powered wheelchairs, scooters, lift chairs and hospital beds to patients and then billed Indiana Medicaid and federal Medicare programs for reimbursement. The indictment, announced Jan. 29 by U.S. Attorney Joe Hogsett, alleges that Reed, 46, submitted medical claims to Medicare and Medicaid for used medical equipment he purchased online, while claiming it was new. According to a statement from Hogsett’s office, Reed often purchased the used equipment on websites such as eBay and Craigslist. He then allegedly instructed Benchmark employees to change serial numbers and take other actions to hide the fraud. Reed also has been charged with 13 counts of aggravated identity theft for allegedly using a Medicaid recipients' identification without permission as part of the scheme.
Revenue and profit rose 13 percent in the fourth quarter at Dow AgroSciences LLC, buoyed by strong sales of crop-protection products. The Indianapolis-based manufacturer of agricultural products, a unit of Michigan-based Dow Chemical Co., reported profit of $177 million on revenue of $1.8 billion. Revenue from Dow’s crop-protection products grew 11 percent, driven by higher sales of herbicides in North America and Latin America.
WellPoint Inc. profit fell sharply in the fourth quarter but met analysts’ projections, the company announced Jan. 29. The Indianapolis-based health insurer earned $148.2 million, or 49 cents per share, down 68 percent from the same period in 2012. A big part of the decline was the $164.5 million after-tax charge WellPoint recorded from the sale of its 1-800-Contacts subsidiary to a private equity firm. Excluding investment results and other one-time charges, WellPoint would have seen profit drop 17 percent from a year earlier, to $261 million, or 87 cents per share. Wall Street analysts expected 87 cents per share, according to a survey by Thomson Reuters. For 2013, WellPoint profit fell 6 percent, to $2.49 billion. Revenue grew nearly 16 percent, to $70.2 billion, as the company enjoyed a full year of contributions from Amerigroup Corp., the Medicaid managed care subsidiary it acquired near the end of 2012.
Indiana plans $75M push to demolish abandoned homes
Lt. Gov. Sue Ellspermann announced the initiative Monday at the Statehouse. She said knocking down blighted and abandoned homes will help maintain property values and cut down on crime.
Size matters: Big hospitals with largest market shares charge highest prices
A new study of 10 cities, including Indianapolis, gives a picture of how big hospitals have been battling with big health insurers over prices—and winning.
Sheriff’s challengers prepare for high-profile political fight
Marion County Sheriff John Layton faces heavy criticism from two challengers, Republican Emmitt Carney and Democrat Mark Brown.
Testosterone drugs under FDA review for heart-attack risk
Testosterone drugs, which make up a growing market for pharmaceutical companies such as Eli Lilly, are getting a closer look from U.S. regulators.
Longtime Simon Property CFO stepping down
Stephen Sterrett joined the predecessor to Simon Property Group Inc. in 1989, before the retailing giant went public in 1993 and eventually became the world’s largest mall developer.
Privacy protection bill up for Indiana House vote
A bill that would restrict law enforcement access to surveillance drones, GPS trackers and unwarranted cellphone searches is up for a vote before Indiana lawmakers.
You-review-it Monday: Super Bowl ads, Vonnegut on stage, and more
What did you think of this year’s Super Bowl ads? Apart from the fact that they were (slightly) better than the game?
Simon purchases Long Island land from rival Taubman
Simon also purchased the company’s 50-percent stake in Arizona Mills Taubman received $230 million in Simon Property shares and $60 million in cash for the two transactions.
White Lodging investigating security breach
The Merrillville-based hotel chain is investigating a breach that might involve information on thousands of guests.
Indiana residents slow to embrace health exchange
Residents across Indiana are treading lightly when considering buying health insurance through the federal health exchange as they move toward a March 31 deadline to enroll.
Jury acquits music venue manager in 2009 fire
A Brown County jury on Friday acquitted James Bowyer of Morgantown on all charges in his arson trial. He was accused of setting the fire that destroyed the Little Nashville Opry in September 2009.
