Fifth Third helping to educate fifth-graders
Fifth Third’s local president, Nancy Huber, said the bank is awarding $60,000 to Junior Achievement to create a student bank.
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Even though St. Louis-based Ascension Health cut nearly 900 jobs this year from its Indianapolis-based hospital subsidiary, St. Vincent Health, it wants to add 549 more to its service center here by 2016. Ascension, the largest Catholic hospital chain in the nation, opened a service center in Indianapolis in June 2011, and has hired 500 people since then. The service center workers perform human resources, purchasing, bill payment and supply chain management for all of Ascension’s hospitals and hundreds of its other health care facilities. As part of the expansion over the next three years, the service center will provide support services to the entire Ascension chain, which includes 150,000 employees at more than 1,900 locations spread over 24 states and Washington, D.C. St. Vincent cut 865 workers at the end of June. The staff cuts, which represented 5 percent of St. Vincent’s total Indiana employment of 17,300, were brought on by lower-than-expected patient volumes, congressional budget cuts and slower-than-expected growth in reimbursement rates. St. Vincent’s announcement was the first of several by Indiana’s largest hospital systems. In October, Indiana University Health eliminated 935 positions. And in October, Franciscan Alliance cut 925 positions. The Indiana Economic Development Corp. offered Ascension up to $4.8 million in conditional tax credits and up to $200,000 in training grants, if Ascension adds all 549 jobs it has promised.
Anthem Blue Cross and Blue Shield, along with most other major insurers, will allow consumers who enroll in health plans through the new Obamacare exchanges 10 extra days to pay their first premiums and still gain coverage effective Jan. 1. That means consumers can wait to make their first payment until as late as Jan. 10. According to Bloomberg News, the Obama administration had asked insurers on Dec. 12 to give customers more time to pay and grant retroactive coverage. A few days of retroactive coverage is common in the health insurance industry. Anthem’s parent company, Indianapolis-based WellPoint Inc., will also let current members buy a new plan in the off-exchange individual market as late as Jan. 10 and still be covered retroactive to the first of the year. Many WellPoint and Anthem customers whose individual policies were canceled because the policies did not comply with Obamacare’s new rules, were automatically enrolled in a similar Obamacare-compliant plan off of the exchange. But now Anthem is allowing such customers to choose a different plan by the 10th of each month in either January, February or March.
Eli Lilly and Co., Pfizer Inc. and other large drugmakers will keep paying doctors to give talks about their products, leaving GlaxoSmithKline Plc alone for now in its decision to halt such compensation. According to Bloomberg News, United Kingdom-based Glaxo changed its policy after Chinese authorities accused the company of using cash and sexual favors to bribe doctors and health officials to promote product sales. But Lilly and other drugmakers say physicians are still in most cases the best source of information for their colleagues. “Few products in the world are as complex as an innovative medicine,” said Scott MacGregor, a spokesman for Indianapolis-based Lilly. He added that Glaxo’s move won’t change how Lilly does business. New York-based Pfizer, the world’s biggest drugmaker, is “committed to fairly compensating health-care professionals, clinical investigators and institutions for the work they do,” Dean Mastrojohn, a spokesman for the company, told Bloomberg.
No one likes Obamacare
Obamacare has officially arrived, but both conservatives and liberals are calling it awful. That means the real debate over health reform is just beginning.
New owner IU set to unveil plans for shuttered Wishard Hospital campus
The university wants to expand its health services program by using some existing Wishard space and tearing down other buildings and replacing them with modern facilities,
Chicago-based breakfast restaurant coming to CityWay
Yolk has signed a lease to occupy 4,410 square feet in the downtown mixed-use development at Delaware and South streets, and is expected to open in the summer.
Severe weather shuts down business in metro area
Ball State University economist Mike Hicks predicted losses in the tens of millions of dollars from the cost of snow removal, the mobilization of extra manpower, and damages to property.
Lilly forecasts sales, profit drop in face of rival generic drugs
In a warning shot to investors, the pharmaceutical giant says it expects “2014 to be the most financially challenging year of Lilly’s current period of patent expirations.”
Rolls-Royce to cut 400 jobs, most in Indianapolis
The company hopes that employees will accept buyout offers, made to a mix of salaried and manufacturing workers.
Republicans introduce bill to ‘clarify’ marriage amendment
Indiana House Republicans introduced a constitutional amendment to ban same-sex marriage Thursday, along with a supplementary bill meant to address concerns that have led some lawmakers to reassess their votes for the proposal.
Lilly reacquires migraine medicine after encouraging results
Positive results from a Phase 2 trial in patients convinced Lilly to reacquire an experimental migraine medicine. Lilly recorded a charge of $57 million to reflect the purchase price and the costs of further development.
Company news
Positive results from a Phase 2 trial in patients convinced Indianapolis-based Eli Lilly and Co. to reacquire an experimental migraine medicine, which goes by the name LY2951742. Lilly aims to conduct a Phase 3 trial, the last stage of testing before it can submit the drug for market approval. The drug was licensed from Lilly in 2011 by Massachusetts-based Arteaus Therapeutics, a company formed at the same time by venture capital firms OrbiMed and Atlas Venture. Lilly did not disclose the financial terms of its deal with Arteaus. However, Lilly will record a fourth-quarter charge of $57.1 million to reflect the reacquisition costs and Lilly’s assumption of ongoing development expenses of the drug. The drug is one of nine experimental drugs Lilly has licensed to outside firms as a way to share the risk of research and development costs. Lilly calls the risk-sharing arrangement with venture capital firms its Capital Funds Portfolio. The migraine medicine is the first one Lilly has reacquired from a participating venture-backed company.
Eli Lilly and Co. needs new drugs to patch a larger-than-expected hole in its revenue. On Jan. 7, the Indianapolis-based drugmaker revised its 2014 revenue forecast. Instead of its longstanding prediction of $20 billion in revenue, Lilly now expects to bring in between $19.2 billion and $19.8 billion. Wall Street analysts expected $19.6 billion, according to 17 estimates compiled by Bloomberg News. Revenue is falling at Lilly after its U.S. patents on antidepressant Cymbalta expired in December. Cymbalta generated $4.99 billion in 2012, but analysts expect its sales to plummet to $1.43 billion this year, according to Bloomberg. Also in March, Lilly will lose patent protection on its osteoporosis drug Evista. Analysts expect Evista sales to drop to $498.6 million this year from nearly $1 billion annually before. Lilly expects its 2014 profit to range between $2.77 and $2.85 per share. Analysts anticipated $2.78.
WellPoint Inc. plans to unwind one of the deals Angela Braly made late in her troubled tenure as CEO of the Indianapolis-based health insurer. WellPoint agreed to sell online contact lens retailer 1-800-Contacts to Boston-based private equity firm Thomas H. Lee Partners LP. WellPoint will also sell Glasses.com, a subsidiary of 1-800-Contacts, to Milan-based Luxottica Group SpA. WellPoint’s new CEO, Joe Swedish, said he wants to focus on its core insurance business. “As we prepare for the coming changes to the health-care system, we are focused on our core growth opportunities across both our commercial and government business segments,” Swedish said in the statement. “Proceeds from this transaction will support our continued capital deployment strategies.” WellPoint bought 1-800 Contacts from private equity firm Fenway Partners in June 2012 for about $900 million. The purchase added to investor anger against Braly. She left the company two months later.
The Indiana Family and Social Services Administration announced Friday it will add 3,400 people to the Healthy Indiana Plan, a health insurance program for low-income Hoosiers. That’s the number of Hoosiers who had been among the 50,000 on the program’s waiting list who reapplied and were deemed eligible. But state officials said they expect 20,000 Hoosiers to apply for HIP by the end of this year. The program, which had been running at about 40,000 participants, will have its enrollment capped this year at 45,000. Gov. Mike Pence is negotiating with the Obama administration to use HIP to expand coverage to all Hoosiers with incomes up to 138 percent of the federal poverty limit. For now, HIP participants cannot have incomes above the federal poverty limit, which is $11,490 per adult or $23,550 for a family of four.
Lilly needs more R&D successes to counter declining ROI on new drugs
Eli Lilly and Co.’s success at moving an experimental migraine medicine forward by using outside companies and capital is good news for this reason: The fundamental business of Big Pharma drug development is in bad shape.
House panel delays vote on gay marriage ban
Chairman Greg Steuerwald delayed the vote Monday following more than three hours of testimony from supporters and opponents.
Founder selling Bicycle Garage Indy
A dare to quit smoking and ride a bike to the 1980 World's Fair in Knoxville led Randy Clark to launch what would later become a central Indiana cycling and fitness institution. Now, Clark is phasing out his ownership.
State revamps its revenue forecasting after big miss
Growing ranks of dropout workers have nagged the economy throughout its recovery, and now Indiana’s budget forecasters feel they can’t ignore the trend. They recently revised their outlook on state revenue downward, partly because so many Hoosiers stopped looking for jobs.
Same-sex marriage amendment moves to House for vote
The proposed amendment to ban same-sex marriage in Indiana easily passed a House committee Wednesday, setting up the floor debate that Speaker Brian Bosma had promised.
Lilly said to be willing to pay $3.7B for biotech firm
A newspaper says Eli Lilly and Co. is a leading contender to acquire a Massachusetts-based biotech company with a troubled leukemia drug.
Company news
Eli Lilly and Co. is reportedly willing to pay as much as $3.7 billion to acquire a Massachusetts-based biotech company with a troubled leukemia drug, according to the U.K. newspaper The Mail. The paper claims that Indianapolis-based Lilly is the leading suitor for Ariad Pharmaceuticals Inc., along with U.K.-based GlaxoSmithKline plc and Ireland-based Shire PLC. All three firms made “friendly approaches” to Ariad, according to The Mail, and are willing to pay up to $20 per share. Ariad currently has 185.7 million shares outstanding, meaning such a purchase price would total $3.7 billion. The Mail is not a regular source of financial news, and its article bases its report on “whispers heard across the Pond” by “dealers.” Lilly spokesman Mark Taylor declined to comment on the rumors.
Hill-Rom Holdings Inc. said it will eliminate about 350 jobs over the next two years as a cost-saving move after the maker of hospital equipment saw profit grow slower than expected. Batesville-based Hill-Rom said 200 of the cuts will occur in the United States, with the balance occurring in Europe. Because the cuts will be made, in part, via a voluntary retirement program, Hill-Rom said it does not yet know how many cuts will occur in Indiana. The U.S. portion of the cuts are scheduled to be complete by the end of March. The European job cuts will play out over the next two years. The cuts, which represent about 5 percent of Hill-Rom’s 6,800 workers, will save the company $30 million per year, boosting profit by about 35 cents per share. Over the past four years, Hill-Rom has already eliminated about 1,000 jobs. “Economic uncertainty for our customers continues to impact the timing and the level of capital spending for our key product categories. The weak order rates in the last two quarters and the volatility over the past year reflect the challenges we continue to experience in our core market,” Hill-Rom CEO John Greisch told investors last week. Hill-Rom reported earnings per share of 22 cents in the three months ended Dec. 31, down 44 percent from the same quarter of 2012. Revenue fell 8 percent from the previous year, to $393 million.
The Indiana Senate passed a bill Thursday that would halt construction on nursing homes. Senate Bill 173 would also prohibit additional comprehensive care beds at existing facilities, according to the StatehouseFile.com, but continuing care retirement homes and assisted living would be exempt from the construction moratorium. “Building new facilities will add more unneeded beds at a time when utilization of skilled nursing facilities is decreasing,” said Sen. Patricia Miller, R-Indianapolis, who authored the bill. The bill now moves to the House for consideration.
The Indiana Medical Licensing Board suspended the license of Dr. Frank Campbell, an Anderson physician linked to drug-related deaths of 31 people. The Herald Bulletin reported the board also fined Campbell $500 on each of the six counts of violating physician regulations filed by state authorities. Campbell can seek reinstatement in a year. Campbell was medical director of the Madison County Community Health Center until the Drug Enforcement Administration questioned him last year over allowing two physician assistants to prescribe controlled substances using prescriptions he pre-signed. Campbell said he trusted the assistants and pre-signed prescriptions for expediency. An Indiana Medicaid Fraud Control Unit investigator submitted a court affidavit saying 31 of Campbell's patients died drug-related deaths since January 2009.
2014 Forty Under 40: Aman Brar
Brar, 37, is president of Apparatus and a rising star in tech circles.