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Gaffes to avoid while doing global business
From baring the sole of one’s shoe to giving a time piece and chilling the wine, opportunities to offend abound.
WESTERHAUS-RENFROW: Crime undermines Indy’s many advancements
In his recent State of the City address, Mayor Ballard expanded on a familiar theme of making Indianapolis a more livable city, one that can build on its unique amenities to attract middle- and upper-income residents back into Marion County and even the old city limits.
Company news
Dow AgroSciences LLC predicts its $7 billion in annual sales will double over the next five to 10 years as it launches 13 new products by 2018. The biggest of those products is expected to be its Enlist Weed Control System, which is set to hit markets in 2015. Enlist kills weeds that have grown resistant to glyphosate, the active ingredient in the popular Roundup herbicide developed by competitor Monsanto Co. The new products stem from a bevy of R&D activity at Dow Agro’s headquarters at West 96th Street and Zionsville Road. The company had nearly 3,500 patents worldwide at the end of 2013, up from 2,800 just a year earlier, according to Securities and Exchange Commission filings. The global market for agricultural technology is valued at $100 billion and is set to explode as the human population swells from the current 7 billion to an anticipated 9 billion by 2050.
The University of Indianapolis is negotiating with developers to finance a $22 million to $30 million health sciences center adjacent to its south-side campus. UIndy would be the main tenant in the 134,000-square-foot building, which is slated to open in August 2015 on the southwest corner of Hanna and State avenues. UIndy officials declined to name the developers it is talking to, but said it would select one this spring. In addition, UIndy plans to release a request for proposals at the end of March to health agencies or hospital systems to potentially open clinical space in the center or operate a partnership with the university to study and improve health disparities in the city and state. On a parallel track, UIndy is talking to other health care providers about opening a presence in the new building. According to UIndy President Robert Manuel, the school has had talks with one provider that operates 250 clinics around the Midwest. Roughly 34,000 square feet of the building is earmarked for those partners, Manuel said.
Empagliflozin, a diabetes pill developed by Eli Lilly and Co. and Boehringer Ingelheim GmbH, was rejected by U.S. regulators because of unresolved manufacturing deficiencies at a German plant, Bloomberg News reported. The U.S. Food and Drug Administration inspected Boehringer’s Ingelheim am Rhein facility in 2012 and warned the company of the faults in May 2013. No new clinical studies will be needed to approve the drug. The FDA re-inspection of Boehringer’s plant is continuing, said company spokeswoman Emily Baier. It could take up to six months after the inspection for the FDA to decide whether the problems have been fixed. Empagliflozin is part of a class of drugs that includes Johnson & Johnson’s Invokana and AstraZeneca Plc’s Forxiga. The drugs help the body get rid of sugar through the kidneys. The Lilly-Boehringer drug is projected to reach sales of $295 million for Lilly in 2019, according to analyst estimates compiled by Bloomberg.
A moratorium on the construction of nursing homes in Indiana is now in a legislative conference committee, where lawmakers will seek a compromise between a five-year Senate version and a one-year version passed by the House. Rep. Tim Brown, R-Crawfordsville, said the moratorium called for in Senate Bill 173—through June 30, 2015—would save money for the state, as well as nursing home facilities, according to The Statehouse File. Hospitals and facilities with fewer than 10 beds would be exempt from the moratorium. The bill would not affect assisted-living homes or the transfer of Medicaid beds. Brown said Indiana's nursing homes aren’t full and that the state is paying a part of those fixed costs. But Rep. Todd Huston, R-Fishers, called the bill an “over-the-top solution to a market-based problem.”
Health insurers such as Indianapolis-based WellPoint Inc. and Louisville-based Humana Inc. stand to receive $5.5 billion next year to cover losses from Obamacare in a program the law’s opponents label a bailout, according to Bloomberg News. The money, outlined in President Barack Obama’s proposed budget for the fiscal year that begins in October, is designated to help insurers who find the cost of the law higher than expected, based on the percentage of older, sicker people who sign up compared with younger enrollees. Under the Patient Protection and Affordable Care Act, insurers who record a profit of 3 percent or more on their Obamacare business would put some of the gains into a government-controlled fund. Companies whose claims cost at least 3 percent more than their premium revenue can access the money. The administration expects to collect enough from profitable insurers to cover the costs of payments to other companies in the risk corridors program, Emily Cain, a spokeswoman for the U.S. Office of Management and Budget, said in an email.
Dow AgroSciences nears jackpot from genetic engineering
Dow AgroSciences LLC is spending millions of dollars and racking up hundreds of patents as its expands ever deeper in the burgeoning global market for genetically modified crops and pesticides.
Lilly diabetes drug rejected by FDA over manufacturing issue
The Lilly-Boehringer drug empagliflozin is projected to reach sales of $295 million for Lilly in 2019, but it won’t be able to sell it until issues are resolved at a German plant.
IU prof DiMarchi to join Inventors Hall of Fame
Richard DiMarchi is being honored for his work on Eli Lilly and Co.'s Humalog, which has been used by millions around the world to address the complications of diabetes.
Company news
One of Eli Lilly and Co.’s experimental diabetes drugs was as effective at lowering blood sugar levels as Victoza, the leading drug on the market. Indianapolis-based Lilly said its drug dulaglutide showed “non-inferiority” when tested against the strongest dose of Victoza, a best-selling drug for Type 2 diabetics made by Denmark-based Novo Nordisk A/S. The study of 599 patients examined the effect on hemoglobin A1c scores, a measure of diabetes control. Lilly said it would wait to disclose detailed results of its Phase 3 clinical trial of the two drugs until scientific meetings later this year. But the result is good news for Lilly, which is counting on dulaglutide and a few other drugs it plans to launch this year to rejuvenate its sales after the patent expiration in December of its top-selling drug, Cymbalta. Before the latest study, Wall Street analysts predicted dulaglutide could achieve $1.5 billion a year in sales. Victoza generated $2.1 billion in 2013 sales for Novo Nordisk, according to data compiled by Bloomberg, and was the top seller in its class. Dulaglutide has already proved itself superior to other diabetes drugs, including metformin, Byetta and Januvia, in clinicial studies announced last year. Dulaglutide has been submitted to U.S. regulators for approval, with a decision expected by September.
Pharmacists would be able to substitute an interchangeable biosimilar drug for a prescribed name-brand product under a bill passed by the Indiana House of Representatives last week. The bill now moves to the Governor’s Office for consideration. The legislation, authored by Sen. Brandt Hershman, R-Buck Creek, creates a series of steps to ensure the safety of automatic substitution of biosimilar medications. Senate Bill 262 includes five principles supported by BIO, the Biotechnology Industry Organization. Biosimilar drugs are generic versions of biotech drugs, which are developed from organically produced proteins. Traditional pills are synthesized from chemicals.
Louisville-based KentuckyOne Health, a hospital system that employs more than 14,000 people in Kentucky and southern Indiana, has laid off about 500 people to help reduce a $218 million deficit, according to the Associated Press. In addition, the company said it would not fill 200 job vacancies, to further reduce costs. Hospital systems across the country have begun slashing work forces to reduce bloated budgets after years of aggressive building, while adjusting to lower Medicare reimbursement and reductions in Medicaid funding.
KOEHLER: Put mass transit to real-world test
An entrepreneur, risking personal wealth, would approach the problem from a different angle.
MAURER: Corporate muscle lifts Indiana
Companies are part of broad coalitions that have saved us from wrong-headed legislation.
Lilly diabetes drug matches competitors’ effectiveness
The Indianapolis drugmaker said dulaglutide performed as well as Victoza, a best-selling drug for Type 2 diabetics made by Denmark-based Novo Nordisk. Analysts think dulaglutide could reach annual sales of $1.5 billion.
Life sciences jobs pack 2-for-1 punch
While life sciences companies don’t rack up huge jobs numbers, their relatively high pay means that every job they create is worth two in the rest of the private sector.
Company news
Online physician visits could become far more common in Indiana this year under a bill pending in the General Assembly. House Bill 1258 would allow the large health insurer Anthem Blue Cross and Blue Shield to launch a pilot program using the Live Health Online technology it has developed with Massachusetts-based software firm American Well Corp. The technology—which allows doctors to make virtual house calls via a Skype-like video and chat portal—would expand access to health care by making physicians available at odd hours and to patients in far-flung areas. The pilot would be conducted by primary care physicians at Indianapolis-based American Health Network, a large primary care physician practice. The pilot could last as long as six months and would involve at least 200 online visits. After the pilot phase, the Medical Licensing Board of Indiana then would be able to decide whether to expand online visits statewide and under what restrictions, if any. Since 2003, the Medical Licensing Board has restricted those visits to patients and doctors who have had an in-person encounter. HB 1258 would remove that restriction, allowing doctor-patient consultations where no relationship existed.
Eli Lilly and Co. will acquire all assets of Germany-based Lohmann SE and its subsidiary, Lohmann Animal Health. The assets include vaccines and feed additives and manufacturing sites in Cuxhaven, Germany, and Winslow, Maine. No terms were released, but Indianapolis-based Lilly said Monday that its 2014 earnings forecast will be trimmed due to acquisition costs. Lohmann Animal Health had sales of $342 million in fiscal 2012. It has about 600 employees in more than 30 countries. In November, Reuters reported that Boehringer Ingelheim was considering an offer for Lohmann Animal Health estimated at $535 million. Lilly said the acquisition will significantly increase the ability of its Elanco Animal Health subsidiary to make vaccines. Competing in that market is a "cornerstone" of the subsidiary's long-term strategy, the company said. The deal is expected to close in the second quarter.
A panel of House lawmakers Feb. 20 approved a one-year ban on construction of nursing homes, according to the Associated Press. The measure passed the Ways and Means Committee 12-7. The Senate authors of the measure originally sought a five-year moratorium, but Ways and Means Chairman Tim Brown, R-Crawfordsville, suggested the length be trimmed to give lawmakers time to decide if a ban is needed. The ban is at the center of an ongoing debate between the state's existing nursing homes and developers leading a wave of construction across the state.
The University of Indianapolis plans to spend $50 million over five years on major construction projects. The bulk of the money will be spent on a 134,000-square-foot health sciences center, which will provide training space for UIndy’s nursing, physical therapy and other health care students, as well as for a community health care facility. Over the next two years, the UIndy will also renovate its Krannert Memorial Library, replace its Campus Apartments on Shelby Street with newer housing options and expand its science labs. UIndy also plans to hire additional faculty for key programs and launch men’s and women’s lacrosse teams.
Shares of Eli Lilly and Co. rose last week after the Indianapolis-based drugmaker revealed that an experimental drug boosted overall survival among lung cancer patients in a large Phase 3 trial. When ramucirumab was applied to non-small cell lung cancer, along with a traditional chemotherapy drug, it showed a statistically significant extension of the time of overall survival when compared with patients who only took the chemotherapy drug, Lilly said Feb. 19. The company plans to submit ramucirumab for market approval with the U.S. Food and Drug Administration later this year. The drug has already shown positive results as a treatment for gastric cancer, and Lilly is studying the drug as a liver cancer treatment as well. Wall Street analysts have modest expectations for ramucirumab. Bernstein Research analyst Tim Anderson expects sales next year of $167 million, ramping up to $669 million by 2020.
Lilly acquires animal health business, lowers forecast
Eli Lilly and Co. is buying a privately held, poultry-vaccine maker based in Germany to strengthen its Elanco animal health subsidiary.
Chamber recommends IPS explore selling real estate
Indianapolis Public Schools should immediately consider selling five of its buildings and work with IndyGo to transport students, according to a study by the Indianapolis Chamber of Commerce.
HEALTH CARE
Shares of Eli Lilly and Co. rose as much as 4.6 percent on Feb. 19 after the Indianapolis-based drugmaker revealed that an experimental drug boosted overall survival among lung cancer patients in a large Phase 3 trial. When ramucirumab was applied to non-small-cell lung cancer, along with a traditional chemotherapy drug, it showed a statistically […]
Office space shrinking in Indianapolis area
Technology and work habits are prompting firms to squish space allotted to workers.
Lilly drug shows promise as lung cancer treatment
Shares of Eli Lilly and Co. rose as much as 3.8 percent Wednesday morning after the Indianapolis-based drugmaker revealed that an experimental drug boosted overall survival among lung cancer patients in a large trial.