Lilly set to fall off second patent cliff
Eli Lilly and Co. on Wednesday will fall off its second “patent cliff” in as many years as its best-selling drug Cymbalta sees its U.S. patents expire.
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Indiana University Health hospitals and doctors could fall out of UnitedHealthcare’s discounted network on Jan. 1 if the two entities don’t come to an agreement by then. IU Health, the state’s largest hospital system, and UnitedHealthcare, the state’s second-largest health insurer, have been unable to come to terms on a new set of reimbursement contracts, according to both organizations. The previous contracts end Dec. 31. Such contracts between health systems and health insurers typically shave 30 percent or more off the list prices charged by hospitals and doctors. In notices sent to local benefits brokers late last month, Minnesota-based UnitedHealthcare said the two organizations are wrangling over a reimbursement hike by IU Health and over how the new contracts will make more of that reimbursement hinge on measurements of clinical quality. The contract dispute could affect the roughly 400,000 Hoosiers that have employer-based or individually purchased insurance with UnitedHealthcare. That represents about 12 percent of the Indiana commercial market.
Medical workers, military personnel, hundreds of volunteers and a platoon of ambulances transferred 149 patients from Wishard Memorial Hospital on Saturday, the final day of service for the facility that dates as far back as World War I. Those patients were moved to the new Eskenazi Hospital, just four blocks away. The new $754 million hospital replaces Wishard as the county-owned hospital in Indianapolis. Construction on the art-filled, 315-bed Eskenazi Hospital began four years ago.
Indianapolis-based Eli Lilly and Co. has joined two other companies to contribute $40 million to an early-stage life sciences venture capital initiative in New York City. New York economic development officials announced the effort to launch more life sciences companies last week. The city of New York will contribute $10 million, according to The Wall Street Journal, and will look to attract venture capital firms willing to put in another $50 million. The initiative hopes to launch 15 to 20 new life sciences companies in New York by 2020. Lilly operates a research and development center in New York focused on cancer, which it acquired in 2008 as part of its purchase of New York-based drug company ImClone Systems Inc. The two other companies contributing money are New Jersey-based biotech company Celgene Corp. and GE Ventures, the venture capital arm of Connecticut-based General Electric Co. The contributions of each company were not disclosed.
Eli Lilly and Co. will end development of the depression medicine edivoxetine as an add-on therapy after the drug failed to meet goals in three Phase 3 studies, according to Bloomberg News. The end of edivoxetine as a potential add-on therapy is another research setback for Lilly, which has had a cancer treatment, ramucirumab, fail in breast cancer patients, and an experimental compound prove unsuccessful in helping people with advanced Alzheimer’s disease. Edivoxetine had been expected to generate $560 million by 2020, said Seamus Fernandez, an analyst with Leerink Swann & Co. The decision to end the development as an add-on therapy will result in a pretax charge of $15 million, or 1 cent a share, in the fourth quarter, Lilly said. The company reaffirmed its 2013 forecasts and said it still plans to return to revenue growth in 2015.
Region registering impressive tech-job gains
Indianapolis’ and Carmel’s work forces were so lacking in high-tech jobs in 2001 that the void led to breakneck-speed hiring over the past 12 years as the cities caught up—faster than almost any other place in the United States.
Lilly depression drug fails to meet goals in studies
Edivoxetine, a derivative of Lilly's Strattera drug for attention deficit disorder, was in the final of three stages of testing usually required for marketing approval by U.S. regulators.
Business veteran to direct Indiana agriculture agency
Ted McKinney, who grew up on a family farm in Tipton County, will replace Gina Sheets, who’s leaving after a year on the job to do mission work in Liberia.
Whitsett pivots to market-rate apartment projects
Next up is a renovation of the vacant Consolidated Building and a redevelopment of the Indianapolis Star headquarters property, both on North Pennsylvania Street. The projects will add 600 market-rate apartments to downtown.
Lilly invests in NY life sciences venture capital initiative
Indianapolis-based Eli Lilly and Co. has joined two other companies to contribute $40 million to an early-stage life sciences venture capital initiative in New York City.
Lilly called likely suitor for Novartis veterinary unit
Novartis AG’s animal-health business is drawing interest from drugmakers including Indianapolis-based Eli Lilly and Co. and Merck & Co. as the Swiss pharmaceutical giant prepares to sell the unit, people with knowledge of the matter said.
Lauth acquires new apartment property in Greenfield
The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.
Company news
The National Science Foundation awarded Indiana University’s Bloomington campus more than $614,000 to recruit, support and retain undergraduate students majoring in astronomy, biology, chemistry, mathematics and physics over the next five years. Nearly 85 percent of the money will be used for student scholarships. The so-called S-STEM Program—Scholarships in Science, Technology, Engineering and Math—aims to put college students on a path to pursue further education and careers in key science and math-based fields. The program also tries to connect students, faculty and local professionals from all the science- and math-based disciplines. “This program focuses on the development of a community of STEM scholars who will engage students in preparation for a successful career in these fields,” said IU’s dean of the college of arts and sciences, Larry Singell. The initial round of scholarships will fund students enrolled for the spring 2014 semester.
A federal judge in Indianapolis temporarily blocked restrictions on abortions induced by medicine scheduled to take effect Jan. 1, while a lawsuit filed by Planned Parenthood of Indiana and Kentucky Inc. proceeds. The dispute involves a law passed by the General Assembly this year, which requires abortion clinics that use only medications—not surgical procedures—to add procedure and recovery rooms, as well as surgical equipment. Only the Planned Parenthood clinic in Lafayette meets that description. But the law allows office-based physicians to continue prescribing abortion-inducing medications without adding the additional rooms and equipment. U.S. District Court Judge Jane Magnus-Stinson said Nov. 27 the state had not provided an adequate basis for making such a distinction between abortion clinics and physicians’ offices.
Indiana University Health joined a growing list of businesses and organizations proclaiming public opposition to a proposed state constitutional amendment that would reinforce Indiana’s ban on same-sex marriage. IU Health, the state’s largest hospital system and the state’s fourth-largest employer with about 26,000 workers, said it was taking the position for health-related reasons. “Research has demonstrated that unequal treatment of same-sex couples … adversely impacts their health and well-being,” IU Health said in a prepared statement. “As a leading health care provider in this state, IU Health must support efforts that reduce disparities and improve the overall health and well-being of its patients, their families and the community.” IU Health joined Eli Lilly and Co., Cummins Inc. and Emmis Communications Corp. as major employers opposing the amendment. Indiana, Ball State, Butler and DePauw universities and several other colleges also have voiced opposition. State lawmakers will begin considering the same-sex marriage ban in January. Supporters of limiting marriage to one man and one woman say a constitutional amendment is needed to keep the courts from legalizing gay marriage in Indiana. Thirty states have constitutional amendments banning legal recognition of same-sex marriage, and five others ban it by law.
EDITORIAL: Solid reasons to give thanks
Those of us living in the Indianapolis area certainly have a lot to be thankful for, including these reasons:
Indiana robotics event aims to boost STEM interest
Indianapolis Vex Robotics Competition is designed to buttress science, technology, engineering and math skills.
IU Health latest to voice opposition to marriage amendment
IU Health, the state’s fourth-largest employer, said it was opposing a proposed amendment against same-sex marriage for health-related reasons.
State auditor Sawyer resigns after three months
State Auditor Dwayne Sawyer—former president of the Brownsburg Town Council and the first black Republican to serve in a statewide office—said he was stepping down due to “family and personal concerns.”
MARCUS: Not the time to emphasize our negatives
What is the number one complaint of Hoosier employers? The labor force is outdated. We do not have enough workers with the training and experience to compete with other states and nations.
DANIELS: Fight over marriage amendment is foolish
Indiana has a habit of being a bit behind the curve. In recent years, we have departed from that tradition, moving boldly in education reform, telecommunications reform and economic development. We have been named the fifth-best state to do business, third best in job attraction, and best in the country for international investment.
‘Wedding cake’ house gets new residents after long vacancy, suspected arson
The historic Kemper House on North Delaware Street is no longer vacant, occupied by a couple who would seem to be ideal residents.
Biosciences institute hits $25M fundraising goal
The proposed Indiana Biosciences Research Institute, backed by Eli Lilly, Roche Diagnostics and other life sciences companies, now has $50 million in start-up funds and has started recruiting a CEO.
Company news
Zionsville-based hc1.com Inc. announced an expansion plan Friday that it says will add 62 local jobs by 2017. Hc1.com will spend $1.4 million to lease and equip a 16,626-square-foot headquarters at Northwest Technology Park. Founded in 2001 as Bostech Corp., hc1.com sells health care relationship-management software to medical labs and radiology practices. The firm already has 80 employees, including 70 in Indiana. Brad Bostic, who co-founded ChaCha Search Inc., is the CEO. The Indiana Economic Development Corp. offered hc1.com up to $1 million in conditional tax credits and up to $100,000 in training grants based on the company's job-creation plans. Boone County approved additional incentives.
Eli Lilly and Co. will invest another $700 million in its diabetes manufacturing capacity, the Indianapolis-based drugmaker announced last week. The move includes a $45 million investment for Lilly's operations in Indianapolis on top of a $400 million investment the company announced over the past year. Lilly is expanding plants in Puerto Rico, China, France and at its headquarters in Indianapolis. According to Bloomberg News, China alone will see a $350 million buildup that will enable Lilly to produce more insulin cartridges for reusable devices. Lilly announced a year ago that it would build a $140 million insulin-cartridge plant in Indianapolis, then decided in April to spend another $180 million to more than double the size of the facility. In addition, Lilly is planning several other projects for its local operations totaling $80 million, including a $40 million product-inspection center. The number of diabetics worldwide is projected to grow to 592 million in 2035 from 382 million this year, according to a report released Thursday by the International Diabetes Federation. The report found that 80 percent of diabetics live in low- or middle-income countries.
Arcadia Developmental Center in Hamilton County has been closed by state authorities, resulting in the end of employment for 100 workers. New Age Healthcare LLC, which oversees the center, notified the Indiana Department of Workforce Development of the closure Nov. 11, according to a letter posted online Friday by the IDWD. Arcadia said the Division of Disability and Rehabilitative Services had ordered an immediate transfer of its residents to other service providers on Nov. 11. The state recently cited the facility for violations regarding infection control and other problems. The center, which was founded in 1998, began laying off employees Nov. 12 and expects to be finished by Dec. 31.
Health care has priced itself out of its own market
It’s no secret the growth of the U.S. economy slowed in the 2000s after the go-go decade preceding it. But the U.S. health care system—hospitals, doctors, drug companies, device makers and health insurers—apparently didn’t get that memo.