Medicare's decision to slash the cost of wound-care products is shoving the regenerative medicine company Organogenesis toward a major restructuring, with the CEO conceding to staffers that "heart breaking" cuts will be required to adjust to the new price schedule.
The Obama administration says Medicare drug discounts have saved U.S. recipients $8.9 billion so far in prescription drug costs. Of course, the more they save, the less drugmakers earn, since they are the ones having to pony up the discounts, which the Obama administration is looking to make even larger.
As the government searches for ways to limit Medicare spending, it may eye a new report that says in some regions, older patients don't get the drugs they need--and others are getting drugs that can be dangerous to their health. Prescription drug use among Medicare patients and spending by region is wildly inconsistent, it says, and in some cases, the health status of patients in the region has little to do with it.
The U.S. Department of Justice has turned its attention to a Kentucky hospital in its ongoing quest to crack down on the excessive use of cardiac stents. Depending on the outcome, the action could threaten the bottom line of stent manufacturers who are struggling with a stagnant market. Hospitals fearing federal scrutiny may reduce those procedures considerably.
Myriad Genetics' stock dropped 9% on Sept. 30, driven down by investors reacting to what appeared to be a proposed 48% Medicare reimbursement cut for one of the company's signature cancer diagnostic tests. The reduction turned out to be a bogus number generated by a clerical error.
The Centers for Medicare & Medicaid Services' final decision on Eli Lilly's Alzheimer's imaging agent Amyvid, after appeals from Lilly and patient groups, is that Medicare won't pay for Amyvid-aided brain scans outside of clinical trials.
A bill reintroduced in the House of Representatives this week would, in part, modernize how Medicare reimburses medical diagnostic tests.
A bill reintroduced in the U.S. House of Representatives this week would, in part, modernize how Medicare reimburses medical diagnostic tests. And a major industry group is throwing its support behind the measure.
The New York Times recently found out that different patients treated in a recent food-poisoning event paid prices that ranged over hundreds of dollars for basic IV saline solution. More surprising is that the Medicare-approved rate for a liter of saline that can end up at $90 starts at $1.07 a liter.
Navidea Biopharmaceuticals has convinced Medicare to expand reimbursement for its Lymphoseek diagnostic aid, and the company locked down a manufacturing agreement with Siemens to cover its in-development Alzheimer's imaging tool.