Author: Peter

Florida has reached more than $878 million in settlements with CVS Health Corp and three drug companies to resolve claims and avert a trial next month over their roles in fueling an opioid epidemic in the third most populous U.S. state...CVS will pay $484 million, Teva Pharmaceutical Industries Ltd will pay $194.8 million, Abbvie Inc's, Allergan unit will pay $134.2 million and Endo International Plc will pay $65 million, Florida's attorney general Ashley Moody said in a statement...Most of the money will be spent on opioid abatement. Teva will also provide $84 million of its generic Narcan nasal spray...READ MORE

Over the past few years, Jonny Griffis has invested millions of dollars in his legal marijuana farm in northern Michigan, which produces extracts to be used in things like gummy bears and vape oils...But now that farm — like many other licensed grows in states that have legalized marijuana — faces an existential threat: high-inducing cannabis compounds derived not from the heavily regulated and taxed legal marijuana industry, but from a chemical process involving less strictly regulated, cheaply grown hemp...At the center of the issue is THC, marijuana’s main intoxicating component. While marijuana and hemp are the same plant — cannabis — the distinction between the two is a legal one, and comes down to the amount of THC in the plant, specifically the amount of a type of THC called delta-9...People exploiting what they see as a loophole in the law have taken that hemp, extracted a non-intoxicating compound called CBD, and chemically changed it — generally by the addition of solvents and heat — into various types of impairing THC...READ MORE

Less than three weeks after two companies sued Moderna, claiming the vaccine maker infringed on their patents in developing its COVID-19 shot, Alnylam has done the same, suing Moderna and Pfizer in separate lawsuits...In...federal court, Alnylam filed claims against the two COVID-19 vaccine producers alleging that more than a decade ago it invented the delivery technology employed by both shots...Alnylam says its Patent No. 11,246,933 covers “a breakthrough class of cationic biodegradable lipids used to form lipid nanoparticles that carry and safely deliver” mRNA-based vaccines...Alnylam is not attempting to halt production of the vaccines, it is seeking damages for the “defendants’ wrongful acts in an amount to be determined at trial” and royalties...READ MORE

Two co-founders of a Taiwan biotechnology company were sentenced Tuesday for plotting to steal trade secrets from Genentech in a $101 million scheme...Racho Jordanov, former CEO of JHL Biotech Inc., and former chief operating officer Rose Lin were sentenced in San Francisco federal court to a year and a day each in federal prison...They pleaded guilty last year to conspiracy to commit trade secret theft and wire fraud...JHL Biotech, now known as Eden Biologics, Inc., is a biopharmaceutical startup based in Taiwan. According to plea agreements, between 2011 and 2019, Jordanov used confidential Genentech information from ex-Genentech workers he hired to speed up and reduce costs for producing generic versions of products made by the South San Francisco-based company...READ MORE

Walmart is the latest retailer with plans to stop selling cigarettes. Cigarettes are being removed from Walmart in various markets, including some stores in California, Florida, Arkansas and New Mexico...In 2019, Walmart, which has around 5,000 stores in the United States, raised the minimum wage to buy tobacco to 21 years old and stopped selling e-cigarettes. Sam's Club, owned by Walmart, has also stopped selling cigarettes at most of its stores in recent years, according to the report...READ MORE

Sister hospital to Northern Nevada Medical Center is the first new full-service hospital to open in the city of Reno in more than a century...Nearly two-and-a-half years since breaking ground, Reno’s newest full-service hospital is on track for a spring opening...Northern Nevada Sierra Medical Center received its certificate of occupancy on Friday, which means it can now start moving equipment into the hospital...The facility...will add 170 hospital beds to an area that has seen strong growth...To commemorate the latest milestone in the project, the center is holding a pre-opening event this Monday for select guests...READ MORE

A new internal state audit raps the Department of Corrections for overcharging prisoners on supplies and medical co-pays, high overtime costs in the director’s office during the pandemic, and lax oversight on how it assigns state-owned vehicles to staff...Citing an outstanding $10 million debt owed by released prisoners for charges such as court fees and medical costs, the auditors recommended setting “a reasonable medical co-pay” for inmates. The department now charges $8, more than twice the national average of $3.47, auditors found. In its audit response, the department said it would propose dropping the copay to $2...READ MORE

The Nevada Supreme Court ruled...that the state’s public records law does not require the disclosure of drug pricing information that could violate a federal trade secrets law, affirming a lower court ruling...Weighing laws and regulations that allow businesses to keep competitive records confidential, the court’s order limits the public release of information on high insulin prices, including the cost of producing diabetes drugs, administrative expenses and profits reaped by drug companies...The dispute over drug transparency records stems from a 2017 law...The statute required diabetes drug manufacturers and other companies involved in pricing, known as pharmacy benefit managers, to disclose information about pricing for insulin...READ MORE

Thirty five generic drugmakers around the world will make cheap versions of Pfizer Inc's highly effective COVID-19 oral antiviral Paxlovid to supply the treatment in 95 poorer countries, the U.N.-backed Medicines Patent Pool said...Pfizer struck a deal...with the group to allow generic drugmakers to make the pills for 95 low- and middle-income countries...Paxlovid is expected to be an important tool in the fight against COVID-19 after it reduced hospitalizations in high-risk patients...Merck, on its own and through the MPP license, has deals with dozens of drugmakers to make its pill...available in some countries...Read More

Multiple sources confirmed with This Is Reno there are numerous allegations facing Renown and the hospital’s now former-CEO Tony Slonim. Slonim was fired for cause...as part of an investigation...Allegations range from sexual harassment, unethical behavior by top executives, financial mismanagement and an organizational culture rife with dysfunction and employee mistreatment. The investigation has not concluded, two sources said...READ MORE