Amazon threatens to sue major pharmacy player if it prevents PillPack from accessing patient drug data

That comprehensive data comes indirectly from Surescripts, an electronic-prescribing company that’s owned by some of PillPack’s potential competitors, including CVS and Express Scripts. This week, ReMy indicated that it would cease working with PillPack in the coming days, people familiar with the matter said. “PillPack does not have an agreement with Surescripts that in any way covers the use of this important Protected Health Information,” the statement said. PillPack, in response, noted that


That comprehensive data comes indirectly from Surescripts, an electronic-prescribing company that’s owned by some of PillPack’s potential competitors, including CVS and Express Scripts. This week, ReMy indicated that it would cease working with PillPack in the coming days, people familiar with the matter said. “PillPack does not have an agreement with Surescripts that in any way covers the use of this important Protected Health Information,” the statement said. PillPack, in response, noted that
Amazon threatens to sue major pharmacy player if it prevents PillPack from accessing patient drug data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: christina farr
Keywords: news, cnbc, companies, remy, week, drug, patient, information, data, pharmacy, surescripts, working, sue, prevents, health, pillpack, player, major, company, threatens


Amazon threatens to sue major pharmacy player if it prevents PillPack from accessing patient drug data

PillPack co-founders TJ Parker and Elliot Cohen.

Just over a year after buying online pharmacy PillPack for $753 million, Amazon is engaged in a bitter battle with an incumbent player in the pharmacy industry, which sources tell CNBC is working behind the scenes to prevent the company from accessing important patient data. PillPack’s pharmacy delivery service relies on its access to an accurate list of its patients’ medications, so it can properly inform them about health and safety risks, uncover any duplicate subscriptions and help them keep up with refills. That comprehensive data comes indirectly from Surescripts, an electronic-prescribing company that’s owned by some of PillPack’s potential competitors, including CVS and Express Scripts. According to two people familiar with the matter, PillPack was informed this week that it will soon be cut off from accessing that data via a third-party entity, ReMy Health — a move that could seriously complicate its business. Amazon is considering legal action against Surescripts to halt those efforts, said the people, who asked not to be identified because the deliberations are confidential. One person told CNBC that PillPack has already sent a cease-and-desist letter to Surescripts. It’s the latest in a string of disputes between Amazon and the established pharmacy companies since its purchase of PillPack in June 2018 — a deal that sent shares of pharmacy owners and pharmacy benefit managers tumbling. Last month, CVS filed a lawsuit against a former employee after he told the company he would be taking a job at PillPack. A judge blocked the employee from working for PillPack for 18 months.

Fighting the FTC

Spending on prescriptions in the U.S. is approaching $500 billion a year, and the industry has long been controlled by a handful of large players, who manage pricing and access to medications. Amazon’s jump into the market poses a serious threat to the status quo by giving the e-commerce giant relationships with health insurers and licenses to ship prescriptions to every state except Hawaii. The current imbroglio shows the tangled nature of the pharmacy web, and how hard the incumbents are working to keep control over data and stem a competitive threat. Surescripts manages about 80% of all U.S. prescriptions. It is such a dominant force that in April, the Federal Trade Commission sued the company, alleging “illegal monopolization of e-prescription markets.” Surescripts said last week that the FTC’s complaint “makes significant factual errors” about its business and the market, and it has filed a motion to dismiss the case. PillPack doesn’t contract directly with Surescripts for patient medication information, but goes through ReMy, which compiles the raw data from Surescripts, cleans it up and offers it to clients through an application programming interface. Because PillPack is not contracting with Surescripts, its communication has been with ReMy. This week, ReMy indicated that it would cease working with PillPack in the coming days, people familiar with the matter said. The companies started working together in 2017, the people said. “PillPack is productively working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience,” said Jacquelyn Miller, a PillPack spokesperson. “While we’re not surprised when powerful incumbents try to undermine these efforts, we are confident that our collaborative approach to bring customers more choice, more convenience, and improved quality will ultimately prevail.” Surescripts said in a statement it’s committed to privacy and security and that medication history “can reveal a lot about an individual’s health status, including the most sensitive of healthcare conditions.” “PillPack does not have an agreement with Surescripts that in any way covers the use of this important Protected Health Information,” the statement said. Suresripts added that its portfolio does not include “any businesses where we are the source of medication history to retail pharmacies.”

Surescripts said its board, which includes executives from CVS and Cigna, became aware of the issue only after an inquiry with CNBC. PillPack, in response, noted that it has contracts in place to manage protected health information as a licensed pharmacy. “Prescription history is only requested upon consent of the customer, and is held to the same data handling standards as all patient health information handled by PillPack,” Miller said. “Further, PillPack is a covered entity, the same as a physician’s office, and is bound by all healthcare privacy laws.”

‘Makes health care more costly’


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: christina farr
Keywords: news, cnbc, companies, remy, week, drug, patient, information, data, pharmacy, surescripts, working, sue, prevents, health, pillpack, player, major, company, threatens


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This health investor shadowed Jeff Bezos and worked for Bill Gates — here’s what he learned

Neupert went on to Microsoft, his second stint at the company, where he led a new health solutions group. From a short time observing Bezos, he learned something that was fundamentally different at Amazon than at Microsoft. “He did what was the best thing for Amazon,” Neupert said. Electronic medical records systems were emerging but only a few large health systems, like Kaiser Permanente, were starting to shift over to vendors such as Epic Systems. One former Microsoft Health colleague, Sean No


Neupert went on to Microsoft, his second stint at the company, where he led a new health solutions group. From a short time observing Bezos, he learned something that was fundamentally different at Amazon than at Microsoft. “He did what was the best thing for Amazon,” Neupert said. Electronic medical records systems were emerging but only a few large health systems, like Kaiser Permanente, were starting to shift over to vendors such as Epic Systems. One former Microsoft Health colleague, Sean No
This health investor shadowed Jeff Bezos and worked for Bill Gates — here’s what he learned Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: christina farr
Keywords: news, cnbc, companies, amazon, jeff, bezos, shadowed, company, health, bill, microsoft, learned, neupert, investor, gates, systems, drugstore, pharmacy, worked, heres, dont


This health investor shadowed Jeff Bezos and worked for Bill Gates — here's what he learned

Jeff Bezos’s ambitions in health care are no longer a secret. Between the Haven partnership with J.P. Morgan Chase and Berkshire Hathaway, his company’s stealthy work in cancer research, investments in health clinics for employees and last year’s $753 million purchase of online drug seller PillPack, the Amazon CEO is openly taking on the $3.5 trillion health-care industry. While most of those developments are very recent, Bezos has had his eyes on this market for over two decades. Nobody knows that better than Peter Neupert, who became CEO of online pharmacy Drugstore.com in 1998, after Bezos recruited him for the job in tandem with Amazon’s investment in the company. It was the beginning of a long relationship between the two and their effort to apply emerging technologies to life sciences. Neupert went on to Microsoft, his second stint at the company, where he led a new health solutions group. He left in 2012 and has since been a sought-after advisor for hospitals, biotech companies and start-ups. “People are often approaching me for solutions,” Neupert, 63, told CNBC in a recent interview. “What I tell them is I don’t always have the right answers, but I do have a lot of scars and I’m happy to share those.” Bezos stepped off Drugstore’s board in 2001, and Neupert left the company three years later. But they’re both engaged, more than ever before, in advancing health care. Amazon is hiring aggressively at PillPack to become a major player in prescription delivery and is exploring a host of efforts to bring down the cost of care. Neupert is on the board of medical lab company LabCorp, as well as Adaptive Biotechnologies, which recently went public, and a couple early-stage ventures. He’s also on the board of trustees at the Fred Hutchinson Cancer Research Center. Meanwhile, Amazon is still a big part of Neupert’s life in other ways — he has two kids and a son-in-law who work at the company’s headquarters in Seattle. That’s where it all started for him 21 years ago.

Jumping to a dot-com

Neupert was working for Bill Gates at Microsoft, where he’d launched the MSNBC network as a joint venture with NBC. He was approached by John Doerr of venture capital firm Kleiner Perkins about a new start-up that aimed to sell prescription medicines, beauty products and over-the-counter drugs online. Doerr, an early Amazon investor and board member at the time, brought Bezos along for the recruiting meeting. “They were looking for someone who could take a 10-page business plan and turn it into a real business at a time when everyone was starting companies,” Neupert recalled. Leaving was a tough call. Microsoft was on a tear and would soon surpass General Electric as the world’s most valuable company, while Drugstore was an idea on a whiteboard backed by a cash-burning dot-com darling. So Neupert asked if he could shadow Bezos for a few days, following him around for conversations with board members, staff meetings and conference calls. Bezos agreed, and Neupert took the job. From a short time observing Bezos, he learned something that was fundamentally different at Amazon than at Microsoft. “I learned quickly from those days that opinions don’t matter,” Neupert said. “Data matters.” Bezos talked about A/B testing (comparing two versions of a design or project), rapid customer feedback and the importance of experimenting and failing. In April 1999, two months after Drugstore announced the investment from Amazon and Kleiner Perkins, Bezos and Neupert appeared together on Charlie Rose. The host asked Neupert why a consumer would rather buy from Drugstore than their local pharmacy.

‘Nobody likes to browse the Preparation H aisle’

“They don’t like waiting in line for the pharmacist up behind the glass counter,” Neupert said. “They don’t like shopping in public for very private things.” Bezos chimed in to say, “browsing for books is fun but nobody likes to browse the Preparation H aisle.” That was followed by a momentary pause and then Bezos’s signature — some say maniacal — laugh. Drugstore survived the dot-com bust but struggled to grow in an extremely fragmented business. Neupert left in 2004, five years before Walgreens bought the company for over $400 million and ultimately shut it down. Along the way, Amazon learned some key lessons that would benefit the company as it pursued a deal with PillPack many years later. One big realization was that the established pharmacy benefit managers (PBMs), the industry middlemen, would go to great lengths to protect the status quo.

Amazon founder and CEO Jeff Bezos in 1997 Paul Souders | Hulton Archive | Getty Images

Drugstore was shut out of the pharmacy business by Medco Health Solutions, one of the largest PBMs at the time, which meant it had no real way of selling prescription drugs. PillPack more recently experienced similar resistance from Express Scripts. Over time, Neupert saw glimmers of Bezos’s ruthless style, which investors and analysts have said is a primary driver to his success. During the dot-com crash, for example, Amazon stopped giving away its email marketing access list to Drugstore and start charging for it. “He did what was the best thing for Amazon,” Neupert said. “I didn’t like it at the time, but I ultimately respected it.”

Second act at Microsoft

After leaving Drugstore in 2004, Neupert wasn’t quite ready to give up on health care. Over the following months, he spent some time in Washington, D.C., paying close attention to regulators and pharmacy lobbyists. He observed how the major players had their own entrenched interests, which created a big problem for medical software. Record-keeping inside large hospitals and doctor’s offices was still run on a combination of paper and homegrown systems. Electronic medical records systems were emerging but only a few large health systems, like Kaiser Permanente, were starting to shift over to vendors such as Epic Systems. So much critical data was siloed. “It struck me that a few thousand people die every year because of adverse drug events, and a lot of that was down to a failure of systems engineering and software design,” Neupert said. That thinking brought Neupert back to Microsoft, where he saw an opportunity to build a business to help the health-care system with that problem. He kick-started a health unit, launching a product called HealthVault for consumers and health providers to aggregate medical information. One former Microsoft Health colleague, Sean Nolan, said the mission was ambitious and ahead of its time. “Peter was always drawn to big ideas,” Nolan told CNBC. “And he was never scared of challenging conventional wisdom.” While it’s still working on that mission today under corporate vice president Peter Lee, the consumer part of the equation failed to get much traction. Microsoft announced in April that it will shut HealthVault later this year. Lee said there are 72 projects he inherited from Neupert. “It’s remarkable how much energy he injected into the health-care space that really never left,” Lee said, in an interview. “It ranges from synthetic biology to radiology imaging. It was comprehensive. It’s surprising to me how much stuff Peter got started.”

Since leaving Microsoft in 2012, Neupert has advised numerous other health-tech companies. And he’s watching from the outside as Amazon battles the industry incumbents. “Bezos deeply understands pharmacy and all its complexities,” Neupert said. When he’s not sitting on boards, cycling or spending time with family, Neupert is often sharing advice with entrepreneurs. One thing he learned from Bezos is to write down your plan or approach to the market in a document and not in a bullet-pointed presentation, because complete sentences and paragraphs don’t leave much room for assumptions and interpretations. “In rapidly growing companies, this is essential for folks to stay on the same page,” he said.

‘Engage the regulators early’


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: christina farr
Keywords: news, cnbc, companies, amazon, jeff, bezos, shadowed, company, health, bill, microsoft, learned, neupert, investor, gates, systems, drugstore, pharmacy, worked, heres, dont


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The House is about to back repealing Obamacare’s unpopular ‘Cadillac tax’ in rare bipartisan vote

The House is scheduled to vote Wednesday on a bill that would scrap Obamacare’s so-called Cadillac tax, an inactive provision of the health law meant to help control health-care spending. The tax, set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class. The “Middle Class Health Benefits Tax Repeal Act of 2019” currently has more than 350 co-sponsors and is expected to pass the Democratic-controlled House on Wednesday afternoon. The pr


The House is scheduled to vote Wednesday on a bill that would scrap Obamacare’s so-called Cadillac tax, an inactive provision of the health law meant to help control health-care spending. The tax, set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class. The “Middle Class Health Benefits Tax Repeal Act of 2019” currently has more than 350 co-sponsors and is expected to pass the Democratic-controlled House on Wednesday afternoon. The pr
The House is about to back repealing Obamacare’s unpopular ‘Cadillac tax’ in rare bipartisan vote Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bipartisan, health, repealing, house, insurance, obamacares, repeal, middle, law, bill, rare, provision, coverage, tax, unpopular, cadillac, vote


The House is about to back repealing Obamacare's unpopular 'Cadillac tax' in rare bipartisan vote

The House is scheduled to vote Wednesday on a bill that would scrap Obamacare’s so-called Cadillac tax, an inactive provision of the health law meant to help control health-care spending.

The tax, set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.

The “Middle Class Health Benefits Tax Repeal Act of 2019” currently has more than 350 co-sponsors and is expected to pass the Democratic-controlled House on Wednesday afternoon. Rep. Joe Courtney, D-Conn., who introduced the bill earlier this year and has spent years trying to repeal the provision in the health law, has said the tax would put workers and their families’ health coverage at risk.

The provision imposes a tax on employment-based health insurance coverage that exceeds certain thresholds — $10,200 for individual coverage and $27,500 for family coverage. All health insurance benefits paid by employers above that amount would be taxed at 40%.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bipartisan, health, repealing, house, insurance, obamacares, repeal, middle, law, bill, rare, provision, coverage, tax, unpopular, cadillac, vote


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WHO declares global health emergency as deadly Ebola outbreak in the Congo spreads

The deadly Ebola outbreak in the Democratic Republic of the Congo has been declared a global emergency by the World Health Organization days after a case of the virus was confirmed in the Congolese city Goma, which borders neighboring country Rwanda. The WHO defines an international emergency as “an extraordinary event which is determined to constitute a public health risk to other states through the international spread of disease and to potentially require a coordinated international response.


The deadly Ebola outbreak in the Democratic Republic of the Congo has been declared a global emergency by the World Health Organization days after a case of the virus was confirmed in the Congolese city Goma, which borders neighboring country Rwanda. The WHO defines an international emergency as “an extraordinary event which is determined to constitute a public health risk to other states through the international spread of disease and to potentially require a coordinated international response.
WHO declares global health emergency as deadly Ebola outbreak in the Congo spreads Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: ashley turner
Keywords: news, cnbc, companies, spread, declares, work, world, spreads, virus, international, drc, emergency, ebola, global, deadly, congo, health, outbreak, tedros


WHO declares global health emergency as deadly Ebola outbreak in the Congo spreads

The deadly Ebola outbreak in the Democratic Republic of the Congo has been declared a global emergency by the World Health Organization days after a case of the virus was confirmed in the Congolese city Goma, which borders neighboring country Rwanda.

So far, more than 1,600 people have died and more than 2,500 have been diagnosed with the virus in the war-torn North Kivu and Ituri provinces of the DRC since the epidemic began in August.

“It is time for the world to take notice and redouble our efforts. We need to work together in solidarity with the DRC to end this outbreak and build a better health system,” WHO director-general Dr. Tedros Adhanom Ghebreyesus said in a statement Wednesday. “Extraordinary work has been done for almost a year under the most difficult circumstances. We all owe it to these responders — coming from not just WHO but also government, partners and communities — to shoulder more of the burden.”

This is the second-deadliest outbreak of Ebola since the West African epidemic that killed 11,310 and infected 28,616 people in Guinea, Sierra Leone and Liberia from 2014 to 2016.

The WHO defines an international emergency as “an extraordinary event which is determined to constitute a public health risk to other states through the international spread of disease and to potentially require a coordinated international response.”

Though there is high risk of the virus spreading regionally, the threat of it developing outside of the area is still low, Tedros said.

The WHO previously declined three times to declare the outbreak as an international health emergency, to the ire of many health experts who warned the virus had a potential to spread across borders. This is the fifth time in history that a global health emergency has been declared.

Responders have been using an experimental vaccine made by New Jersey-based Merck & Co in an attempt to quell the spread of the virus.

More than 140,000 people in the DRC have been immunized so far.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: ashley turner
Keywords: news, cnbc, companies, spread, declares, work, world, spreads, virus, international, drc, emergency, ebola, global, deadly, congo, health, outbreak, tedros


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Philips acquires Boston start-up Medumo to help hospitals communicate with patients

Dutch technology conglomerate Philips has acquired a small Boston-based health-tech start-up called Medumo for its health care business. Medumo uses a combination of email and SMS to deliver instructions to patients, on behalf of its hospital customers. Philips and other traditional health tech providers could face increasing competition with traditional tech giants like Amazon, Apple and Alphabet. Its other major customer is Harvard hospital Brigham Health, which recently raved that Medumo is o


Dutch technology conglomerate Philips has acquired a small Boston-based health-tech start-up called Medumo for its health care business. Medumo uses a combination of email and SMS to deliver instructions to patients, on behalf of its hospital customers. Philips and other traditional health tech providers could face increasing competition with traditional tech giants like Amazon, Apple and Alphabet. Its other major customer is Harvard hospital Brigham Health, which recently raved that Medumo is o
Philips acquires Boston start-up Medumo to help hospitals communicate with patients Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: christina farr
Keywords: news, cnbc, companies, help, communicate, acquires, systems, medumo, patients, boston, care, hospital, tech, philips, hospitals, startup, medical, health, patient


Philips acquires Boston start-up Medumo to help hospitals communicate with patients

Dutch technology conglomerate Philips has acquired a small Boston-based health-tech start-up called Medumo for its health care business.

Medumo uses a combination of email and SMS to deliver instructions to patients, on behalf of its hospital customers. The company, which has fewer than 30 employees, fits into the so-called “patient engagement” trend, which involves providing tools for medical providers to stay in touch with their patients outside of the four walls of the doctor’s office.

For Philips, the acquisition could present an opportunity to build a service for its pre-existing health system customers.

Philips has been on an acquisition streak for its health care portfolio, which includes a variety of products for hospitals, like medical devices, imaging systems and alarm systems to help doctors attend to the most critical patients. Several months ago, it acquired Carestream’s health IT business to add to its radiology informatics business, and it snapped up a handful of other health start-ups in 2018 in areas ranging from sleep and respiratory care to next-generation biosensor technology.

Philips and other traditional health tech providers could face increasing competition with traditional tech giants like Amazon, Apple and Alphabet. These technology companies are all building their own businesses in health care, ranging from consumer-focused smartwatches with health monitoring features to IT systems that are designed to help clinicians fill out patient medical records.

Medumo’s partners include Boston Children’s Hospital, which has said hospitals lose billions of dollars every year due to missed appointments and improper procedure preparation or discharge instructions. Its other major customer is Harvard hospital Brigham Health, which recently raved that Medumo is one of its best start-ups. One of Medumo’s initial applications is to guide patients through a colonoscopy, earning headlines about how it “texts you about your poop.”

Financial terms of the deal were not disclosed.

Phillips sent out an internal memo announcing the deal on Wednesday, but had not disclosed the acquisition publicly.

A spokesperson confirmed, “Philips has signed an agreement to acquire US-based health startup Medumo, which will bring an advanced Diagnostic Patient Management (DPM) offering to Philips’ expanding diagnostic digital services portfolio.”

They added, “With Medumo’s software application aimed to remind and prepare patients for pre-exam tasks, we are enhancing the connection to the patient and their care, while improving operational outcomes for our customers.”

Philips explained that it makes acquisitions as an “add on” to fill in specific gaps in its portfolio.

Medumo, which got its start in 2013, raised a small seed round in 2018. It’s a graduate of the Silicon Valley accelerator program Y Combinator and the MassChallenge health-tech program in Boston.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: christina farr
Keywords: news, cnbc, companies, help, communicate, acquires, systems, medumo, patients, boston, care, hospital, tech, philips, hospitals, startup, medical, health, patient


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Bernie Sanders urges his 2020 rivals to reject pharma and insurance company money

Bernie Sanders plans to crank up the pressure on his 2020 Democratic primary rivals over health care. During a speech Wednesday advocating for “Medicare for All,” the Vermont independent will urge all Democratic presidential candidates to reject money from the insurance and pharmaceutical industries. Sanders has long pushed for a government run, single-payer health insurance system to offer comprehensive coverage to all Americans. By calling on his rivals to reject drug and insurance company mon


Bernie Sanders plans to crank up the pressure on his 2020 Democratic primary rivals over health care. During a speech Wednesday advocating for “Medicare for All,” the Vermont independent will urge all Democratic presidential candidates to reject money from the insurance and pharmaceutical industries. Sanders has long pushed for a government run, single-payer health insurance system to offer comprehensive coverage to all Americans. By calling on his rivals to reject drug and insurance company mon
Bernie Sanders urges his 2020 rivals to reject pharma and insurance company money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: jacob pramuk
Keywords: news, cnbc, companies, rivals, company, urges, bernie, reject, democratic, insurance, industries, singlepayer, pharma, candidates, field, medicare, 2020, health, sanders, money


Bernie Sanders urges his 2020 rivals to reject pharma and insurance company money

Bernie Sanders plans to crank up the pressure on his 2020 Democratic primary rivals over health care.

During a speech Wednesday advocating for “Medicare for All,” the Vermont independent will urge all Democratic presidential candidates to reject money from the insurance and pharmaceutical industries. He will push the field of about two dozen not to “knowingly” accept donations greater than $200 from political action committees, lobbyists or “top executives” for the industries, the Sanders campaign said.

“If we are going to break the stranglehold of corporate interests over the health care needs of the American people, we have got to confront a Washington culture that has let this go on for far too long,” Sanders will say, according to his campaign. “That is why I am calling on every Democratic candidate in this election to join us in rejecting money from the insurance and drug industries. Candidates who are not willing to take that pledge should explain to the American people why those interests believe their campaigns are a good investment.”

Sanders has long pushed for a government run, single-payer health insurance system to offer comprehensive coverage to all Americans. He has contended the system will not only cover more Americans and cut their health costs, but also root out corruption and inefficiencies in the private health industry.

But as a means to stand out in a crowded field, single-payer has lost some of its luster for Sanders as it gains traction within the party. Four of Sanders’ primary competitors — Sens. Cory Booker, D-N.J., Kirsten Gillibrand, D-N.Y., Kamala Harris, D-Calif., and Elizabeth Warren, D-Mass. — co-sponsored the Medicare for All bill he introduced earlier this year.

By calling on his rivals to reject drug and insurance company money, Sanders aims to distance himself again on health care — which voters consistently rank among their top concerns. It also fits into a broader strategy within the Democratic field: Many candidates have railed against large individual contributions or corporate donations, arguing they corrupt the political process.

It was not immediately clear how much the industry executives, lobbyists and PACs have given to 2020 Democratic candidates so far. Candidates filed their financial disclosures for the second quarter, the first major fundraising period for some contenders, earlier this week.

Sanders’ remarks Wednesday come as he faces more pressure over his support for Medicare for All. Former Vice President Joe Biden — who has led most early national and state polls in the race — slammed the single-payer proposal while outlining his health care plan on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: jacob pramuk
Keywords: news, cnbc, companies, rivals, company, urges, bernie, reject, democratic, insurance, industries, singlepayer, pharma, candidates, field, medicare, 2020, health, sanders, money


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Nu Skin shares plunge 14% as China crackdown hits revenues

Shares of Nu Skin Enterprises, which distributes health and beauty products via direct selling, tanked on Wednesday after the company said China’s crackdown on health products is weighing on sales. Nu Skin pre-announced disappointing second-quarter results and slashed its full-year 2019 earnings forecast on Tuesday. The company previously forecast second-quarter revenue between $660 million and $680 million and earnings per share between 91 and 98 cents. Nu Skin also slashed its 2019 full-year e


Shares of Nu Skin Enterprises, which distributes health and beauty products via direct selling, tanked on Wednesday after the company said China’s crackdown on health products is weighing on sales. Nu Skin pre-announced disappointing second-quarter results and slashed its full-year 2019 earnings forecast on Tuesday. The company previously forecast second-quarter revenue between $660 million and $680 million and earnings per share between 91 and 98 cents. Nu Skin also slashed its 2019 full-year e
Nu Skin shares plunge 14% as China crackdown hits revenues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, china, hits, health, revenue, skin, shares, nu, million, secondquarter, crackdown, products, selling, plunge, earnings, share, revenues, 14


Nu Skin shares plunge 14% as China crackdown hits revenues

Shares of Nu Skin Enterprises, which distributes health and beauty products via direct selling, tanked on Wednesday after the company said China’s crackdown on health products is weighing on sales.

The company’s stock fell more than 14% on Wednesday, hitting a new 52-week low.

Nu Skin pre-announced disappointing second-quarter results and slashed its full-year 2019 earnings forecast on Tuesday.

“We are adjusting our guidance for the year primarily due to a reduced revenue outlook in Mainland China following the government’s 100-day campaign to review and inspect the health products and direct selling industries,” said Nu Skin’s CEO Ritch Wood in a press release.

Earlier this year, the Chinese government launched a 100-day campaign to crack down on illegal marketing, specifically in the sale of healthcare products. China represented 33% of Nu Skin’s revenue in 2018 but the increased scrutiny on the direct selling industry resulted in restrictions on sales meetings which ultimately hurt recruitment of new customers.

“Continued restrictions on sales meetings, as well as media scrutiny, have negatively impacted consumer sentiment and contributed to this adjustment,” said Wood.

For the second-quarter, Nu Skin, which is set to report earnings on August 6, said it expects revenue between $622 million and $623 million and earnings per share between 82 and 84 cents. The company previously forecast second-quarter revenue between $660 million and $680 million and earnings per share between 91 and 98 cents.

Nu Skin also slashed its 2019 full-year earnings per share outlook to between $3.20 to $3.35 and revenue between $2.48 billion to $2.52 billion. The company previously forecast earnings of $3.80 to $4.05 a share on revenue between $2.76 billion and $2.81 billion.

“We believe this indicates challenged business conditions will sustain and visibility on any improvement is extremely limited,” Stifel’s Mark Astrachan said in a note to clients.

DA Davidson, which downgraded the stock to neutral from buy and lowered its price target to $38 from $88 on Wednesday, said Nu Skin could not manage through the macroeconomic environment in China, “like it did successfully” in the first-quarter.

Shares of Nu Skin are down more than 40% in the last 12 months and down more than 25% year to date.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, china, hits, health, revenue, skin, shares, nu, million, secondquarter, crackdown, products, selling, plunge, earnings, share, revenues, 14


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Biden argues ‘Medicare for All’ supporters want to get rid of Obamacare

On Monday, Biden released an insurance plan that would expand on the law known as Obamacare. Medicare for All as proposed by Sanders would eliminate the private insurance market, a core piece of Obamacare. But he said he “will not be deterred from ending the corporate greed that creates dysfunction in our health care system.” (Harris later said she misinterpreted the question and supports limited private insurance as a supplement to Medicare for All.) Even though Biden opposes Medicare for All,


On Monday, Biden released an insurance plan that would expand on the law known as Obamacare. Medicare for All as proposed by Sanders would eliminate the private insurance market, a core piece of Obamacare. But he said he “will not be deterred from ending the corporate greed that creates dysfunction in our health care system.” (Harris later said she misinterpreted the question and supports limited private insurance as a supplement to Medicare for All.) Even though Biden opposes Medicare for All,
Biden argues ‘Medicare for All’ supporters want to get rid of Obamacare Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: jacob pramuk, jake novak
Keywords: news, cnbc, companies, health, insurance, private, care, rid, supporters, law, medicare, biden, obamacare, president, plan, argues


Biden argues 'Medicare for All' supporters want to get rid of Obamacare

“I understand the appeal of Medicare for All. But folks supporting it should be clear that it means getting rid of Obamacare, and I’m not for that,” Biden said in a video released by his campaign.

Biden aims to draw a contrast from Democratic primary competitors such as Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., who back a single-payer plan to insure all Americans. He also looks to leverage the increase in Obamacare’s popularity that followed Republican attempts to repeal the health-care law.

On Monday, Biden released an insurance plan that would expand on the law known as Obamacare. The proposal would let Americans buy into a Medicare-like public option, boost tax credits for buying coverage, and give Americans in states that did not expand Medicaid under Obamacare access to the public option without premiums, among other measures.

Joe Biden is casting “Medicare for All” as an effort to ditch the Affordable Care Act as the former vice president tries to distance himself from his 2020 Democratic presidential rivals on health care.

Medicare for All as proposed by Sanders would eliminate the private insurance market, a core piece of Obamacare. But it would create a more comprehensive government-run system. It would cover primary and preventive care, prescription drugs, dental, vision, mental health, substance abuse, maternity, newborn and long-term care with no deductibles or copays.

Medicare for All would not “do away with the ACA in the same way that repeal of the ACA would,” but it “would be a significant change and likely disruptive for certain people who may like the private insurance they have,” said Cynthia Cox, vice president and director for the program on the ACA at the Kaiser Family Foundation. She added that Biden is “trying to walk this line between opposing changes to the ACA from both the right and the left.”

In a Monday tweet appearing to respond to Biden, Sanders said he “fought to improve and pass Obamacare” and “traveled all over the country to fight the repeal of Obamacare.” But he said he “will not be deterred from ending the corporate greed that creates dysfunction in our health care system.”

Sanders also pointed to the fact that former President Barack Obama called Medicare for All a “good” idea last year.

Some Democrats have cast Medicare for All — which could carry a price tag in the tens of trillions of dollars — as too expensive or impractical. Biden sees an incremental approach to policies from health care to college affordability as the best way to defeat President Donald Trump in November 2020.

Biden has led nearly every national and state poll in the Democratic primary, typically followed by some combination of Sanders, Warren and Sen. Kamala Harris, D-Calif. At the first Democratic debate last month, all three of Biden’s top rivals raised their hands when asked if their health-care plan would get rid of private insurance. (Harris later said she misinterpreted the question and supports limited private insurance as a supplement to Medicare for All.)

An NBC News/Wall Street Journal poll this month found 44% of registered voters would support a single-payer system, while 49% would oppose it. Among Democratic primary voters, 72% back such a plan, while 21% oppose it, according to the survey.

At the debate last month, Biden argued the best way to expand coverage is “to build on what we did” during the Obama administration. While Obamacare was unpopular after its 2010 passage, perception of the law has shifted in recent years. In June, 46% of adults approve of the law, while 40% disapproved, according to Kaiser polling.

Voters warmed to Obamacare after nonpartisan estimates showed 2017 GOP attempts to repeal the law could cause tens of millions of Americans to lose coverage. In last year’s midterms, Democrats won control of the House in large part by raising fears about Republicans scrapping Obamacare.

In recent months, Democrats have decried a Trump administration-backed lawsuit that seeks to get rid of the law entirely.

Now, Biden clearly sees promoting Obamacare as the most realistic path to defeating Trump. Kaiser’s Cox notes that support for Medicare for All typically falls when people are told it would eliminate private insurance companies.

Touting the law also fits into Biden’s broader strategy of tying himself to the president under whom he served eight years.

“I was very proud the day I stood there with Barack Obama when he signed that legislation,” Biden said in the video released Monday.

Here are the main pieces of Biden’s health-care plan:

It would allow people who have coverage through their employers or the individual market, or lack coverage completely, to buy into a “public health insurance option like Medicare.”

The plan would get rid of the cap on eligibility for tax credits and make it so that no family buying a plan on the individual market will have to pay more than 8.5% of income in premiums — as opposed to the current 9.86%.

Americans who live in states that did not expand Medicaid, the federal-state insurance program for low-income people, would get “premium-free access” to the public option.

The plan calls to allow Medicare to negotiate directly with drug companies. It would also let consumers buy prescriptions from other countries in order to cut costs.

It also calls for wider access to generic drugs and penalties for drugmakers that increase prices by more than the rate of inflation.

Biden’s campaign says his administration would “aggressively use its existing antitrust authority” to curb market consolidation in the health-care system.

Even though Biden opposes Medicare for All, the health care industry still may not like his plan. Partnership for America’s Health Care Future, a coalition made up of pharmaceutical, hospital and insurance groups, said in a Monday statement that Biden’s plan would “ultimately lead our nation down the path of a one-size-fits-all health care system run by Washington.”

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Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: jacob pramuk, jake novak
Keywords: news, cnbc, companies, health, insurance, private, care, rid, supporters, law, medicare, biden, obamacare, president, plan, argues


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How being a female tech founder prepared this CEO to fight the medical system when she got cancer

Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila JanahLeila Janah, 36, thought she was doing everything right. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which


Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila JanahLeila Janah, 36, thought she was doing everything right. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which
How being a female tech founder prepared this CEO to fight the medical system when she got cancer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: christina farr
Keywords: news, cnbc, companies, social, medical, janah, tech, health, fight, doctors, ceo, patients, share, thats, female, cancer, founder, system, prepared, access


How being a female tech founder prepared this CEO to fight the medical system when she got cancer

Leila Janah, a social impact entrepreneur, was diagnosed with cancer at 36 Leila Janah

Leila Janah, 36, thought she was doing everything right. She started two tech companies with a strong sense of social mission, and she balanced that by exercising every day, eating well and seeing the doctor for regular check-ups. The last thing she expected was a cancer diagnosis. But in the spring, she discovered a lump that turned out to be a type of cancer called a sarcoma. Sarcomas account for about 1 percent of adult cancers, and she has a particularly rare variety that showed up in her reproductive system. In the months since her diagnosis, Janah has shared her experiences as a patient on social media, despite the potential risks that come from investors and customers being aware of her health challenges. In the U.S. health care system, there are many barriers that prevent patients from accessing the treatment they need, whether it’s the cost, lack of specialists or the shortage of resources. For Janah, going public with her experience has helped her find both high-quality doctors and potential treatments, which could save her life. In a phone interview, Janah said her entrepreneurial experiences have helped her navigate the complexities of the health care system, in part because she’s had a lot of practice advocating for herself as a female founder in Silicon Valley. “I’ve had to be pushy,” Janah said. “If there’s anything this experience has taught me, it’s to not take no for an answer.”

‘I’m conditioned to trust my gut’

Before she was diagnosed, Janah had a feeling something that there was wrong. Her lump, which doctors reassured her was likely benign given her age and lack of symptoms, felt “ominous,” she said. “Because of my work with start-ups, I’m conditioned to trust my gut,” she said, as entrepreneurs are often told that their ideas lack merit, or they won’t work by people in positions of authority. “And that’s especially true when something feels wrong.” Janah insisted on further medical tests, and the results came back quickly. It was cancer. And it was rare and aggressive. So finding out sooner rather than later probably made a big difference. Another lesson learned from her entrepreneurial career was to try to get as many opinions as possible, and then bring in a team to evaluate her options. “That’s basically what you to when you’re shopping for a financing round,” she said. But she quickly hit a wall. Her doctors all offered conflicting advice, which she suspects is because her cancer is so rare that there aren’t many previous cases to draw from. Despite her best efforts, she couldn’t get them to agree to a conference call together to discuss her case. Another challenge was in pulling her medical information into one place, including charts, labs and imaging, so that she could make sure all her doctors had access to the same ground truth. That’s not surprising. Even today, it’s a laborious process for hospitals and clinics to exchange patient health information. Doctors still rely on legacy technologies, like fax machines and CD-ROMs, and their IT systems were not set up to make it easy to share data. At one point, Janah had to FedEx her imaging from California to New York because it was faster than getting two Manhattan-based hospitals to share a file. For a tech entrepreneur, that’s been a particular source of frustration. “The admin has been the hardest thing,” she said. “I’ve got two medical experts who disagree, but they can’t even share a CT scan between two different hospitals down the street from each other.”

At that point, Janah took matters into her own hands again. She saw that her busy specialists would all be attending a high-profile cancer conference, the American Society of Clinical Oncology, dubbed ASCO, in the fall. So she decided to fly out to Chicago on her own dime. She also hoped to meet with some of the executives behind a venture-backed bio-tech start-up called Epizyme. Epizyme has a drug in development called Tazemetostat, which is designed for sarcoma patients. It remains an experimental drug, meaning it has not been approved by federal regulators. Patients can access such drugs on a case-by-case basis, and it’s a hotly debated issue among bio-ethicists about whether promising therapies that are still in late-stage clinical trials should be made available. Janah’s trip was a success. She was granted access to the drug through the company’s Expanded Access Program, and she was able to get her doctors on the same page about her course of treatment. An Epizyme spokesperson declined to comment on her case, but did confirm that she met the criteria established by its policy.

Entrepreneurial patients, experimental drugs


Company: cnbc, Activity: cnbc, Date: 2019-07-13  Authors: christina farr
Keywords: news, cnbc, companies, social, medical, janah, tech, health, fight, doctors, ceo, patients, share, thats, female, cancer, founder, system, prepared, access


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Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more

The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation. Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Ci


The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation. Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Ci
Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, shares, snap, raised, company, price, making, biggest, fastenal, watchers, moves, rose, prices, paper, neutral, health, weight, stocks, stock, midday


Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more

Snapchat co-founders Bobby Murphy and Evan Spiegel at the New York Stock Exchange (NYSE), March 2, 2017 in New York City.

Check out the companies making headlines in midday trading:

Fastenal— Shares of Fastenal fell 2.85% after the industrial supplies company posted disappointing quarterly results, mainly attributed to the trade war between the U.S. and China. The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation.

Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement.

CVS Health, UnitedHealth, Cigna— Shares of health insurers jumped after Trump Administration said it has withdrawn its proposal to eliminate rebates from government drug plans, which was a big step in the president’s effort lower prescription drug prices. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Cigna soared 9% on the news.

Delta Air Lines— Shares of Delta rose 1% after the airline raised its profit forecast for the year as travel demand continues to grow. Delta reported second-quarter earnings of $2.35 per share, higher than the $2.28 Refinitiv estimate. Revenue came in roughly in line with estimates for the quarter at $12.5 billion.

Snap— Shares of Snap, the parent company of Snapchat, rose 2% after Bank of America Merrill Lynch raised its price target to $17 from $12, citing “improving user trends” and expectations of increased growth. The increase brought the stock to a new 52-week high on Thursday.

Take-Two Interactive— Shares of Take-Two Interactive, the maker of popular video game franchises Grand Theft Auto and Red Dead Redemption, fell 0.5% after Wall Street firm Jefferies downgraded the stock to hold from buy, citing a “soft spot” between game releases.

International Paper— Shares of International Paper fell 1.4% after Citi downgraded the paper company to neutral from buy. Citi cited risk of “further price erosion” and negative earnings revisions. The firm said it prefers packaging companies to paper companies.

Allstate— Shares of Allstate ticked down 1% after Credit Suisse downgraded the insurance company to underperform from neutral, citing weather conditions and heightened price competition weighing on core home and auto margins.

— CNBC’s Marc Rod and Mallika Mitra contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, shares, snap, raised, company, price, making, biggest, fastenal, watchers, moves, rose, prices, paper, neutral, health, weight, stocks, stock, midday


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