Eli Lilly, Transition Therapeutics ink deal for diabetes treatments
INDIANAPOLIS Eli Lilly and Transition Therapeutics have agreed on a deal worth up to $130 million, according to the Associated Press.
Eli Lilly would acquire worldwide rights to develop and commercialize some of the diabetes treatments in Transition’s pipeline, including the drug TT-223. TT-223 is a gastrin-based drug that stimulates the production of gastric acid. The drug is currently in midstage testing, which both companies will take part in and afterward Eli will take over the responsibility.
Under terms of the deal, Lilly will pay $7 million initially and could pay up to $130 million if the drug reaches potential development and sales milestones. Transition Therapeutics will also receive royalties on sales of gastrin-based therapies if one is successfully commercialized.
NACDS Foundation, eHealth Initiative to host health technology conference
ALEXANDRIA, Va. Scrambling to keep its members abreast of rapid changes in health information technology and electronic communications, the National Association of Chain Drug Stores Foundation will co-host a two-day conference in June on the advances transforming health care.
The NACDS Foundation is collaborating with eHealth Initiative, a Washington-based nonprofit organization specializing in quality and health information technology, to sponsor the event. Titled “HIT, EMR, PHR- Transforming Patient Care,” the conference is set for June 11 to 12 at the Sheraton Crystal City in Arlington, Va.
Among the topics the meeting will address are the use of technology in electronic prescribing, medication therapy management, patient education programs, comprehensive medication review and other initiatives to manage data and improve patient health.
“Advances in health information technology, new electronic prescribing regulations and increased adoption of electronic medical records are changing the landscape of pharmacy provided patient services,” said foundation president Phil Schneider. “As other sectors of the healthcare system adopt health information technology practices, the opportunity is tremendous for community pharmacy to play an integral role in new ways to provide patient care.”
Janet Marchibroda, chief executive officer of eHealth Initiative, said the event would focus on “highlighting significant progress made—across a variety of sectors of health care, including pharmacies—in using health information technology to transform patient care.” The conference, she continued, “will offer practical guidance and best practices for using health IT to improve the quality, safety and effectiveness of health care in the United States.”
Medical Marts clinics lose funding, are forced to close
LAS VEGAS Medical Marts, an operator of physician-staffed clinics located in select Meijer, Sears/Kmart and ShopKo stores, has closed its doors.
Ken Richmond, who had served as vice president and chief medical officer of Medical Marts, told Drug Store News that the venture capitalists backing the operation changed their mind for reasons that are unclear and decided to move in another direction.
When it closed, the company had operated 13 clinics in Utah, Illinois and Virginia. The physician-staffed clinics were within retailers ShopKo, Meijer and Sears/Kmart. It staffed about 75 employees, of which more than 20 were physicians.
Medical Mart, which opened its first clinic in Salt Lake City in November 2006, had planned to open up to 100 more clinics in 2008.
Dismayed over the company’s decision to close, Richmond said he believes the concept “is a winner” that addresses many of the problems in mainstream healthcare, especially access to healthcare.
“This is the first way in which physicians were truly community based,” said Richmond. “Rather than physicians saying to the public you come to us, we came to the public and made ourselves available at their convenience.”