NACDS Foundation awards $240K in scholarships to pharmacy schools
WEST PALM BEACH, Fla. The philanthropy wing of an organization representing the country’s retail pharmacy chains has awarded nearly a quarter of $1 million to pharmacy schools.
The National Association of Chain Drug Stores Foundation awarded $240,000 in scholarships to pharmacy schools around the country at the 2009 NACDS Annual Meeting in Palm Beach, Fla.
The scholarships ranged from individual awards of $1,000 to $25,000 through the NACDS Foundation Pharmacy Partners Scholarship Program. Thirty benefactors, comprising 26 NACDS member companies and four associate member benefactors, supported the program this year.
The three largest scholarships included the $25,000 Wayne Roberts Memorial Scholarship, presented to Southern Illinois University of Pharmacy by Apotex Corp.; a $12,500 scholarship presented to the Long Island University School of Pharmacy by Boehringer Ingelheim; and a $10,000 scholarship to the Wayne State University College of Pharmacy and Health Science by Abbott’s Pharmaceutical Products Division.
“We commend each donor in these difficult economic times for their financial support and their dedication to the next generation of community pharmacy professionals,” NACDS Foundation president Phil Schneider said.
Express Scripts reports record lows in prescription trends
ST. LOUIS One of the country’s largest pharmacy benefit managers said Monday that prescription drug cost trends decreased to record lows last year.
Data from Express Scripts indicated that the trend resulted from greater use of generic drugs and low-cost branded drugs, the PBM said. The overall pharmacy cost trend for clients of the company was 3% for 2008, down from 5.5% the year before.
The company calculated the data by evaluating total prescription costs for traditional and specialty drugs, including patient copays and payments by plan sponsors such as health plans and employers.
“Using generic drugs that are safe and effective can help lower costs while still driving value for patients and employers,” stated Steven Miller, Express Scripts chief medical officer and SVP . “Our results indicate that cost control is achievable through careful management of appropriate use of drugs and delivery channels, without shifting costs to consumers.”
The company said that additional opportunities for savings remain. Consumers wasted an estimated $42 billion in 2008 by not finding appropriate, lower-cost alternatives to expensive branded drugs. The researchers based the estimate on potential savings for the total U.S. population in 13 drug-therapy classes, using a sample size of 3 million people.
GSK to acquire Stiefel Labs to create specialist dermatology business
LONDON Days after it announced a plan to combine its HIV business with that of Pfizer, GlaxoSmithKline said Monday that it will acquire another company to create a specialist business for developing skin medications.
GSK will acquire Stiefel Labs for $2.9 billion, as well as $400 million in debt that it will incur at the closing of the deal, and a further $300 million in cash depending on future performance. GSK will combine its existing dermatology business with that of Stiefel, which will continue to operate under the Stiefel name within GSK.
“As part of our strategy to grow and diversify GSK’s business, we are continuing to make new investments through targeted acquisitions,” GSK CEO Andrew Witty said. “This transaction will create a new world-leading, specialist dermatology business and re-energize our existing dermatology products.”
The British drug maker announced last week that it and Pfizer would spin off their HIV divisions and form a new company to develop and market HIV drugs. The Stiefel acquisiton comes amid a wave of large-scale acquisitions among drug companies, including Pfizer’s purchase of Wyeth, Merck & Co.’s acquisition of Schering-Plough and Roche’s acquisition of Genentech.