New York State budget to include discount Rx cards
ALBANY, N.Y. As part of the state budget being completed this week, the New York government is implementing new pharmacy cards that will provide a discount on brand and generic drugs, according to Newsday.
The card offers discounts of 30 percent off brands and 60 percent off generic drugs. People who are eligible for the program must meet certain income qualifications and fall into the age range of 50 to 64, without insurance or disabled.
The program will achieve the savings by leveraging mass buying power to get rebates and discounts for the eligible group estimated at 400,000 people. The program is planned to begin next year.
The health care budget also includes:
- $25 million to expand the State Children’s Health Insurance Program to insure children in moderate income families. This will help provide preventive and primary medical care to more of the 400,000 uninsured children statewide.
- Beefing up Medicaid fraud investigations to recover misappropriated funds.
Arcadia funds DailyMed with $5 million debt facility
INDIANPOLIS Arcadia Resources, a provider of consumer health services doing business under the trade name of Arcadia HealthCare, has obtained a new $5 million debt facility to fund the growth of DailyMed and its related pharmacy fulfillment strategy.
DailyMed, which launched April 2006, is a retail drug packaging solution that pre-sorts multiple prescriptions, OTC medications and vitamins into easy-to-use single-dose packets.
“The financing will provide Arcadia with the cash to fund DailyMed and our related pharmacy fulfillment strategy and the working capital needs associated with the pharmacy business growth anticipated during our fiscal year beginning April 1, 2008,” stated Marvin Richardson, president and chief executive officer. “This deal represents an important first step towards executing our fiscal 2009 growth strategy and is significant in that the majority of debt will be used to grow our DailyMed business rather than meet core operating cash obligations.”
The facility matures on Oct. 31, 2009, bears interest at an annual rate of 10 percent and is secured by certain company assets.
FDA approves Sun’s generic Tessalon
WASHINGTON Sun has received FDA approval for a generic version of Forest Laboratories’ Tessalon capsules, a treatment for coughs due to the common cold, pneumonia and other lung infections.
The company, a week ago, also announced it had received FDA approval for its generic version of Pfizer’s Cerebyx (fosphenytoin sodium), an injectable anticonvulsant that has annual U.S. sales of approximately $15 million.
Brand and generic Tessalon (benzonatate) have annual U.S. sales of approximately $40 million, according to Sun.