Par reports Q1 results, enters partnership to develop Zetia generic
WOODCLIFF LAKE, N.J. Par Pharmaceutical Cos. had total sales of $291.9 million and $26.3 million in profit for first quarter 2010, the generic drug maker said Tuesday. This compared with sales of $204 million and profits of $16.1 million in first quarter 2009.
Most of the company’s key products also had increases in net sales. Metoprolol succinate, an authorized generic of AstraZeneca’s Toprol XL, had sales of $183.3 million, a 12% increase over fourth quarter 2009. The hypertension drug clonidine, a generic version of Boehringer Ingelheim’s Catapres, had sales of $18.5 million, compared with $13.4 million in fourth quarter 2009. Sumatriptan, a generic version of GlaxoSmithKline’s migraine drug Imitrex, was an exception, with $17.3 million in sales during the quarter, compared with $17.8 million in fourth quarter 2009.
Among the company’s branded products, marketed through its Strativa Pharmaceuticals division, the HIV drug Megace ES (megestrol acetate) had sales of $13.8 million, compared with $19 million in fourth quarter 2009. The vitamin B12 deficiency drug Nascobal nasal spray had sales of $3.6 million, compared with $4.2 million in fourth quarter 2009.
In other news, Par said it had entered a licensing agreement with Glenmark’s generics division to market a generic version of Merck & Co.’s cholesterol drug Zetia (ezetimibe) tablets in the 10-mg strength in the United States. Zetia has annual sales of $1.4 billion, according to IMS Health.
Sullivan University welcomes first class of pharmacy students
LOUISVILLE, Ky. Sullivan University’s College of Pharmacy welcomes its inaugural class of 74 doctor of pharmacy candidates Friday in a ceremony at Crowne Plaza Louisville Airport Hotel, the university announced.
Founding dean Hieu Tran will address the event, along with the university’s chancellor and president. Humana vice president for pharmacy and clinical integration William Fleming will deliver the keynote speech. Walmart Stores is sponsoring the ceremony, which begins at 5 p.m.
“The White Coat Ceremony represents a symbol of responsibility that students will carry throughout their professional life at the service and care for their patients and those in need,” Tran said in a statement.
The class will graduate in 2011.
Maricopa County offers employees onsite health center, pharmacy
PHOENIX Worksite clinics continue to grow in popularity as employers look for ways to curb soaring healthcare costs and instill a renewed focus on employee productivity. Recognizing the benefits such clinics provide, Maricopa County has become the first employer in Arizona to offer an integrated onsite pharmacy and health center through a partnership with Take Care Health Systems.
The new Take Care Health Center and Walgreens pharmacy, located at the downtown County Administration Building, will serve the county’s 12,500 employees and their dependents.
A ribbon cutting ceremony is slated for Jan. 13 in the County Administration Building. Several county officials will be on hand to discuss to the importance of the worksite clinic and pharmacy and its benefit to Maricopa County.
“Any time, but especially during these difficult economic times, it is vitally important for Maricopa County to improve employee health and lower expenses for the county and its employees,” said Mike Schaiberger, director of employee health initiatives and administrator of innovation for Maricopa County. “We expect the integrated Walgreens pharmacy and Take Care Health Center to reduce county costs by $575,000 while improving the health, satisfaction and productivity of our employees.”
The center, which will be staffed by a nurse practitioner who will provide treatment for acute, episodic conditions and administer vaccinations, and the pharmacy will be open Monday through Friday.
“Maricopa County recognizes the benefits a comprehensive onsite health care and pharmacy program can provide to employees, offering both convenience and cost savings,” said Peter Hotz, Walgreens divisional VP and president of Take Care Health Employer Solutions. “We look forward to addressing the county’s health care and pharmaceutical needs while helping to reduce costs and increase employee productivity and satisfaction.”
The county has worked with Walgreens Health Initiatives for more than six years to deliver pharmacy benefit management and other healthcare services to county employees and dependents.
The ideal client for a worksite clinic is an employer with 1,000 or more employees at a site, and, as reported in a recent issue of Drug Store News magazine, industry sources suggest that the market could bear as many as 5,000 worksite clinics.
“We are certainly less than 10 percent of the market right now and if we are the biggest that means there is a heck of a lot of market still left to go in terms of the traditional worksite model,” Hotz told Drug Store News during an interview in fall 2008. Take Care Employer Solutions is the division of Walgreens’ Take Care Health Systems that operates well over 300 worksite clinics.
Also representing an opportunity are those smaller employers who opt to team up to form coalitions to establish and share a facility.
A recent study by global consulting firm Watson Wyatt found that nearly one-third (29 percent) of companies have or plan to have an onsite health center by 2009, up from 27 percent in 2006. A separate Watson Wyatt study of 84 companies with onsite healthcare centers found that reducing medical costs was the chief reason 70 percent of companies have opened a center since 2000 (recent adopters).