Schiff posts 46% quarterly net sales increase
SALT LAKE CITY — Dietary supplement manufacturer Schiff Nutrition International posted a net sales increase of 46% to $85.1 million for its first quarter ended Aug. 31, the company reported Tuesday.
"Our brand building, innovation and customer initiatives continue to drive MegaRed in heart health, Move Free in joint care, Airborne in immune support and Digestive Advantage in probiotics," stated Tarang Amin, Schiff president and CEO. "Given our first quarter performance and expectations for the balance of the year, we are taking up our fiscal 2013 guidance.”
Schiff upped its net sales growth from a range of 40% to 43% to a range of 43% to 46%.
Shares of Schiff Nutrition were up $2.02 to $22.92 in mid-afternoon trading.
Thorne Research, Integrative Health Resources collaborate on sports nutrition line
SANDPOINT, Idaho — Thorne Research on Tuesday announced the development of a line of nutritional supplements targeting athletes under the banner Thorne Performance, in collaboration with Integrative Health Resources.
"Nutritional supplementation plays a significant role is athletic performance, and nutritional deficits and overtraining can lead to a diminished ability to recover and a greater likelihood of injury," stated Paul Jacobson, Thorne CEO. "Thorne Performance aims to be the leader in sports-based nutritional supplementation by meeting the demands of individuals who regularly engage in intense physical activity and lead active lifestyles."
"In many of our programs, including Life Time Fitness and Corvette Racing, we have seen firsthand the need for innovation in managing the metabolism of people who exercise at any level," added James LaValle, clinical pharmacist and CEO of Integrative Health Resources and partner at Thorne Performance. "The Thorne Performance credo, ‘Purely Driven,’ embodies our philosophy: products that are pure, targeted and of the highest quality. Coupled with a renowned team experienced in the needs of people who train, this new resource will help athletes at every level to push themselves to their personal limits."
NCPA independent pharmacist survey challenges abusive auditing practices
ALEXANDRIA, Va. — Abusive auditing and unfair reimbursement practices harm community pharmacists’ ability to provide critically needed patient counseling and care to seniors, according to a new survey released Tuesday by the National Community Pharmacists Association.
NCPA polled more than 350 community pharmacists about their recent experience with audits conducted by pharmacy benefit managers and other Medicare Part D plan intermediaries. The survey also asked about generic drug reimbursement caps known as maximum allowable costs (MACs).
Among the findings:
96% stated that a typical PBM contract has minimal or no transparency on how generic pricing is determined or what the reimbursement rate will be;
Almost 50% of respondents said that more than 10% of the time, PBMs set MAC reimbursement for generics below the pharmacy’s cost of simply acquiring the drug, much less dispensing and overhead costs; In addition, 92% said payments are not increased promptly to reflect a drug’s rising market costs;
3-in-4 pharmacists said audit requirements across Medicare Part D plans are not consistent, increasing their compliance burden; and
Nearly 87% stated that PBM reimbursement and auditing practices are “significantly” or “very significantly” affecting their ability to provide patient care and remain in business.
When asked which drugs had MAC limits set below the pharmacy’s cost of acquiring the product, more than 600 drugs were identified, including budesonide (for asthma); atorvastatin (cholesterol); clarithromycin (antibiotic); fentanyl patches (pain); hydrocodone (pain/inflammation); and methylprednisolone (steroid for allergic reactions, skin conditions and breathing disorders).