Good morning, everyone, and welcome to the middle of the week. You made it this far, so why not carry on? Our survival plan calls for quaffing a cup or three of delicious stimulation. As always, you are welcome to join us. Remember — no prescription is required. So time to get cracking. After all, there are meetings, phone calls, and deadlines awaiting. To help you along, we have gathered a menu of tidbits. We hope you find them helpful. Meanwhile, have a wonderful day and do stay in touch …
The turnover at the top of Gilead Sciences (GILD) is picking up with the departure of chief medical officer Andrew Cheng. His resignation comes three weeks after chief executive John Milligan and chairman and former chief executive John Martin announced they would step down by the end of the year, signaling an internal overhaul is coming. Last April, meanwhile, chief scientific officer Norbert Bischofberger left, two months after Kevin Young, who had been chief operating officer, departed.
In an unexpected move, Ohio officials are immediately ending contracts with two of the largest pharmacy benefit managers over pricing practices that cost the state tens of millions of dollars, STAT reports. The decision comes amid controversy over the fees that PBMs pay pharmacies for medicines and what they bill back to the Ohio Medicaid program, a practice known as spread pricing. A report commissioned by state officials found that CVS Caremark (CVS) and OptumRx (UNH) reaped more than $223 million by working on behalf of state Medicaid plans during a recent 12-month period.
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