This week we spotlight the introduction of new pathways for emerging technologies in Medicare coverage and the use of virtual reality to alleviate needle phobia. We also delve into the financial aspects of the biopharma industry, examining the trend of increased compensation for CEOs. The biotech industry’s support for gender-affirming care and the transgender community is also discussed. Lastly, we look at the promising results of a revolutionary weight loss drug in mid-stage trials, underscoring the continual advancements in medical treatments and therapies.
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Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Transforming Medicare coverage with new pathways for emerging technologies
The Centers for Medicare & Medicaid Services has proposed a new pathway, the Transitional Coverage for Emerging Technologies (TCET), aimed at providing faster and more consistent access to emerging technologies for Medicare beneficiaries. The TCET pathway, which is voluntary and applies to certain Food and Drug Administration-designated breakthrough devices, is designed to offer an efficient, predictable and transparent coverage review process while developing robust safeguards for the Medicare population. It aims to reduce uncertainty about coverage options through a pre-market evaluation of potential harms and benefits of technologies while identifying important evidence gaps. CMS has also proposed new criteria in an updated Coverage with Evidence Development guidance document and is seeking public comments on these proposals.
Innovative VR device to alleviate needle phobia
The Nicklaus Children’s Hospital in Miami has introduced a virtual reality device, Smileyscope, to help patients with needle phobia. The device, created with the help of ex-Disney producers, transforms negative stimuli into friendly, virtual experiences, aiding patients during procedures like vaccinations and blood draws. The Australia-based company, Smileyscope, has partnered with over 40 U.S. hospitals to implement its VR technology, which is part of a growing trend of VR utilization in health care. The company is also exploring the use of VR in other areas of health care, such as reproductive health.
Biopharma CEOs maintain increased compensation amid declining trend for S&P 500 CEOs
While CEO compensation for S&P 500 companies declined in 2022, the biopharma industry remained immune to this trend, with CEOs receiving pay increases. The compensation growth in biopharma has been substantial, with year-over-year increases of around 25% for several years. There is a substantial difference in compensation between European and U.S. companies, with European counterparts typically being paid significantly less than U.S. CEOs.
Biotech executives rally to support gender-affirming care and transgender community
Over 60 biotech executives have signed a letter urging support for fair access to gender-affirming care and oppose efforts to ban such care. They call on health care providers, legislators and social agencies to ensure access to gender-affirming care for all individuals, regardless of age, and to resist dismantling health privacy restrictions. The letter, coordinated by executives, aims to provide support to transgender and gender diverse minors who may lack health advocacy teams. The executives also encourage the biotech industry to enhance diversity, equity and inclusion efforts, provide financial assistance for accessing gender-affirming care, consider health equity records when selecting site locations, and partner with local advocacy agencies in states with bans.
Weight loss drug shows promising results in mid-stage trials
Experimental drug, retatrutide, has shown significant potential in the field of weight loss, with patients losing an average of 24% of their body weight over 48 weeks in a mid-stage study. This is the highest weight loss seen yet in this new class of drugs. Retatrutide, also known as “triple G” targets three hormones to curb appetite and slow stomach emptying. The drug had similar side effects to other drugs in its class, mainly gastrointestinal in nature. In addition to weight loss, patients also experienced benefits such as lowered blood pressure and normalized blood sugar levels. The study also suggested that retatrutide might be effective in treating nonalcoholic fatty liver disease.
Due to the July 4 holiday, we will not publish “5 things in life sciences” next week. We’ll resume our weekly post the week of July 10.
