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.
Despite clinic closings, Meijer keeps commitment to health care
GRAND RAPIDS, Mich. Meijer has had a growing retail clinic program that helped establish its positions as a retailer interested in the needs of consumers hard pressed by medical costs, while also offering a free prescription drug program that provides antibiotics to customers free of charge, further marking its commitment.
The Meijer commitment remains, as does the prescription drug program, but most of the clinics are gone, although through no fault of the retailer.
Meijer has gone from having 39 clinics operating in its stores to having one unit that is situated in Normal, Ill. The company leased space to four different providers who operated independently, but in recent weeks, three of the four have withdrawn from the market, and, as a result, clinic operators who had opened units in Meijer stores in upper Michigan, the Detroit area and Indiana have shuttered their operations.
Family Quick Care operates the Normal clinic, and a Meijer source noted that it seems to be doing well. Physicians Organization of Western Michigan, Early Solutions and Medical Mart operated the defunct clinics.
New chief executive officer at Lilly stresses drug development
INDIANAPOLIS John Lechleiter, a Harvard-trained chemist, has been named Eli Lilly’s chief executive officer beginning on April 1, according to published reports. He will be succeeding Sidney Taurel who has announced his retirement from the Fortune 500 company.
Lechleiter will be the ninth leader in the company’s 131 years, and make a salary of $1.4 million, with a possible bonus of $2 million depending on the company’s performance, according to published reports.
A new leader seems to be a positive change for the company as its best-selling drug Zyprexa, an anti-psychotic, will lose its patent protection in three years, and its other top-selling drugs Cymbalta, Gemzar and Humalong, will expire two years after, further increasing the company’s pressure to introduce new products to the market.
According to the new chief executive officer, the introduction of new drugs will be his main priority, and is optimistic in this development. “As many challenges as we have in this industry today, it’s also a time of tremendous opportunity when you look at how much more we know about the human biology that underlies the mechanisms of disease,” said Lechleiter.