Wal-Mart creates free generic prescription drug program for Caterpillar employees
NEW YORK More than 70,000 employees from construction equipment manufacturer Caterpillar will get free generic drugs under a trial program with Wal-Mart, according to Reuters.
The program will cover 2,500 generic drugs, but employees who sign up for it will not have to make co-pays for them. An official from Caterpillar told Reuters that the program was the first of its kind because the company is bypassing its pharmacy benefits manager and negotiating directly with the mass-market retailer, thus allowing it to save money.
Analysts have said they will watch the program to see if it leads other retailers, such as retail pharmacies, to emulate it.
Unapproved eye treatments get yanked by FDA
NEW YORK The Food and Drug Administration has told companies to stop selling eye solutions for use during surgery and for treating lesions without regulatory approval, citing dangerous side effects.
The drugs include ophthalmic balanced salt solutions for the eyes and topical drugs containing the papaya-based compound papain.
A number of companies have sold the unapproved eye drugs, including Baxter International and Hospira.
ImClone rejects bid from Bristol-Myers Squib
NEW YORK Biotech ImClone has rejected an acquisition bid by Bristol-Myers Squibb, according to a letter that ImClone chairman Carl Icahn sent to Bristol chairman and chief executive officer James Cornelius Tuesday, calling the bid “absurd.”
On Monday, Bristol announced that it would increase its $60-per-share bid for the biotech to $62 a share, though this still fell short of the $70-per-share offer that ImClone has received from a thus-far undisclosed pharmaceutical company.
“Your letter of yesterday contains inaccuracies which are misleading to our shareholders,” Icahn wrote. “Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact. … I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your hostile tender of $62, at this time, seems absurd.”
At the end of the letter, Icahn didn’t mince words.
“If you wish to make your attorneys wealthier, I can show you more productive ways to do so,” he wrote. “Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.”