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linked2pay launches CustomerConnect to improve B2B invoice payments

linked2pay, a US-based payments technology provider, has announced the launch of CustomerConnect, a solution capable of eliminating late B2B invoice payments. 




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How Will Chief Justice And Supreme Court Conservative Majority Affect 2020 Election?

; Credit: J. Scott Applewhite/AP

Nina Totenberg | NPR

The U.S. Supreme Court is no stranger to controversy, but it still gets higher marks in public opinion polls than the other branches of government. Now though, for the first time in memory, the court is not just split along ideological lines, but along political lines as well: All the conservatives are Republican appointees, all the liberals Democratic appointees. That division could put the court in the crosshairs of public opinion if it is forced to make decisions that affect the 2020 election.

Chief Justice John Roberts has worked hard to persuade the public that the justices are fair-minded legal umpires--not politicians in robes. That image got pretty scuffed up earlier this month when the conservative court majority shot down accommodations for the coronavirus that would have allowed six more days for absentee ballots to be received in Wisconsin's election for 500 school board seats, over 100 judicial seats, and thousands of other state and local positions.

In the weeks leading up to the election, the COVID-19 pandemic had become a public health crisis. Encouraged by local officials, about a million more voters than usual requested absentee ballots, and local officials were unable to keep up with the surge. To mitigate that problem, the lower courts allowed an extra six days for election officials to receive completed absentee ballots.

But the day before the election, the Supreme Court overturned the lower court ruling by a 5-to-4 vote. The result was that tens of thousands of people who had not yet even received their absentee ballots were forced to, as the dissenters put it, choose between their health and their right to vote.

The TV footage of people wearing masks waiting for hours to vote at the very few precincts that were open amid the pandemic was, to say the least, not a good look. Health officials in Milwaukee have since identified six voters and one poll worker who appear to have contracted the virus during the election.

The majority opinion was unsigned, so no one knows who the principal author was. But we do know some things.

First, the emergency appeal in the case came through the justice assigned to that region of the country, Brett Kavanaugh. Typically, when a justice refers a case to the full court, he or she writes a memo about the issues, likely with a recommendation. Kavanaugh almost certainly did that. But other justices would then chime in. And in a voting case, Chief Justice Roberts assuredly would have played a pivotal role.

"John Roberts' fingerprints are on this as chief justice and as someone who has owned this area of the law," says Joan Biskupic, a Supreme Court biographer and CNN legal analyst who is the author of a critically acclaimed biography about Roberts.

Indeed, Roberts was invested in voting-rights law as far back as 1982 when he was a staffer in the Reagan administration. Back then, he led the effort to narrow the landmark 1965 Voting Rights Act. When that failed, President Reagan signed the broad extension of the law, rejecting advice to veto it. But years later, on the Supreme Court, Roberts wrote the decision in Shelby County v. Holder, gutting a key provision of that law.

So, it was no surprise when the conservative majority refused to make even a modest accommodation to the pandemic. What was surprising was the tone of the opinion. Critics of the opinion, including some Roberts defenders, called the language "callous," "cynical," and "unfortunate."

In fact, the word "pandemic" appears not once in the court's unsigned opinion. Rather, the majority sought to portray the issue before the court as a "narrow, technical question." The majority said the lower court had overstepped the Supreme Court's established rule that courts should "ordinarily not alter the election rules on the eve of an election."

The dissenters replied that the court's treatment of the current situation as ordinary "boggles the mind." Writing for the dissenters, Justice Ruth Bader Ginsburg opined that "a voter cannot deliver...a ballot she has not yet received. Yet tens of thousands of voters who timely requested absentee ballots" are being asked to do just that.

"I do think there's something to this idea that we need to stick with the rules even in the context of an emergency," says law professor Rick Hasen, an election expert at the University of California, Irvine.

He and others see the legal question before the court as a close call, but say the decision was, at the very least, tone deaf in light of the reality of a pandemic.

Hasen says that the court could have recognized "the inhumanity of making people vote in this way," but that instead the tone of the opinion was "really dismissive of the entire threat facing these voters."

Chief Justice Roberts has, on some occasions tried to bridge the two wings of the court, in a couple of big cases siding with the court's liberals, or sometimes trying to fashion a compromise. But as Hasen observes, "there really is not any case I can think of involving elections where Roberts has forged a larger consensus."

Roberts must have anticipated at least some of the outcry over the Wisconsin decision. He is, after all, an astute political observer.

But as any student of the court knows, Roberts is a reliable, and often leading member of the conservative majority when it comes to a whole host of issues involving campaigns, voting and elections. That includes decisions he has written striking down laws aimed at limiting the role of big money in campaigns and decisions upholding partisan gerrymanders. Moreover voting rights in particular "is an area of the law where John Roberts has not been deterred by anticipated public criticism," says Biskupic, his biographer.

For the chief, says Biskupic, "It's not just voting rights. It's a broader overlay of representation" in his decisions, a pattern that "often will favor Republicans, but more fundamentally, it seems to favor entrenched powers, the status quo in many states, against ordinary citizens. And we certainly saw that in Wisconsin."

Uncertainties around COVID-19 remain, with states facing decisions about when to reopen and what size of public gatherings are safe. As November inches closer, those decisions could affect the 2020 election. Who gets to vote, when, and how, are unanswered questions and states are surely exploring different plans to keep voters safe. But Roberts' Supreme Court may be the ultimate arbiter of what changes and accommodations to voting are allowed.

The majority opinion "tried to tell the public that this was a very small decision," says Biskupic. "But as the dissent pointed out, it laid down a very serious marker about how voters will be accommodated in the middle of the coronavirus crisis."

Copyright 2020 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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As Fraudsters Exploit Pandemic Fears, Justice Department Looks To Crack Down

Attorney General William Barris pictured at a coronavirus task force meeting at the White House on March 23. The Justice Department is looking to crack down on coronavirus-related fraud.; Credit: Alex Brandon/AP

Ryan Lucas | NPR

The coronavirus pandemic has brought out the good side of many Americans, but certainly not all Americans. Officials say that fraud related to COVID-19 — like hoarding equipment, price gouging and hawking fake treatments — are spreading as the country wrestles with the outbreak.

"It's a perfect ecosystem for somebody like a fraudster to operate in," said Craig Carpenito, the U.S. attorney for New Jersey and the head of the Justice Department's COVID-19 price gouging and hoarding task force.

"People want to believe that there's a magic pill that they can take or that if they buy a certain kind of mask or a certain kind of protective gear that it's going to protect them and their families," he said. "That creates opportunities for the types of people that prey upon scared people. They prey upon their fear."

A month ago, Attorney General William Barr instructed federal prosecutors around the country to aggressively investigate and prosecute scams and other crimes related to the COVID-19 pandemic. He also created the price gouging and hoarding task force and put Carpenito in charge of it.

From that perch, Carpenito has one of the best views of virus-related crime nationwide.

"Instead of seeing that tremendous support from all aspects of society, we're still seeing that sliver, that that dark underbelly, that small percentage of folks who instead of putting the interests of the country and support for those medical professionals that are putting themselves at risk in the forefront, they're finding ways to try and take advantage of this situation and illegally profiteer from it," he said. "And it's despicable."

The most prevalent kind of fraud that federal authorities are seeing at this point, he and others say, is tied to personal protective equipment like N95 masks, gloves or face shields.

In one notable case, prosecutors brought charges against a Georgia man, Christopher Parris, for allegedly trying to sell $750 million worth of masks and other protective equipment to the Department of Veterans Affairs but with a sizable advance payment.

The problem, prosecutors say, is the masks and other items didn't exist, at least not in the quantities Parris was offering.

Steven Merrill, the head of the FBI's financial crimes section, says the bureau refers to these sorts of operations as advance-fee schemes.

"We're getting many complaints that different entities are entering into these agreements, paying money upfront, sometimes hundreds of millions of dollars, and may or may not get any masks or other PPE ordered at all," Merrill said. "So our guidance to the public is to please be wary of these frauds and solicitations."

Other problems, such as hoarding and price gouging, can arise even when the medical gear does exist.

The FBI is trying to identify individuals who are stockpiling protective equipment and trying to sell it at exorbitant markups, sometimes 40 to 70 times the value, Merrill said.

A few weeks ago, the FBI seized nearly 1 million respirator masks, gloves and other medical gear from a Brooklyn man who was allegedly stockpiling them and selling them to nurses and doctors at what officials say was around a 700% markup.

The man, Baruch Feldheim, has been charged with lying to the FBI about price gouging. He's also been charged with allegedly assaulting a federal officer after he coughed on agents and claimed he had COVID-19.

The confiscated items, meanwhile, have been distributed to medical workers in the New York area.

Carpenito said the Justice Department has more than 100 investigations open into price gouging. It has hundreds more, he said, into other crimes tied to the pandemic, including fake treatments and cures.

In one case out of California, prosecutors charged a man who was allegedly soliciting large investments for what he claimed was a cure for COVID-19.

"He was doing so by broadcasting this scheme via, notably, YouTube, where had thousands of hits and views," Merrill said.

In a separate case out of Florida last week, the Justice Department got a court order to stop a Florida church from selling on its website an industrial bleach that was being marketed as a miracle treatment for the virus.

To be clear, the Centers for Disease Control and Prevention says there is no cure at this point for the virus.

More than a month into this crisis, there's no sense COVID-related crime is going to slow down.

In fact, Carpenito and Merrill say that with the massive $2 trillion economic relief package beginning to be doled out, they expect to see even more fraud in the weeks and months ahead.

"What we're worried about is that not only do we have these existing conditions, but we are awaiting — like everybody in the country — the arrival of $2 trillion to hit the streets," Merrill said. "And anytime there's that much money out there, you can just multiply the amount of frauds that are going to take place. So we're preparing for many more complaints to come in and new schemes to arrive on a daily basis."

Copyright 2020 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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Supreme Court Justice Ruth Bader Ginsburg Hospitalized After Infection

Supreme Court Justice Ruth Bader Ginsburg poses for the official photo at the Supreme Court in Washington, D.C. in 2018.; Credit: Mandel Ngan/AFP via Getty Images

Nina Totenberg | NPR

Supreme Court Justice Ruth Bader Ginsburg underwent non-surgical treatment Tuesday for a benign gallbladder condition, according to a press release from the Supreme Court. She plans to participate in oral arguments from the hospital on Wednesday, according to the release.

In pain on Monday, Ginsburg went to Sibley Memorial Hospital in Washington after hearing the first-ever Supreme Court teleconference of oral arguments. At Sibley, she was diagnosed with acute cholecystitis, a condition in which a gallstone migrates to the cystic duct. She nonetheless participated in arguments from home on Tuesday, but was in enough pain that she went to Johns Hopkins Hospital in Baltimore for treatment of the infected duct later Tuesday.

Doctors not involved in Ginsburg's care said non-surgical treatment typically involves antibiotics and insertion of a tube to drain the infected duct.

Friends said the justice was in good spirits on Tuesday night, and watching the Metropolitan Opera on her iPad.

Ginsburg's emergency treatment coincides with the U.S. Supreme Court's historic live-streaming of its oral arguments in which the justices are participating by telephone because of the coronavirus. According to the court statement, Ginsburg, 87, is "resting comfortably" and plans to participate in oral arguments again on Wednesday when the court considers an important birth control case.

She is expected to remain in the hospital for another day or two.

Last year, Ginsburg completed three weeks of radiation treatment after a cancerous tumor was discovered on her pancreas. It was the fourth time in 20 years that she had been treated for cancer, and the second time in a year. In December 2019, she was operated on for lung cancer.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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Putting A Price On COVID-19 Treatment Remdesivir

Remdesivir, an experimental antiviral drug made by Gilead Sciences, has been authorized by the Food and Drug Administration for emergency use in treating severely ill COVID-19 patients.; Credit: Ulrich Perry/POOL/AFP via Getty Images

Sydney Lupkin | NPR

Now that the Food and Drug Administration has authorized remdesivir for emergency use in seriously ill COVID-19 patients, the experimental drug is another step closer to full approval. That's when most drugs get price tags.

Gilead Sciences, which makes remdesivir, is donating its initial supply of 1.5 million doses, but the company has signaled it will need to start charging for the drug to make production sustainable. It's unclear when that decision might be made.

"Going forward, we will develop an approach that is guided by the principles of affordability and access," Gilead CEO Daniel O'Day told shareholders during the company's annual meeting Wednesday.

In a quarterly financial filing made the same day, Gilead said its investment in remdesivir this year "could be up to $1 billion or more," much of it for scaling up manufacturing capacity.

The company also acknowledged that it's in the spotlight. "[G]iven that COVID-19 has been designated as a pandemic and represents an urgent public health crisis, we are likely to face significant public attention and scrutiny about any future business models and pricing decisions with respect to remdesivir," Gilead said in the quarterly filing.

How will the company balance its business calculations with the drug's potential value to society?

"Gilead has not yet set a price for remdesivir," company spokeswoman Sonia Choi wrote in an email to NPR. "At this time, we are focused on ensuring access to remdesivir through our donation. Post-donation, we are committed to making remdesivir both accessible and affordable to governments and patients around the world."

Among potential treatments for COVID-19, remdesivir, an intravenous drug that was once studied for Ebola, is one of the furthest along.

"It's hard to imagine a situation in which there will be more public scrutiny," said Michael Carrier, a professor at Rutgers School of Law who specializes in antitrust and pharmaceuticals. "On the one hand, Gilead will try to recover its R&D in an atmosphere in which it is able to potentially make a lot of money. On the other hand, the pressure will be intense not to charge what's viewed as too high a price."

Breaking with its usual practices, the Institute for Clinical and Economic Review, or ICER, an influential nonprofit that analyzes drug pricing, issued an expedited report on remdesivir.

"Under normal circumstances, we would be unlikely to do a report when the evidence is this raw and immature," ICER President Steven Pearson said in an interview with NPR. "But it was quite clear that the world is moving at a much quicker pace."

If the price is based just on the cost of making the drug, then a 10-day course of remdesivir should cost about $10, according to the ICER report. (Gilead said results of a recently completed study suggest a five-day course of treatment may be just as effective.)

But if the drug is priced based on the drug's effectiveness, ICER estimates it should cost around $4,500 — assuming the drug is proven to have some benefit on mortality. If it doesn't and the drug only shortens hospital stays, that value-based price goes down to $390.

Results from a federally funded study described by Anthony Fauci, director of the National Institute for Allergy and Infectious Diseases, suggested that remdesvir could reduce recovery time by a median of four days — 11 days to recovery for patients treated with remdesivir compared with 15 days for those who got a placebo. A potential survival benefit is less clear.

Rutgers's Carrier said he expects Gilead to set the remdesivir price somewhere between the $10 and $4,500 that ICER estimated. The company has already shown that it can respond to public pressure when it asked the FDA to rescind the orphan drug status it won for remdesivir, he pointed out.

"When you see that $10 figure, that sets a benchmark for a figure that is eminently affordable," Carrier said. Ultimately, he said a price more than $1,000 per treatment course would be unpopular.

Gilead "will be watched very carefully," he said, because of its prior history of pricing. He referred to two other Gilead drugs that drew scrutiny over high price tags. The company charged $1,000 per pill for Sovaldi, a cure for hepatitis C. And its HIV drug Truvada can cost $22,000 per year.

But there is such a thing as pricing remdesivir too low, said Craig Garthwaite, who directs the health care program at Northwestern University's Kellogg School of Management.

"We don't think this is the only drug we need," he said, adding that remdesivir doesn't appear to be a "home run" against the coronavirus, based on existing data. "The thing that would worry me the most is that we're somehow telling people that if you take the risky bet to try, and you'll go after a coronavirus cure and you do it, you're not going to get paid."

Instead, he said he would like to see acceptance of a generous price for remdesivir to send the message to drug companies that the best thing they can do is "dedicate every waking moment to trying to develop that cure, and that if they do that, we will pay them the value they create," he said.

During a Gilead earnings call on April 30, analysts asked executives whether they could expect similar financial returns on remdesivir as they've seen with Gilead's other drugs.

"There is no rulebook out there, other than that we need to be very thoughtful about how we can make sure we provide access of our medicines to patients around the globe," Gilead CEO O'Day said. "And do that in a sustainable way for the company, for ... shareholders, and we acknowledge that."

On May 1, the FDA authorized remdesivir for emergency use, meaning it will be easier to administer to hospitalized patients with severe disease during the pandemic, but the drug is not yet officially approved. The federal government is coordinating distribution of the treatment.

Day acknowledged on the recent earnings call that the company "could" charge for remdesivir under an emergency use authorization, but he stressed that Gilead is donating its current supply, which should last through "early summer."

To date, the National Institutes of Health said it has obligated $23 million toward its COVID-19 remdesivir trial. And the U.S. Army Medical Research Institute of Infectious Diseases did some of the early in vitro and animal studies with the medicine prior to the pandemic.

"Taxpayers are often the angel investors in pharmaceutical research and development, yet this is not reflected in the prices they pay," Reps. Lloyd Doggett, D-Texas, and Rosa DeLauro, D-Conn., wrote in a April 30 letter to Health and Human Services Secretary Alex Azar.

Concerned about remdesivir's price, they asked for a full breakdown of taxpayer funds that have gone toward the development of the medicine. "An unaffordable drug is completely ineffective," they wrote in the letter. "The substantial taxpayer investments in COVID-19 pharmaceutical research must be recognized."

Copyright 2020 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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Apple: iOS 8 prevents cooperation with police unlocking requests

Apple Senior Vice President of Worldwide Marketing Phil Schiller announces the new iPhone 6 during an Apple special event at the Flint Center for the Performing Arts on September 9, 2014 in Cupertino, California. Apple unveiled the two new iPhones the iPhone 6 and iPhone 6 Plus.; Credit: Justin Sullivan/Getty Images

Apple's latest mobile operating system — iOS 8 — is now available, and with it, a new technical hurdle for law enforcement. The company says it will be technologically impossible to access data on phones and iPads running iOS 8, because it won't allow user passcodes to be bypassed.

Our phones, of course, contain troves of information — contacts, messages, recordings — which can be helpful for investigative or prosecutorial purposes. The Supreme Court earlier this year ruled law enforcement cannot access that kind of data without a warrant. Prosecutors had already feared the warrant hurdle would be too much — Rockland County, N.Y., District Attorney Thomas Zugibe told the Wall Street Journal in June that technology "is making it easier and easier for criminals to do their trade," while the court "is making it harder for law enforcement to do theirs."

Now, even with a warrant, data from Apple devices running iOS 8 will be tough — and, Apple says, impossible — for law enforcement to get its hands on.

As The Washington Post reports, the move "amounts to an engineering solution to a legal quandary: Rather than comply with binding court orders, Apple has reworked its latest encryption in a way that prevents the company — or anyone but the device's owner — from gaining access to the vast troves of user data typically stored on smartphones or tablet computers."

 

Not so fast, writes an iOS forensics expert, Jonathan Zdziarski. Just because Apple will no longer help police doesn't mean police can't find ways to use existing commercial forensics tools to extract the data themselves. Wired Magazine describes how Zdziarski proved his own point:

Zdziarski confirmed with his own forensics software that he was still able to pull from a device running iOS 8 practically all of its third-party application data — that means sensitive content from Twitter, Facebook, Instagram, web browsers, and more — as well as photos and video. The attack he used impersonates a trusted computer to which a user has previously connected the phone; it takes advantage of the same mechanisms that allow users to siphon data off a device with programs like iTunes and iPhoto without entering the gadget's passcode.

"I can do it. I'm sure the guys in suits in the governments can do it," says Zdziarski.

And, Apple will still be able to turn over user data stored outside its phones, for example, on its iCloud service, The Washington Post notes. Users often back up photos, videos, emails and more to iCloud, as the recent nude photo theft reminded us.

Apple, in creating plausible deniability for itself, is also using its strongly worded new privacy stance as a marketing opportunity. It's reinforcing what it says is a commitment to privacy and transparency when it comes to government data requests. Apple says so far this year, it has received fewer than 250 government requests for data, including requests to unlock encrypted iPhones.




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Putting A Price On COVID-19 Treatment Remdesivir

Remdesivir, an experimental antiviral drug made by Gilead Sciences, has been authorized by the Food and Drug Administration for emergency use in treating severely ill COVID-19 patients.; Credit: Ulrich Perry/POOL/AFP via Getty Images

Sydney Lupkin | NPR

Now that the Food and Drug Administration has authorized remdesivir for emergency use in seriously ill COVID-19 patients, the experimental drug is another step closer to full approval. That's when most drugs get price tags.

Gilead Sciences, which makes remdesivir, is donating its initial supply of 1.5 million doses, but the company has signaled it will need to start charging for the drug to make production sustainable. It's unclear when that decision might be made.

"Going forward, we will develop an approach that is guided by the principles of affordability and access," Gilead CEO Daniel O'Day told shareholders during the company's annual meeting Wednesday.

In a quarterly financial filing made the same day, Gilead said its investment in remdesivir this year "could be up to $1 billion or more," much of it for scaling up manufacturing capacity.

The company also acknowledged that it's in the spotlight. "[G]iven that COVID-19 has been designated as a pandemic and represents an urgent public health crisis, we are likely to face significant public attention and scrutiny about any future business models and pricing decisions with respect to remdesivir," Gilead said in the quarterly filing.

How will the company balance its business calculations with the drug's potential value to society?

"Gilead has not yet set a price for remdesivir," company spokeswoman Sonia Choi wrote in an email to NPR. "At this time, we are focused on ensuring access to remdesivir through our donation. Post-donation, we are committed to making remdesivir both accessible and affordable to governments and patients around the world."

Among potential treatments for COVID-19, remdesivir, an intravenous drug that was once studied for Ebola, is one of the furthest along.

"It's hard to imagine a situation in which there will be more public scrutiny," said Michael Carrier, a professor at Rutgers School of Law who specializes in antitrust and pharmaceuticals. "On the one hand, Gilead will try to recover its R&D in an atmosphere in which it is able to potentially make a lot of money. On the other hand, the pressure will be intense not to charge what's viewed as too high a price."

Breaking with its usual practices, the Institute for Clinical and Economic Review, or ICER, an influential nonprofit that analyzes drug pricing, issued an expedited report on remdesivir.

"Under normal circumstances, we would be unlikely to do a report when the evidence is this raw and immature," ICER President Steven Pearson said in an interview with NPR. "But it was quite clear that the world is moving at a much quicker pace."

If the price is based just on the cost of making the drug, then a 10-day course of remdesivir should cost about $10, according to the ICER report. (Gilead said results of a recently completed study suggest a five-day course of treatment may be just as effective.)

But if the drug is priced based on the drug's effectiveness, ICER estimates it should cost around $4,500 — assuming the drug is proven to have some benefit on mortality. If it doesn't and the drug only shortens hospital stays, that value-based price goes down to $390.

Results from a federally funded study described by Anthony Fauci, director of the National Institute for Allergy and Infectious Diseases, suggested that remdesvir could reduce recovery time by a median of four days — 11 days to recovery for patients treated with remdesivir compared with 15 days for those who got a placebo. A potential survival benefit is less clear.

Rutgers's Carrier said he expects Gilead to set the remdesivir price somewhere between the $10 and $4,500 that ICER estimated. The company has already shown that it can respond to public pressure when it asked the FDA to rescind the orphan drug status it won for remdesivir, he pointed out.

"When you see that $10 figure, that sets a benchmark for a figure that is eminently affordable," Carrier said. Ultimately, he said a price more than $1,000 per treatment course would be unpopular.

Gilead "will be watched very carefully," he said, because of its prior history of pricing. He referred to two other Gilead drugs that drew scrutiny over high price tags. The company charged $1,000 per pill for Sovaldi, a cure for hepatitis C. And its HIV drug Truvada can cost $22,000 per year.

But there is such a thing as pricing remdesivir too low, said Craig Garthwaite, who directs the health care program at Northwestern University's Kellogg School of Management.

"We don't think this is the only drug we need," he said, adding that remdesivir doesn't appear to be a "home run" against the coronavirus, based on existing data. "The thing that would worry me the most is that we're somehow telling people that if you take the risky bet to try, and you'll go after a coronavirus cure and you do it, you're not going to get paid."

Instead, he said he would like to see acceptance of a generous price for remdesivir to send the message to drug companies that the best thing they can do is "dedicate every waking moment to trying to develop that cure, and that if they do that, we will pay them the value they create," he said.

During a Gilead earnings call on April 30, analysts asked executives whether they could expect similar financial returns on remdesivir as they've seen with Gilead's other drugs.

"There is no rulebook out there, other than that we need to be very thoughtful about how we can make sure we provide access of our medicines to patients around the globe," Gilead CEO O'Day said. "And do that in a sustainable way for the company, for ... shareholders, and we acknowledge that."

On May 1, the FDA authorized remdesivir for emergency use, meaning it will be easier to administer to hospitalized patients with severe disease during the pandemic, but the drug is not yet officially approved. The federal government is coordinating distribution of the treatment.

Day acknowledged on the recent earnings call that the company "could" charge for remdesivir under an emergency use authorization, but he stressed that Gilead is donating its current supply, which should last through "early summer."

To date, the National Institutes of Health said it has obligated $23 million toward its COVID-19 remdesivir trial. And the U.S. Army Medical Research Institute of Infectious Diseases did some of the early in vitro and animal studies with the medicine prior to the pandemic.

"Taxpayers are often the angel investors in pharmaceutical research and development, yet this is not reflected in the prices they pay," Reps. Lloyd Doggett, D-Texas, and Rosa DeLauro, D-Conn., wrote in a April 30 letter to Health and Human Services Secretary Alex Azar.

Concerned about remdesivir's price, they asked for a full breakdown of taxpayer funds that have gone toward the development of the medicine. "An unaffordable drug is completely ineffective," they wrote in the letter. "The substantial taxpayer investments in COVID-19 pharmaceutical research must be recognized."

Copyright 2020 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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A Favorite Explorer Is at a Good Price

Money manager Adrian Day reviews an exploration company that he rates a "strong buy."




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Refinery strike could mean higher gas prices

Tesoro says it’s been planning for a strike and will continue operating two of the effected refineries, including one in Carson.; Credit: Getty Images

Ben Bergman

More than 800 workers walked off the job early Sunday at an oil refinery in Carson because of a labor dispute, joining workers at eight other refineries around the country. 

National strikes have been rare in the refining business. The last one happened in 1980, and it took three months to resolve. If this dispute lasts that long, analysts say gas prices could rise.

“It’s very possible we may have seen the last of two dollar gasoline in the near term,” said Carl Larry director of oil and gas at consulting firm Frost & Sullivan. “Without production from these refineries, we’re going to see tighter supply and higher prices."

Making matters worse, many refineries are switching over to summer blend gas, which is cleaner burning, but also more expensive.

Jim Burkhard, Managing Director at IHS Cambridge Energy Research Associates, cautions that it is too soon to know what the effect of the strike will be, and even though the steelworkers have 64 percent of U.S. oil output in their hands, there’s still a lot of other supply.

 “Remember the oil market overall is very well supplied right now,” said Burkhard. "There's plenty of refining capacity around the world, you would just have some modification of trade flows."

The Carson refinery processes 363,000 barrels per day at peak capacity and employs 1,450 workers. Tesoro Corporation, which operates the plant, says it’s been planning for a strike and will continue operations.

"Tesoro is confident that the Company can continue to safely operate the refineries and meet customer commitments until resolution is reached with the [United Steel Workers]," Tesoro said in a written statement.

The USW represents workers at 65 U.S. refineries. It says the facilities where workers have not walked out will continue operating under a rolling 24-hour contract extension. 

“This work stoppage is about onerous overtime; unsafe staffing levels; dangerous conditions the industry continues to ignore; the daily occurrences of fires, emissions, leaks and explosions that threaten local communities without the industry doing much about it; the industry’s refusal to make opportunities for workers in the trade crafts; the flagrant contracting out that impacts health and safety on the job; and the erosion of our workplace, where qualified and experienced union workers are replaced by contractors when they leave or retire,” USW International Vice President Gary Beevers said in a written statement.

This content is from Southern California Public Radio. View the original story at SCPR.org.




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Source: Streetwise Reports   04/23/2020

Shares of West Pharmaceutical Services traded higher and established a new 52-week high price after the firm reported Q1/20 earnings that included a 10.8% increase in YoY revenues.

Global healthcare packaging components manufacturer company West Pharmaceutical Services Inc. (WST:NYSE) today announced financial results for its first quarter ending March 31, 2020 and provided updated full-year 2020 financial guidance.

The company reported that net sales in Q1/20 increased to $491.5 million, a 10.8% increase from $443.5 million in Q1/19. During the same corresponding period, the firm stated that non-GAAP diluted earnings per share (EPS) increased by 36% to $0.99 and non-GAAP adjusted-diluted EPS increased by 36% to $1.01.

West Pharmaceutical Services advised that it is maintaining its FY/20 net sales guidance, which is expected to be in a range of $1.95-1.97 billion. The company stated that it is updating FY/20 adjusted-diluted EPS guidance to a new range of $3.52-3.62, compared to the prior estimated range of $3.45-3.55.

The company's President and CEO Eric M. Green commented, "During these unprecedented times, our priorities are focused on the well-being and safety of our team members as well as ensuring the supply of critical, high-quality components and solutions to our customers...I am extremely pleased that we delivered a strong performance in the first quarter given the challenging environment that the COVID-19 pandemic has had on our customers, our suppliers and our team members. In particular, we continued to deliver strong sales growth in high-value products, as demand trends from our worldwide customer base were similar to trends we saw last year. Our teams are partnering with a broad range of customers working to support efforts to develop solutions that address the global COVID-19 pandemic such as diagnostics, anti-viral therapeutics and vaccines."

The firm outlined sales in the most recent quarter by product line. The company reported that in Q1/20, net sales in its Proprietary Products segment grew by 9.7% to $373.5 million and that this segment "saw good demand for Westar®, Daikyo®, NovaPure® and FluroTec® components as well as for devices such as Daikyo Crystal Zenith® syringes and cartridges and our self-injection platforms."

The firm noted that net sales from its Contract-Manufactured Products segment grew by 14.5% to $118.1 million led by sales of components for diagnostic devices and drug-injection delivery devices.

The company added that the Biologics market unit enjoyed double-digit organic sales growth, the Generics market unit achieved high-single digit organic sales growth and the Pharma market unit registered mid-single digit organic sales growth.

The firm additionally noted that during Q1/20 under its share repurchase program, it repurchased 761,500 shares for $115.5 million at an average share price of $151.65.

West Pharmaceutical Services is headquartered in Exton, Pa., roughly 35 miles west of Philadelphia, and is a designer and manufacturer of injectable pharmaceutical packaging and delivery systems.

West Pharmaceutical has market capitalization of around $13.5 billion with approximately 73.84 million shares outstanding. WST shares opened 5.25% higher today at $179.05 (+$8.93, +5.25%) over yesterday's $170.12 closing price and reached a new 52-week high price this morning of $190.27. The stock has traded today between $177.13 and $190.27 per share and is currently trading at $187.04 (+$17.17, +10.11%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

( Companies Mentioned: WST:NYSE, )




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