And so it goes …
Before we get into our regular post let’s a take a moment to reflect on the news that Sanofi CEO Olivier Brandicourt had to get by last year on a mere $8.2 million. Per SEC filings and a post on the FirecePharma web site;
“Brandicourt’s total compensation actually fell in 2018, as the company suffered major sales declines in its flagship diabetes unit. The CEO’s pay package was slashed by 25% in 2018 to €7.28 million ($8.2 million), according to a new SEC filing.”
The post goes on:
“The problem was that the company missed its target on one key financial objective: sales. Net revenues for the year fell nearly 2% to €34.5 billion ($38.9 billion). Diabetes stalwarts Lantus and Toujeo suffered from net-price declines and Medicare coverage overhauls. In the fourth quarter alone, sales of Lantus dropped 20%, while Toujeo plummeted 29%.”
Frankly we aren’t sure how Olivier can get by on this meager pay package, the poor fellow just might have to start buying boxed wine. And as much as we wish we were making this up we aren’t, only in big pharma can you run a company into the ground and then suffer by being paid only $8.2 million. Is it any wonder big pharma is such an easy target for politicians?
Moving on check out this quote;
“Very close. It was absolutely a reality and we were within a couple months of demise. We were within probably 60 days of default… it was perilous.” These words come from none other than departing Tandem CEO Kim Blickenstaff when asked how close the company was to going under. (You can read the full interview at https://www.healthline.com/diabetesmine/tandem-former-ceo-kim-blickenstaff?utm_medium=social&utm_source=facebook&utm_campaign=social-sharebar-referred-desktop&fbclid=IwAR2U63YrEAwYmvRW3dvohW3JhVae7jEwj75yJB8LgBCHUioow-As6nzBvLE#4)
Back in July 2017 we took a lot of heat for ACCURATELY reporting what Mr. Blickenstaff confirmed in this interview that Tandem was on the verge of bankruptcy. We felt patients and investors had a right to know the truth. We never wanted Tandem to go under and thankfully they did not, but it is our responsibility to report the facts.
Folks one day everyone will learn that what we report isn’t personal it’s about getting our facts right and reporting the truth. As Momma Kliff used to say it isn’t easy telling the truth but it’s better than being two faced hypocrites who can’t admit when they make a mistake.
From the we just knew this was going to happen department check this out:
“Omada Health today announced the inclusion and integration of FDA-cleared, cellular-connected blood pressure cuffs and glucometers for qualifying participants in the company’s chronic condition management program. The integration of these devices will enable individuals to seamlessly upload real-time readings to their Omada account, while providing Omada coaches insight to deliver personalized guidance and ongoing support as participants work to improve their health.”
Did we not just yesterday report that companies like Livongo are about to face a slew of competitors? That this competition will drive prices down? That more companies are jumping into this space then Minnesota has lakes?
What’s ironic here is that there is not on piece of hard clinical evidence that any of these programs works over the long term. Yes, we have seen improvements over the short term but not sustained improvements. To put this in terms everyone can understand think of all the people you know who have lost weight only to put the weight back on after they go off their diet. Proper diabetes management is not a part time job as diabetes never goes away.
Companies like Omada and Livongo are using short term results to claim victory in what is a long-term fight. Companies are buying this malarkey not realizing that getting a patient under good control is only the first step, it’s keeping them under control that ultimately saves money. They fail to understand that if these results are not sustained all their supposed cost savings go out the window.
But let’s not stop there check this out;
Novo Nordisk has partnered with Taiwan-based Health2Sync to help promote the latter’s digital diabetes management app in Japan. Per a post on the FireceBiotech web site;
“The app tracks blood sugar trends and the effectiveness of treatments through a behavior-focused artificial intelligence engine and reminds users to adhere to meal, exercise and glucose management plans.”
Did we not also mention yesterday that whiz bang way cool technology can do what Omada and Livongo are doing? That this technology will also be cheaper than what it cost to work with Omada or Livongo?
Listen we have nothing against what Omada or Livongo is doing. What we cannot understand is the crazy valuations these companies are getting. But this being the wacky world of diabetes, a world where CEO’s have to get by on just $8.2 million, a world filled with two faced hypocrites that wouldn’t know the truth if it hit them like a ton of bricks this is par for the course. Like so many others Omada and Livongo are playing very fast and very loose with the “facts”.
But as Momma Kliff used to say those pesky facts do have a way of catching up with you, you may be able to fool people over the short term but ultimately the facts, the real facts, always win the day.