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- Daily Industry Report - July 26
Daily Industry Report - July 26
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Your summary of the Voluntary and Healthcare Industry’s most relevant and breaking news; brought to you by the Health & Voluntary Benefits Association®
Jake Velie, CPT | Robert S. Shestack, CCSS, CVBS, CFF |
Even Olympians battle impostor syndrome. How one Team USA psychologist is supporting athletes’ mental health in Paris
By Lindsey Leake - In the mid-2010s, Jason Kidd and Kweku Smith, PhD, overlapped at the Milwaukee Bucks, the former as head coach and the latter as the NBA team’s psychologist. According to Smith, Kidd, a two-time Olympian who helped the U.S. men’s basketball team win gold in 2000 and 2008, would challenge the players and other coaches by asking how they could get better every day. Kidd eventually turned the question on Smith: What was his dream? Read Full Article…
HVBA Article Summary
Smith's Role and Goals at the Olympics: Smith, now a psychological services provider for the U.S. Olympic and Paralympic Committee, aims to support American athletes and others by offering top-notch mental health services. He emphasizes the importance of providing emotional care alongside medical care to enhance athletes' overall performance and well-being. Smith and his team will be on call 24/7 during the Olympics to assist athletes with their mental health needs, aiming to reduce stigma and promote proactive mental wellness strategies.
Mental Health as Integral to Physical Health: Smith stresses that mental health is inseparable from physical health, advocating for a holistic approach to athlete care. By addressing both physical and emotional needs, athletes can perform at their best. Smith's team will offer continuous support, helping athletes manage stress, anxiety, and other mental health challenges. This comprehensive care approach aims to ensure athletes are not just physically fit but also mentally resilient.
Supporting Athletes in High-Pressure Environments: Recognizing the immense pressure Olympic athletes face, Smith and his team provide specialized support to help manage performance anxiety, injury recovery, and mental wellness. The psychological services staff are trained to reinforce athletes' confidence and remind them of their capabilities. This support is crucial in the high-stakes environment of the Olympics, where mental fortitude is as important as physical prowess. The inclusion of mental performance consultants on the team underscores the commitment to holistic athlete care.
HVBA Poll Question - Please share your insightsWhat do you believe is the primary driver of growth in the Pharmacy Benefit Management (PBM) market? |
Our last poll results are in!
59.30%
of Daily Industry Report readers who responded to our last polling question, when asked if an employee with Identity Theft & Recovery plan falls victim to ransomware, will the plan cover the ransom payment needed to regain access to their personal data, stated “Yes, the Identity Theft plan covers the Ransom payment.”
34.04% said “No, the Identity Theft plan does not provide the Ransom payment.” 4.91% of respondents are unsure, while 1.75%, stated “We typically don’t offer our clients Identity Theft programs for their employees.”
Have a poll question you’d like to suggest? Let us know!
EU panel follows FDA’s lead on Wegovy, recommending use to prevent cardiac events
By Max Bayer - European regulators are poised to approve Novo Nordisk’s blockbuster drug Wegovy to reduce the risk of cardiovascular events in patients who are overweight or obese. Read Full Article…
HVBA Article Summary
Label Expansion for Wegovy in the EU: The European Union's Committee for Medicinal Products for Human Use (CHMP) recommended expanding Wegovy's label to include cardiovascular protection, following data showing a 20% reduction in major cardiovascular events when the drug is used alongside standard care. This expansion comes after the FDA approved similar labeling changes earlier in the year.
Implications of Cardiovascular Protection: Novo Nordisk anticipates the European Medicines Agency to update Wegovy's label within a month, highlighting the drug's potential beyond weight loss. While the exact mechanism of action for the cardiovascular benefits is unknown, it is believed to be multifactorial. This marks a significant step in the drug's development, emphasizing its broader health benefits.
Competitor Developments: Eli Lilly is conducting similar research, testing its weight loss drug tirzepatide for cardiovascular event prevention in patients with type 2 diabetes. Additionally, Lilly has launched a trial for lepodisiran, targeting cardiovascular events in patients with elevated lipoprotein(a) levels, showcasing a growing focus on cardiovascular outcomes in the weight loss drug market.
Op-ed: How well can AI chatbots mimic doctors in a treatment setting? We put 5 to the test
By Dr. Scott Gottlieb and Shani Benezra - Many consumers and medical providers are turning to chatbots, powered by large language models, to answer medical questions and inform treatment choices. We decided to see whether there were major differences between the leading platforms when it came to their clinical aptitude. Read Full Article…
HVBA Article Summary
Superior Performance of Large Language Models: In a head-to-head comparison, five leading large language models were tested on the 2023 USMLE Step 3 sample test. The models demonstrated superior performance, with OpenAI's ChatGPT-4o achieving the highest score of 98%, surpassing many practicing doctors in clinical proficiency.
Diverse Strengths and Weaknesses Among Models: The models exhibited varied strengths and weaknesses. While ChatGPT-4o provided comprehensive medical reasoning, Claude delivered more approachable and patient-friendly responses. Gemini, Grok, and HuggingChat displayed differences in the depth and clarity of their answers, with HuggingChat scoring the lowest at 66%.
Implications for Medical Practice and Future Developments: The unexpected proficiency of these consumer technology-based models in medical reasoning suggests a potential shift in healthcare. As newer models like Google's Med-Gemini are developed specifically for medical applications, they may offer enhanced precision and consistency in clinical decision-making, possibly transforming the role of human providers in future healthcare delivery.
Auto-Enrollment Significantly Drives Equity in Retirement Savings
By Remy Samuels - Automatically enrolling participants into workplace retirement plans significantly promotes savings equity among different racial and ethnic groups, according to new research by Vanguard. Read Full Article…
HVBA Article Summary
Impact of Automatic Enrollment: Vanguard's study of 14 large defined contribution plans revealed that automatic enrollment significantly boosts participation rates among lower-paid employees, particularly among Black and Hispanic workers. The participation rate for these groups was 2.5 times higher in companies with automatic enrollment compared to those without it.
Racial Disparities in Participation Rates: The study highlighted substantial differences in participation rates across racial groups in voluntary enrollment plans. For example, Black employees had a 52% participation rate, whereas white employees had a 73% rate. However, these disparities were much smaller in automatic enrollment plans, with Black employees participating at 90% and white employees at 92%.
Savings Rates and Hardship Withdrawals: Employees in automatic enrollment plans generally had higher total savings rates across all racial and ethnic groups earning $75,000 or less. For instance, Hispanic employees saved at an average rate of 8.3% compared to 4.9% in voluntary plans. However, participants in automatic enrollment plans were more likely to take hardship withdrawals, which might be attributed to a higher participation rate of lower-compensated employees in these plans.
ChatGPT for science: how to talk to your data
By Julian Nowogrodzki - “Computer, analyse.” In science fiction, characters don’t need programming skills to extract meaningful information from their data, they simply ask for it. Read Full Article…
HVBA Article Summary
Large Language Models (LLMs) in Biomedical Research: A growing number of companies are using LLMs to simplify the analysis of complex biological data. These AI tools allow researchers to ask natural-language questions about their data, such as differences between control and experimental groups, potentially streamlining data interpretation and decision-making in drug development.
Challenges and Limitations: While LLMs like ChatGPT offer promising capabilities, they are not infallible and can produce erroneous or incomplete answers. Developers emphasize the importance of human oversight to verify the results, as these models can "hallucinate" or generate incorrect information.
Development and Customization of LLMs: Companies like Genentech and Enable Medicine are developing and customizing LLMs tailored to specific research needs. These models are trained on vast datasets, including specialized medical and pathology data, to provide more accurate and relevant insights. However, issues like data transparency, bias, and the need for diverse training data remain critical challenges to address.
AstraZeneca details ‘very ambitious’ strategy for early-stage obesity programs
By Nicole DeFeudis - AstraZeneca plans to develop treatment options for people with different BMIs as part of its “very ambitious” obesity strategy. Read Full Article…
HVBA Article Summary
Roche's Obesity Pipeline Acceleration: Roche announced plans to accelerate its development efforts in the obesity treatment space, reflecting a growing focus on addressing the global obesity epidemic.
Viking Therapeutics' Phase 3 Advancement: Viking Therapeutics decided to skip the Phase 2b trial and move directly into Phase 3 for its GLP-1/GIP receptor agonist, signaling confidence in its efficacy and safety profile.
AstraZeneca's Diverse Obesity Treatment Pipeline: AstraZeneca is progressing with multiple programs, including AZD9550 and AZD6234, targeting different patient segments in the obesity market. The company plans to begin Phase 2b studies for AZD5004 later this year, focusing on both type 2 diabetes and obesity. They also aim to tailor treatments for patients with varying BMI levels, with a plan to proceed to Phase 3 trials based on the results.
Cancer survivor numbers continue to rise
By Elizabeth Gregerson - The number of cancer survivors in the U.S. has risen and is likely to continue to rise, according to a report from researchers at the National Cancer Institute in Rockville, Md., published July 13 in the Journal of the National Cancer Institute. Read Full Article…
HVBA Article Summary
Growth in Cancer Survivors: Researchers analyzed data from multiple sources and found that the number of cancer survivors in the country as of January 1, 2022, was 18.1 million. They project this number to increase to 21.6 million by 2030 and 26 million by 2040, indicating a potential 43.6% growth in cancer survivors from 2022 to 2040.
Longevity of Cancer Survivors: The report highlights that nearly half (48%) of the 18.1 million cancer survivors have survived more than 10 years since their diagnosis, with 19% living beyond 20 years after diagnosis. This underscores the significant advancements in cancer treatment and survivorship.
Implications for Oncology and Caregiving: The data suggests a growing need for oncology to prepare for the increasing older adult cancer survivor population. Additionally, it emphasizes the importance of addressing the needs of cancer patient caregivers, highlighting the critical role they play in the long-term care of survivors.
MetLife Pet Insurance Launches Golden Beagle Award to Recognize Innovative Animal Welfare Organizations
By Emily Cousins - MetLife Pet Insurance today announced the creation of the Golden Beagle Award. This award will recognize an animal welfare organization for its innovative approach to addressing the challenges of helping larger dogs find loving homes. The recipient will receive $20,000 to put toward their work. Read Full Article…
HVBA Article Summary
Collaboration for Animal Welfare: MetLife Pet Insurance has partnered with The Association for Animal Welfare Advancement (AAWA) to champion and unify the animal welfare profession. This collaboration aims to highlight and support innovative efforts by animal welfare organizations to find homes for pets, particularly larger dogs that often face longer stays in shelters and lower adoption rates.
Introduction of the Golden Beagle Award: As part of their mission, MetLife Pet Insurance and AAWA will present the Golden Beagle Award at the AAWA conference in November 2024. The award aims to recognize the dedication and ingenuity of animal welfare organizations that are developing new solutions to overcome barriers preventing larger dogs from finding loving homes.
Educational and Supportive Resources: Beyond the award, MetLife Pet Insurance and AAWA are creating various educational resources, including podcasts, blog posts, and newsletters. These resources focus on issues related to access to veterinary care, addressing financial and geographical barriers, and providing best practices for animal welfare organizations and pet parents.
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‘A Bottomless Pit’: How Out-of-Pocket TMJ Costs Drive Patients Into Debt
By Brett Keiman and Anna Werner - Over three decades of relentless pain, Jonna Tallant has tried about every TMJ treatment: mouthguards, six sets of braces, dental crowns and appliances, drugs, physical therapy, Botox, massage, acupuncture, chiropractic care, and surgery. Read Full Article…
HVBA Article Summary
Personal and Financial Impact: Tallant, a TMJ patient from Knoxville, Tennessee, has spent over $200,000 on treatments, exhausting her savings and borrowing money. Despite these efforts, she still suffers from severe symptoms and faces upcoming jaw surgery costing up to $75,000, which her insurance is unlikely to cover.
Insurance Coverage Issues: TMJ treatments are often not covered by medical or dental insurance, leaving patients with substantial out-of-pocket costs. The lack of clear coverage policies results from a "medical-dental divide," where insurers disagree on whether TMJ disorders are primarily medical or dental issues, leading to limited support for patients.
Inadequate and Risky Treatment Options: Many patients receive inadequate care due to outdated theories and insurance limitations. While orofacial pain specialists offer conservative and effective treatments, these are rarely covered by insurance. Instead, patients are often directed toward high-risk surgeries, which are more likely to be covered but may not be the best treatment option.