The company fully intends to keep operating during the re-structure process. Makena which is the main drug the company produces has had a lack of enforcement on the orphan drug marketing exclusivity granted by the FDA. Medicaid agencies have also made access tough. BD
K-V Pharmaceutical Co. (KV/A) (A), a provider of women’s health-care products, filed for bankruptcy after it said lax federal enforcement and state Medicaid restrictions prevented it from attaining the “full value” of a medicine intended to help pregnant women avoid premature births.
The drug company, which sought court protection along with several subsidiaries, listed debt of $728 million and assets of $237 million in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan. Based in Bridgeton, Missouri, K-V said it will keep operating as it seeks to reorganize.
Other K-V units that sought court protection include DrugTech Corp., FP1096 Inc., K-V Discovery Solutions Inc., K-V Generic Pharmaceuticals Inc., K-V Solutions USA Inc., Ther-Rx Corp. and Zeratech Technologies USA Inc.
By now you have read all over the internet that the company jumped out there the day the NYSE joined the dark pool action and in the flurry to make more money first and get ahead of the game, look what we got? Debugging is not easy today but the time has to come for sales and marketing to stop pushing the developers to meet deadlines. Put the new algorithms out once they have been debugged, compiled and adequately tested. Any who writes software of any type knows this song. Sure there are delays sometimes whether it’s getting a new operating system out or just perhaps a new software program.
Think back a little bit and do you remember software releases being delayed somewhere along the line? Of course you do as it makes the news that the next operating system or what ever it is will be extended for a couple weeks, and why? Roll no code before it’s time as we want it to work and with today’s complexities it’s hard. Why do you think there are “beta” programs? It’s so you can have some real life testing done with actual users before the full effects of the software goes into place. Still there are bugs but not as many as there would be without a beta program for sure.
WIRED Magazine put out one of the absolute best articles that is not only informative on the markets, but they also dig into the mentality of the quants and what world they live and it’s not the same as ours. Read it.
I used to write software and it was easier than what it is now, but still debugging and compiling were part of the process and I still never caught everything even though many hours and nights were spent looking, running automated processes to catch any code that may or did have issues. Greed and money is interrupting this process on Wall Street and the process now due to complexities is also more complex. The Battle of the Quants…a conference on how they entertain themselves with talking about “code that makes money”….There’s a ton of physicists that work on Wall Street along with mathematicians, engineers to design systems “that make money”. Sometimes this is a gradual process so you may not even be aware of what is working behind the scenes.
“But perhaps not even Einstein fully appreciated the degree to which electromagnetic waves bend in the presence of money. High-frequency traders are a subset of quants, investors who make money the newfangled way: a fraction of a cent at a time, multiplied by hundreds of shares, tens of thousands of times a day. These traders occupy an anomalous position on Wall Street, carrying themselves with a distinctive mixture of diffidence and arrogance that sets them apart from the pure, unmixed arrogance of investment bankers.”
Back in August of 2009 when the Madoff case was wide open, I made this post and perhaps I was ahead of my time…but who would staff a Department of Algorithms today? We don’t have a Congress that is smart enough to even understand the markets technology so they can’t even make laws and that stifles law enforcement as well as securities compliance.
I read where the SEC made a statement that Knight will get some help with their suffering with losing over $400 million, shows how far behind the times they are, let them cook and choke and take responsibility for their “code” actions. They did it and other firms took a wait and see option to further work on their code before entering the NYSE dark pools. The problem with this though is that they have consumer/investors money involved and there lies the criminality of what they are doing…all technologically created greed. You can read more at the link below on complexities and how the rip works.
Those with the code rule the world and I have been saying this for at least a couple years and when code goes bad others finally get wind and can see it. In hardware we have things happening that don’t happen in other places like over clocking processors, which of course nulls any warranties on them, but you see things now out there with consultants that will “certify” over clocked processors to run at speeds beyond the manufacturer’s standards. On a small scale I used to do some training for Intel and I can’t tell you how many melted chips I used to hear about or see with kids that over clocked their processors with gaming, so multiply this out over a huge farm of server processors…perhaps not a very good thing indeed as when the melt down occurs, everything stops working.
Of course I had to inform the gamers that there was no warranty on their chips and they were SOL for running above and beyond the processor standards, but on Wall Street they do what they want and run hardware at speeds beyond and one day some will melt too. I can’t help but think that some of this is part of the hardware maintenance with chip melt downs and replacements as an on going process as well. Sure there are several in a server farm so one melt down at a time would not have a significant effect, but what about the day you have massive hit with a large number melting down at once if the cooling gasses that keep the processors cool malfunctions and the processors simultaneously fry?
“That plays out in the very hardware of finance. The data center of NYSE Euronext, the international conglomerate that includes the New York Stock Exchange, is in a building in suburban Mahwah, New Jersey, 27 miles from Wall Street. Besides “matching engine” computers that process trades on the exchange, it also houses high-frequency trading servers, which receive data and spit out orders according to programs—algorithms. Traders pay to put their servers in the same building, and to make things fair, engineers scrupulously add extra lengths of cable to equalize the runs among all the servers. Yes, we are talking about a few feet plus or minus. At nearly the speed of light.”
Further on here the article talks about the New York and London connections for faster speeds and transaction and the conversation quoted with the Quants speculating on how to increase this even goes so far as use solar powered drones carrying micro wave relay stations to hover in the Atlantic..yup you read this correctly so read the entire article.
“Some algorithms are “market makers” in a stock—they attempt to buy at a low bid price and quickly sell at a slightly higher asking price, pocketing the difference, or spread. The people who did this used to be called specialists, and it was a nice living when spreads were an eighth of a dollar. Since the New York Stock Exchange instituted “decimalization” in 2001, spreads have gone down to a penny or two, meaning you have to trade a lot more stock, a lot faster, to make the same amount of money. It’s no place for a human being.”
Again Wired did a very good job with the article here and they go on to explain to where a retail investor looks at a stock price on Yahoo..is that what you get..not really, it’s an algo making the post. The brokerage fills the order at the prevailing price or it may be handed off to a entity who buys and sells in “dark pools” and there’s no quotes there to be seen. Here’s where the algorithms go to work.
Other great kudos too in this article is the comparison of “quote stuffing” to denial of service attacks and I never thought about it that way but that is exactly what is going on. Denial of service attacks of course are illegal and you have probably heard about the hacking group Anonymous exerting some of these with their break ins; however the same process is legal on Wall Street? An algorithm is creating all of this once again with the parameters is is programmed to do and submit quotes when the formula parameters are me. Everywhere else in technology companies spend a lot of money to stop the vulnerability but it’s perfectly ok on Wall Street to jam the circuits because the machines are busy making money with algorithms that support the process.
“No sane human trader would spend their time haggling over a ten-thousandth of a cent, but computers don’t get bored.”
Further on here Nanex is mentioned with their investigation into the BATS IPO and offers their views of the algorithms that ran that day and of course BATS did the right thing with pulling the switch immediately but ponders the question of some other algorithms in action at the same time that were designed to eliminate BATS transactions to keep the competition out so again we have some real potential algorithm war fare here and would the code quants do this, of course if they could write code that hides and never be held accountable. Of course that takes a lot of time and study to create such modules but there’s a lot of folks out there who write code that would be paid a lot of money to do this. This the mission below on how they think.
“There is so much money to be made that any expenditure on research and infrastructure to shave those microseconds is worth it.”
Others argue the point that it could not be done..hmmm..only a developer and quant may have that answer as things are evolving to multi levels of code interactions. When there’s millions at stake to be made ask yourself, do you think there’s the potential for some “dirty”code to be working out there? I think we know the answer to that question but finding it and proving that fact is the issue. Interesting quote below in the fact that why some like to live below the radar and this is not only true in financials, other industries too, like health insurance companies who are publicly traded like to keep the attention away from their “algorithms for profit” as well with nobody digging very deep.
“One of the rules of analytics, disconcertingly enough, is that other things being equal, companies that don’t get written about in the media tend to outperform those that are widely covered.”
The first fall out here of course comes from mistrust with investors and when that occurs the domino effect will roll over to companies questioning what is happening with their stock. Bring in the analysts who are the guidance folks and what in the world will they tell you? Most of them do financial analytics, not code and where does this put them in the game with keeping up? Of course when they are not on target everyone asks “how did you miss”…well if they don’t know code and how it’s playing out today, how can they stay on top?
This is what has been built today with code running, moving money and nobody held accountable so what seems like a good move right now, could be disaster in as little a few seconds away. Perhaps it could be time for exchanges and insurance companies to go back to what they were, non profits as this circle unless someone makes some life impacting decision won’t stop and the insanity will continue to grow. This not only happens in the markets but machines making life impacting decisions goes on every day with other businesses and runs behind the scenes. In an effort demonstrating this for such occurrences I made a collection of posts which I call “The Attack of the Killer Algorithms” and you can read through and see how all of this plays out, even beyond the markets.
You can give this some thought as you see hospitals and doctors struggling to stay in business while in the meantime the quants are looking at drones over the Atlantic to take a few milliseconds off financial transactions…pretty crappy if you ask me and a society way out of balance with the haves and have nots…and in this case I’m talking code as those who have the code rule the world. In summary, no pity here for Knight Capital as they showed no responsibility and put all at risk with running code before it’s time without thoroughly testing…with so much money at risk today, you can’t do this any longer. Data collecting and selling too among High Frequency Traders and other financial institutions is even growing at a pace faster than Facebook and this practice of “data for nothing and profits for free” continues to feed the growing problem of “inequality” in the US and the world for that matter.
The financial crimes of the past that still continue to make the news like Keating, Milken, etc. are can’t even hold water to what is happening today out there and the mechanics and science of all of this is way beyond the comprehension levels of regulators and law makers and that is the scary reality we have today. Where’s the Proofiness? BD
First off with doctors the threat of malpractice for doctors is huge and the premiums keep going up. Some states have laws that limit the deep pockets but other states do not. Actually in some states doctors and hospitals go without it and hospitals set aside cash reserves but are they enough? Doctors end up filing bankruptcy if the judgment is too high so how stressful is this..very. There’s a good documentary that goes right along with the topic here called “The Vanishing Oath” and my hospitals use it to show medical students what they are in for in the long haul with being doctor today. Watch the trailer at the link below and catch the second link to hear a doctor talk about being sued.
Anger management for the medical profession is growing as there long hours and most of the patients they are taking care of are ill so there’s extra touch of patience needed. Interesting the article says that this particular company has a contract with Kaiser to help doctors and they are one of the better environments out there so now add on the rest.
Counseling sessions are done and the story of one surgeon throwing a scalpel seemed to be one of the most outrageous events the counselor, George Anderson dealt with. You know what though there’s a new institute to help investigate and work on “humanizing” healthcare too, so clearly there’s a ton of the working environment that contributes here.
Also worth noting here is that you do have to give FDA commissioner Margaret Hamburg credit too as she promotes the same thing with compassion and care in taking care of patients. If you are in the Los Angeles area here’s the place for Anger Management. BD
George Anderson positioned himself on a stool across the operating table so he could get a good angle on the surgeon’s face. He watched for signs of irritation as the doctor, known for temper tantrums, sewed a valve into a patient’s heart. Then the surgeon’s phone buzzed.
The hospital earlier had called in Anderson, an anger management therapist, to help one of their top doctors -- now cursing into his headset -- control his bad temper. After the operation, the surgeon removed his latex gloves, threw them on the floor and left the operating room in silence.
“Everyone in the room was stunned,” says Anderson, 73.
Anderson was among the first of his peers to capitalize on the boom of rageaholic caregivers. It began in earnest in 2009 when the Joint Commission, an independent body that is the largest accreditor of medical programs, mandated that hospitals deal with “disruptive” docs.
As I’m sure everyone is aware of what has occurred with Knight Industries with more than $400 million wiped out by an algorithm…they do have teeth as I have written here so many times before. In addition you can read in the article clips below that they were running “new software” to work with the NYSE dark pools that just came online. Problem was, the software didn’t work with the new “code” that the NYSE had created. There’s a ton of time that goes into producing software and the average consumer “has no clue” on how complex this is and it is difficult to understand unless you have spent any time writing software yourself. Programmers and developers know it no matter what language they work with.
The problem with new code and updates is not restricted to stock markets by any means but of course it’s where money is made and lost and is the foremost area of concern as economies are based on what happens with the algorithms in that environment and other industries want performance but not near to the speed that is pushed to the limit on Wall Street. I have been saying this for quite a while now that it is time to clean up the math and coding in all industries. In the words of Bill Gates, software is nothing more than a bunch of algorithms interacting with each other, so think software, think algorithms.
We live with this all the time with code going south, just look at the social networks and of late they all have had their issues but it’s not money and transactions for the most part, Twitter, Facebook, LinkedIn have all had issues of some sort and when they come back up or fix a security breach it’s back to business as normal. This is the hi tech industry folks and it touches more than the markets. The most glaring issue of course that is still not resolved was the Facebook IPO which basically was out there to not only make a bunch of people richer, but to convince the public on the over inflated values of “social algorithms” and you can see by the price and what has occurred, it’s not there. When you invest in technology, what do you have, a piece of an algorithm? That’s really the bottom line as they are pretty much the intangible businesses that function out there today if they are not producing some kind of hardware along the line.
There’s also nothing wrong with being an “algorithm shareholder” either as long as the value is appropriately stated and the code runs correctly, but of recent in many instances we are not seeing that. Algorithms move money and have teeth as well as make life impacting decisions about all of us. The amount of flawed data being collected is also growing when credible data is combined with non credible data and there’s no problem with crunching numbers to enable some predictive analytics, that is until someone want to sell some software and takes it down to an individual level to “score” people with credible and non credible data combined…and then we get “The Attack of the Killer Algorithms” as flawed data is the result. It happens all around us and basically I stated a while back that this methodology of “duping” naïve consumers is what created the “Occupy” movement.
The movement and people involved I don’t think even realized what real root of all of this is, but they knew something was wrong. It’s a hard battle when formulas run on servers 24/7 and you can’t see the algorithms, talk to them or in many cases get a customer service person who can adequately explain the decision making process that companies are using today, and frustration sets in. I wrote a series of blog posts that talk about algorithms in every day life, be it a health insurance claim denial or someone not getting a job, it lives amongst us.
“It is a technological arms race in financial markets and the regulators are a bit caught unaware of how quickly the technology has evolved”
Back about 3 years years ago I made an “opinion” post asking if “we need a Department of Algorithms”…maybe we are there as there are those algos created for “desired” results and those that generate “accurate” results and the two should be the same, but they are not always. Read this book on how some of this works from Twitter bud Professor Siefe at NYU, as he nails it pretty well. We are well beyond the comprehension levels of those who make our laws as well and you saw what happened yesterday when they don’t get it, they go on break and leave everything unattended not even caring about the Post Office crisis.
I thought I was the only one talking about this but recently was contacted by the National Institute of Statistical Sciences that told me to keep blowing the horn and that someone will eventually listen. It’s all about the math, algorithms, data, and “flawed data” that creates markets sometimes where they don’t belong.
Do keep in mind too that the amount of data selling by some of these technology companies is growing at a speed that is even outpacing Facebook with mining data on the web where they get their “data for nothing and the profits for free”..so that goes on as well behind the scenes where consumer data is mined and sold, in other us as consumers become part of the profit. This is a good time to remember that health insurance companies ride this wild roller coaster on the market too and again the question of having to pay one of these companies for healthcare comes up time after time and again goes back to insurance being a “non profit” instead of what we see out there today.
We also have marketing like we have never seen before and sometimes we have a train wreck there as well. Marketing and data people can push the developers to release software before it’s time and it happens. Look at the Knight story again for proof and this happens everywhere, not just markets. One interesting story was the big fiasco with Allscripts who projected sales based on projections of where they would be with combining two technologies and I flat out said, too much code too little time. Again we come around to those who sell and market flat out just don’t get it with today’s complexities. That post is Chapter 30 in the Killer Algorithm series. It’s not popular to talk about this and most do not as keeping the level of comprehension gray helps sell markets but eventually it all comes out. Interesting too with the Knight incident, we are now hearing the word “algorithm” use more with the media instead of the ridiculous “circuit breaker” terminology. Call it what it is.
Amazing how some of this works and how profits are derived and again I have said many times that we are to the point to where data selling should have an excise tax as it is part of every day trading business as well as other industries, and you take infamous example of Walgreens in 2010 making just under $800 million on selling data only? There’s a pot of gold out there just waiting to be taxed, but again we don’t have lawmakers with enough technology backgrounds to see this and the further behind we fall. The algorithms live amongst us and here’s another recent post I made (and thanks to the folks at Nielsen for their kudos on this one) which breaks some of this down a little further. Keep in mind here too that I am making an effort to take some pretty complicated issues and bring them to a level to where the layman can get something out of this as well as I don’t anybody else out there doing a lot of this.
It really gets interesting when a source of “flawed” data is challenged and we want answers. What happens? When the data and media spin it to the point of being out of belief, those folks go back and create more formulas and reports to substantiate the past and some of it does get down the the truth and some of it is just a further “spinning” of information to substantiate the original questions and of course this is the hot topic when formulas and algorithms have either denied consumers or made big profits on conclusions of data queried that are not accurate. I think we all know too that journalists have to meet certain ratings to keep their jobs so again not to fault some of the reporting out there as they need their jobs too but does this impact what we get out there, sure it does and if I had to make sure I kept my job I would probably be doing the same thing.
Sometimes so much of the intelligence we rely on today get’s spun and again there are folks out there willing to write code for money no matter what it is and you kind of get some of this mentality mixed in with the good productive algorithms we need and again this mostly applies to the erroneous reports where credible is combined with noncredible but it’s not exclusive either:
”Hey dude let’s crunch some numbers and see if we can come up with some analytics to sell”
Yesterday there was an article out about how it’s going to become complicated for doctors to figure out which women covered by which policies will be entitles to the free no co-pay birth control and I commented on Twitter, who’s going to be out there with a new algorithm to help doctors figure it out? This is how it works with complexities it builds on itself and I guess I can keep my eyes open for a press release for some new software or existing software company talking about their new algorithms to sell that will make it easier for doctors to determine what women do get the no co-pay birth control, complexities out of control We absolutely put consumers on a data chase at a time when they just want care. Killers Algorithms Chapter 6 talks about this to where the data has already made you guilty due to a flawed system at times, so let’s see if this happens? Will we have a “free birth control algorithm” next?
Here’s yet another interesting radio interview that offers a lot of good information, simple enough for the layman that again addresses this issue with spun data and marketing, further continuance of “algo duping” the consumer today.
Run no code before it’s time…yes and Nanex yesterday was out there with suggesting better testing of software in the markets but when there’s money to be made, well you get the picture there. Again, this is a dangerous area to where the rush for greed and the ability to not only control a market but also a society is upon us and you can’t see the algorithms, talk to them and as we saw yesterday with flaws they do their thing. A couple weeks ago too someone wrote an interesting article about the real time updating of prices at Amazon that could signal a danger area as well with the potential of a “flash crash” type of incident there and it was good food for thought as again we are talking masses of data and algorithms.
You may or may not have heard about their infamous rogue algorithm that priced a copy of a book about flies at over a million dollars, so again it lives out there with us and be aware as the Attack of the Killer Algorithms, no matter where you are will show up when you might least expect it. The video below includes this story in How Algorithms Shape our Lives…if you not have not seen it, a must see that will help explain some of what goes on today. As Robert Scoble mentioned in one of his TED presentations “the world belongs to the geeks today because nobody else wants it” and those who write the code rule the world. This video by the way has been out there for about a year now and talks about contemporary math and algorithms. Find out what Black Box investing is…investments as he says “formerly known as your pension”….
So again until we regain some balance with the markets with more tangibles as those companies create jobs, we are stuck with what we have today, formulas written for “desired” results and those written for “accurate” results and they are not the same as they should be and the expertise of the banks and brokerages to keep the game moving, but there will be a point to where this bottoms out to when the cash is no longer there that has been created with some illusionary programmatic algorithms to sell and market. BD
“We put in a new bit of software the night before because we were getting ready to trade the NYSE’s RLP program. This has nothing to do with the stock exchange. It had to do with our readiness to trade it," Joyce told Bloomberg TV in an exclusive interview.
"Unfortunately, the software had a fairly major bug in it. It sent into the market a ton of orders, all erroneous, so we ended up with a large error position which we had to sort through the balance of the day. It was a software bug, except it happened to be a very large software bug, as soon as we realized what we had we got it out of the code and it is gone now. The code has been restored.
Here’s another story of a community hospital in need of money to continue serving the community. Interesting that just a few miles away in Manhattan on the stock exchanges lost over $400 million with an algorithm today. This is the story on the world of investments and lack of resources for healthcare. The hospital was looking at joining forces with another facility, Brooklyn Hospital Center but they were stuck on figuring out the the formulas to make it happen and D Day is approaching. When you read the article, they stated that Interfaith needed about $10 to $30 million to keep going, a very small portion of the amount of money wiped out by a mini second algorithm on the markets.
Now the folks at Brooklyn won’t even come to the table to talk. Remember that St. Vincent’s Hospital Manhattan went belly up not too long ago, so what will the state do I guess is the big question. Last time I wrote about this hospital they were really doing some nice IT work with thin clients and saved a lot of money doing so. BD
The hospital, Interfaith Medical Center, serves a largely Caribbean-American and poor population in Bedford-Stuyvesant and north-central Brooklyn. Interfaith’s chief executive, Luis Hernandez, said this week that while the hospital was making payroll and paying vendors, it had only 18 days to 20 days of cash on hand and it had not been able to pay interest on its state-backed mortgage since November.
Mr. Barotz said that Interfaith — which has 287 beds, 120 of them psychiatric — needed $10 million to $30 million to keep going, depending on how long it had to wait for a reorganization. He said Interfaith officials recognized that the state, given its own financial constraints and policy mandates for less hospital-centered care, was loath to subsidize ailing hospitals, as it did with St. Vincent’s Hospital Manhattan before it went bankrupt and closed in 2010. But he contended that if an infusion of cash would keep Interfaith open until it could be reconfigured, “that would be a relatively inexpensive price to pay.”
But since then, Mr. Barotz said, Mr. Rodriguez has expressed opposition to Brooklyn Hospital’s being the lead hospital and has balked at sharing financial information, making it all but impossible to come up with a realistic plan.
Former governor Arnold Schwarzenegger donate the initial funds for the “think tank” institute to get started. You can read below and watch the video to hear more about what it will intend to do and focus upon. Schwarzenegger is a “fellow” here with USC and he has an honorary doctorate. Arnold the professor now:) They are going to bring the brightest minds to the institute and time will tell what they hope to solve. Healthcare and public wellness is right on the list.
Students will also be able to become “fellows” and will have access to present their ideas to Schwarzenegger and other world and US leaders. Leaders are supposed to put people over politics…I’m for that as if you watch the news at any given day, it sucks. I am anxious to see if they can make a dent in political reform…better know some math and formulas is all I can say as that’s what’s running everything and it swoops around Congress every day and they still miss it. If this think tank can help out with lessening the Attacks of the Killer Algorithms, that would be great. I’ll add the link here to the 35 posts I have with every day attacks that directly have impact on what the institute intends to work on.
Think tanks won’t do much unless we get the math and code straightened out and have some “algorithmic centric laws” to do that. We don’t have that talent in Congress right now sadly and they seem to give up and go back to their “default” topic of abortions when they get lost. At least they should use some big data capabilities to start with the same numbers but we can’t even get that, so let’s see what the Terminator can accomplish in the five areas they specified. I addressed this issue in Chapter 22 so off to Wall Street the intelligence goes so they can make more money and get richer, while the others in Washington sit on their thumbs. Go get them Arnold! BD
University of Southern California President C. L. Max Nikias and Arnold Schwarzenegger, 38th governor of California, today announced the establishment of the USC Schwarzenegger Institute for State and Global Policy, which will be housed in the USC Price School of Public Policy.
The new institute's bipartisan Board of Advisors includes international leaders in business, public service and education. Initial members include Henry Cisneros, who as San Antonio's mayor became the first Hispanic-American mayor of a major U.S. city and was appointed by President Bill Clinton as secretary of the U.S. Department of Housing and Urban Development; Vicente Fox, who served as president of Mexico from 2000 to 2006; Rajendra Kumar Pachauri, chair of the Nobel Peace Prize-winning Intergovernmental Panel on Climate Change; George Shultz, economist and statesman who served as U.S. Secretary of State from 1982 to 1989; Austrian Chancellor Werner Faymann; and Kandeh K. Yumkella, director-general of the United Nations Industrial Development Organization
The USC Schwarzenegger Institute will focus on the responsibility of leaders to transcend partisanship to implement policies that most benefit the people they serve, with five priority areas:
education energy and environment fiscal and economic policy health and human wellness political reform.
The institute will be funded by an initial gift from Schwarzenegger, as well as a commitment to raise an endowment with nonprofit and nonpartisan interests.
Steven Colbert starts taking his free birth control pills. Free government birth control for all the ladies he says, what Rush Limbaugh warned us about:) Women showed up to be hooked up to the Yaz IV tube…women will have more time for sex…he eats the dose for the entire month…hilarious!
He says just remember Mitch McConnell and if that doesn’t keep women from having sex he doesn’t know what will:) BD
This is one of those stories that hits the wires and yes it is embarrassing to the doctor I am sure but this involves his personal life as a chief scientist and if you get inside the brain of highly intellectual individuals as such, it’s difficult for them I believe at times and they can screw up and do something out of whack like anyone else. The timing on this though is bad as the article states that he was also involved in the surveillance of FDA scientists. Well remember the FDA scientist that was doing the insider trading? Sometimes there are reasons for surveillance and I have done it for clients and I don’t like the process of providing it for clients but when exposure gets so bad that legalities and other areas come in to play, you have no choice and when you look at the information it does change how you view another person forever but you have to remain independent and stay with facts.
Probably in the midst of everything else going on at the agency, the stress factor entered in here and again bad timing and wrong place at the wrong time. Who knows he could have been set up as well. I still maintain though that the whistle blowers at the FDA should have used their home computers not attached to the agency for reporting, that’s what most any other whistle blower would have done I think as that’s a tough decision to make for anyone. BD
A high-ranking official in the Food and Drug Administration was among 10 men arrested July 13 for soliciting prostitution in a sting conducted by the Howard County Police Department, reports FDAWeb.com.
Maisel, who is scheduled to appear in Howard County District Court on Sept. 20, is the deputy director and chief scientist of the CDRH, which has come under scrutiny for allegedly spying on employees and firing whistleblowers, according to The New York Times.
Once again as have been many of the security breaches reported, we have a 3rd party vendor at the root with a stolen notebook. In essence this is starting to reflect that hospitals sound like they are pretty much on top of their business but it’s the vendors with patient data that are the cause of much that has been in the news of late. EMC is also the same company that owns VMware and I wonder why the employee had this information on the computer and not accessed with a VMware virtual system? Makes sense since the same corporate company owns them maybe?
EMC competes in some of the same market areas as Dell and not too long ago made had some uncomplimentary words to say about their competition and capabilities. This has now elevated to where the State Attorney General is wanting more information on the situation. If you have read the news of late again this all comes back to analytics, which is kind of on steroids today and is what lead to the Accretive fiasco with that company having a laptop stolen and an employee was sharing patient records with investors on Wall Street so when it comes to money and analytics, it doesn’t sound like anyone is really minding the shop to a large degree…save that money.
About 10,000 files are said to have been affected. When the Accretive story fully rolled out we learned there were 9 laptops involved and not one. Hartford Hospital reported the incident in June after it was noticed missing and of course the information was not encrypted. Last year Stanford has a breach with information that was online, not their fault it was the vendor as was the case at Beth Israel Deaconess in Boston.
So the folks get 2 years worth of free credit monitoring…and this does not have the value either that it used to as when you look at how the credit folks are coming under scrutiny from Congress…well you get the picture as they too have a ton of flawed data out there and companies such as FICO have created mismatched analytics algorithms to sell, why, because they can and the public is naïve as far as how this works. They are some of the folks that get a lot of their data for nothing and the profits for free. Sometimes the motivation may resemble something like this statement below…
”Hey dude let’s crunch some numbers and see if we can come up with some analytics to sell”
Another post that touches on the same area I wrote a short time back on how algorithms are used today and “dupe” consumers too. Business analytics are a part of today’s business world for sure but we don’t know when the code is written for “desired” results or “accurate” results half the the time and have to believe they are accurate but read the news and see what is being uncovered for the answer to that part of the puzzle.
Stay tuned on how this one plays out and again why the data was on the computer unencrypted is beyond me when there are alternatives out there today that can allow working from a cloud or virtual server or PC and yet the hospital CIO has all this on his/her head with being responsible for the vendors used as well and much of it is out of their control. BD
A laptop carried by an employee of an EMC subsidiary has been reported stolen by Hartford Hospital, compromising the personal health records of about 9,000 patients, the Connecticut Attorney General's Office reports.
According to a news release from Nutmeg State Attorney General George Jepsen, the data breach involved "unencrypted personal information and protected health information" of about 9,000 patients, stored on a laptop used by an employee of Greenplum, an EMC Corp. (NYSE: EMC) subsidiary.
The employee was working on a quality improvement project related to hospital readmissions. The compromised data include records of 2,097 Hartford Hospital patients and 7,461 patients of VNA Healthcare Inc., a Connecticut home hospice services operator.
A statement said operations will not be affected and employees will continue to have health benefits. Some processing plants have been shut down and they want to end Saturday service, but the rural areas of the US would be the first to suffer. Congress needs to act and so far nothing.
On Friday Congress leaves for their break until after Labor Day. The mail service takes no taxpayer money but is regulated by Congress. Another $5.6 billion payment for future retiree’s benefit is due September 30. If benefits are not pre-funded they may not be there in the future for retirees and employees in the future. BD
Congress is sitting idly by Wednesday as the U.S. Postal Service prepares to default on $5.5 billion in retiree health care payments.
The postal service confirmed in a statement Monday that it would default on its payment to the U.S. Treasury due at midnight on Wednesday. It is also prepared to default on a $5.6 billion tab due Sept. 30 to pre-pay retiree health benefits "absent legislation enacted by Congress."
The postal service has reported multi-billion dollar losses in part due to the current economic climate and a decrease in mail. Additionally, the service is required by law to pre-pay billions in health care benefits every year into a retiree health benefit fund. The postal service wants Congress to help lower this pre-fund burden and help them via other avenues, but Congress doesn't appear to be acting anytime soon.
The official opening of the new facility is less than a couple months away. The old facility will be retrofitted for earthquakes and will be used for other medical purposes so it’s not going anywhere. It was back in 2007 that the planning for this new facility began. This is not the only new facility opened this year as in March they opened a new center in Maryland. What else is kind of neat too is the use of Bloom Box Fuel Cells in California. You can read more about how they are using them at this backlink. In Irvine, California a few years ago when Kaiser opened their facility there off the 405 freeway, it literally put a Tenet hospital out of business who then sold the facility to Hoag who refurbished the building and opened it as an extension of the services in Newport Beach.
Not too far from where our laws are created they also opened a facility in DC that also incorporates a “learning center” as well, and I wonder if any of our lawmakers have ever paid a visit there:)
Of course we can’t mention Kaiser Permanente without giving full credit to their success with personal health records for patients as they were out there with a plan and there were a lot of skeptics when it was announced but it is working well and both patients and doctors are happy with it. A couple years ago I interviewed one of their pediatricians about how a PHR helps her do her job better and stay on top of patient charts and needs.
The one though that I think has the most challenging, fund and gratifying job though is Chris McCarthy at their Innovation Center in northern California as that department works with simulation, discussions, role playing and more with actual doctors and nurses for their input to build solutions and even the NHS has modeled some of the methodologies for their use.
The Orange County Register has a collection of photos of the new facility here. BD
Kaiser Permanente, the county's largest HMO, is preparing to open a second new hospital, a replacement for its 38-year-old facility in Anaheim.
The 262-bed, $425 million hospital opens Sept. 12 with the same design as the Kaiser hospital built in Irvine in 2007. Patients will be transferred two miles from Kaiser's Lakeview Avenue hospital to the new site on La Palma Avenue.
As at other recent hospital construction projects, the lobby feels more like the entrance to a hotel than an institutional medical center. An Orange County artist created a playful flower and butterfly mosaic for the waiting room wall. Classical music emanates from a player piano near an enormous window.
Inside an operating room, Dr. Joshua Cain, an anesthesiologist, demonstrated how patients' X-rays, medical records and consent forms can be projected on images around the room. Cain said the old hospital building will undergo seismic retrofitting and then can be put to other medical uses. The existing medical office buildings at the Lakeview campus will remain in use.
Five drugs normally costing $10-$20 were regularly marked up to prices of $200 or more through the gray market was found by an investigation of Congress. This is scary and sad as a drug that would normally cost $10 goes for as much as $500 on the gray market. Jay Rockefeller lead the investigation. The folks on the gray side know when shortages are near or current and seem to get their hands on them ahead of time. Who gets stuck paying the high prices, hospitals. None of the gray marketing companies would testify in Congress either as they know what they are doing is not right.
So what happens, read the link below and see how hospitals are dealing with this and UCLA for example spends over 2 hours a day to find the drugs, whether it be sharing with other hospitals or buying gray market products. By contrast there’s no shortage of Botox or Viagra. BD
Some US pharmacies are selling their entire inventories to "gray" marketers, who make enormous profits by buying hard-to-find drugs and re-selling them at huge mark-ups, a joint Congressional investigation has found.
Moreover, prescription drugs had leaked into the gray market through pharmacies in 69% of the distribution chains examined for the probe. "Instead of dispensing the drugs in accordance with their professional duties, state laws and the expectations of their trading partners," the pharmacies had resold them to gray wholesalers, says the report of the investigation, which was begun last autumn by Representative Elijah Cummings, ranking member (Democrat) of the House Committee on Oversight and Government Reform.
He also noted that that not even the gray market companies are willing to defend this "disgusting and indefensible" form of "price gouging."
"I invited the five companies we looked at in this investigation to testify at this hearing. They all declined my invitation. They know what they're doing is wrong," he said.
- In May, Rep Cummings introducing legislation aimed at lacking the problem. His Gray Market Reform and Transparency Act of 2012 would, among other measures, prohibit wholesalers from buying drugs from pharmacies and create a national wholesaler database that would allow state boards of pharmacy to share information more easily and monitor enforcement actions in other states.
Here we go again with a law that needs amendments and changes and that is not due to the fact that it was a bad law, it’s good law, but for goodness sakes talk intelligently and address areas that need change and stop the over all repeal, it’s not doing the GOP any favors. I agree that the law needs amendments in some area as the economy delegates this and even the President says the same thing as guess what, nothing remains the same and as changes happen, address them. We live in a digital world and thus so need some digital law formats and today without violating the Bill of Rights, get with it!
This is disgusting that the default topic of “abortions” came up again but as I have said before when they are overwhelmed it appears to be a topic where they feel they may have some area of control? What a waste of time and folks who live in partial denial I guess, more important things are on the agenda. I wonder at some point if even the GOP themselves might turn this into a battle within and take it off the floor. Look at this link below for a little history and what do you think? Duh? Anyone interested in consulting women on this topic?
On August 1st, new preventive care begins for women according to the new healthcare law. Hey birth control covered without a co-pay as one example. Love watching Rep. Barbara Mikulski and her statement on mammograms. They just don’t get it.
Let’s not talk about lawmaking here and the technologies that would help our Congress make better laws, but let’s do the “control issue” about abortions, waste of time and money. Does anyone wonder why Congress looks so bad? They don’t even know a tool when it is presented to them. Use a system like IBM Watson and query and get all the information first and then break into committees and everyone will at least have heard the same thing and have the same starting point. Do we do this, nope default topic of abortions rules all and we get nowhere, get over it. Personally I laugh my fanny off every time the big “A” word comes up and is debated when there are much more important issues that need attention. BD
This may sound a little confusing as the monitoring system and the smart pill received separate approvals from the FDA. There’s also a smart patch which reports back to the Proteus system and that part has been approved. See who the big investors are here with the product, none other that Novartis and Medtronic. I remember it was reported that Novartis has $24 million invested so I am not sure if there are others and the amount contributed by Medtronic.
Now the European CE was a little ahead with the pill portion of this and gave their approval back in August of 2010. So now the chip can send even more information and is made out of minerals found in food, such as copper, magnesium and silicon. There’s no battery on the chip and we kind of all can figure out where the exit point is when done. As I read this, the minute the pill hits your stomach, it gets powered for action right there when it gets wet. The chip is placed on your pills you take for prescriptions. I would guess that drugs made by Novartis could be the first ones to be in line to carry the chip? Here’s a video of a company representative explaining how this works and you can “share” with other folks who have similar conditions. I don’t know if I’m ready to share what goes on in my stomach and bowels with others yet, maybe more information than some may want to know. BD
Proteus Digital Health Inc. (Redwood City, CA) has announced that FDA has cleared its swallow-able sensor, which can be integrated into a pill to monitor medication adherence. The de novo medical device, which the company refers to as an ingestible event marker (IEM), can monitor the timing of drug ingestion in the stomach and relay that information to a patch worn on the body. The patch also can track heart rate, activity levels, and sleep patterns, and relay such information, as well as information regarding drug compliance to caregivers via text message or e-mail. In addition, the device can be used to send text reminders to patients who forgot to take a pill on time.
This is a new low in my terms and shows how bad some marketing has become. Below in italics is an email I received today promoting the BlogHer Conference upcoming in New York. Do I care about having the Medical Quack in Lights on Times Square, hardly. I hope the information and opinions attract readers with content first of all. It’s been a while since I looked at the BlogHer site and it’s not what it used to be. It’s there to sell, sell and sell. I looked through the book section and there are some of the same solicitations I get on some of these books with PR companies with all the book writers out there today. Let’s face it the world of “writing books from so called experts” is done. We have too many experts out there who in fact are just in it to sell a book.
Don’t get me wrong in the fact that I do like a “good book” for sure but I see book after book addressing the same thing, over and over and over. If Walgreens wanted to promote their products, why in the world do they not advertise directly with bloggers instead of this nonsense, and nonsense it is. I could care less if I ever made the BlogHer list after having reviewed what I saw today. It’s costs money to go to the conference as well and what am I going to get out of it, not much in my opinion. This marketing effort was directed at me to go to the Perrigo booth so they could pass along some products to me…says so right in the email body so I can stock my medicine cabinet. All they want me to do to enter the contest is “get my social networks fired up” and frankly the content I put out here has no relativity.
If I need a product I go to the store and buy it and I don’t care if it happens to be the in house brand of CVS either, it’s the store I happen to be in. This type of promotion reminds me too of the ugly tweets you see on Twitter, like “oh I just need 40 more followers to hit 50”…who cares and I think people have tuned out on those anyway but they are still out there. BlogHer would do well to look at what they are putting out there and again this is my opinion here as far as being a blogger trying to include some quality material rather than books of poems, nifty foods and hundreds of diet books.
Again there’s nothing here of interest for me and the name in lights for a contest for the “best voted blogger’ is just about as valuable as all those hospital and doctor compare sites that are riddled with flawed data and gosh knows how many more “data for sale” lists I would end up on. Here’s a classic post that will give you an idea of how accurate the data is that you read out there today.
In essence I would more than likely be contributing to the “data for sale” bunch here as a lot of that goes on and I’m not in the mood for more consumer “algo duping” to be sold something I probably don’t need. If you have read my posts before then you are aware of the fact that Walgreens made short of $800 million in 2010, just selling data only, so again attending some of these conferences puts me and my information in the old “data corral” for companies to:
Again, Walgreens and CVS would do much better to seek out quality blogs and advertise directly to help keep quality blogging alive instead of this mess. What a crock of spun marketing and shoot the drug chains could save money that way without the expensive middle folks in here as well. The poor marketing person who sent me this solicitation probably has no clue as well so not picking one person here by any means at they just pull a list and market, and market and market, as that’s the job description given to them. Back on the topics of books, here’s a good one that I enjoyed and you may be a little less naïve after reading it as well. Find out how formulas for spun marketing work and recognize them in full operation every day around you. Once you know what to look for it’s not that hard.
I’m sure I made no friends here today with this post with PR firms, but gosh get a grip and put some valuable information out there and cut the garbage and I’m sure other bloggers feel the same as I see their comments in Twitter as well. So the Medical Quack will continue on doing what I have been doing and hopefully providing some interesting and maybe valuable information “about the business of healthcare”. And for all of the drug chains and other folks who would like to advertise on the Medical Quack you can do so but please leave me out of these insane contest solicitations as they do nothing in my opinion of creating good quality information. BD
“Are you planning to go to BlogHer ‘12? If so, we hope to see you there and invite you to stop by Perrigo’s booth at the expo to pick up some free Walgreens brand medications from our BlogHer booth “drugstore”. Perrigo Company (www.perrigo.com) is the world's largest manufacturer of over-the-counter pharmaceutical products for the store brand market and manufacturers for the nation’s leading retailers.
We would love to pass along some of our products to help stock your medicine cabinet when you get home!
Also, make sure you enter our contest to give one lucky blogger a spot on the Walgreens Billboard in the heart of Times Square. It is easy to enter! All you have to do is get your social networks fired up about the contest and vote for your blog. The payoff? Your face and blog address will be on the jumbo screen in the “Crossroads of the World” for millions (literally) to see. Talk about advertising for your blog! Get more details at www.winthewalgreensbillboard.com and help us spread the word.”
HOTFLASHHAVOC is enlightening, entertaining, humorous, profound, and is a crash-course in what you need to know about menopause. It has the power to be a life-changing experience for every woman.
This film not only sheds insightful light on the confusion stemming from a decade of misguided facts, but conveys poignant stories shared by real women and in-depth interviews with the world’s most noted experts. HOTFLASHHAVOC provides compelling information about menopause that will empower women for the “Second Act” of their lives.