Gensco Labs has been busy filing trademarks for new and wonderful topical medications that are sure to solve myriad problems – to date they’ve filed for 46! They sure are busy down there in Miramar, Florida!
There are a LOT of Genscos down in Inverness Florida…and the trademarks Gensco holds have been filed by Randy M Goldberg., Esq. One wonders if this is the same Randy M Goldberg who is listed on his LinkedIn profile as Chief Legal Counsel of…wait for it…
Automated Healthcare Solutions!
If it is, one wonders if ABRY Partners, the private equity firm that has a stake in AHCS, is getting a piece of the pie. Of course, two of ABRY’s other holdings, York RSG and Gould and Lamb, might not be too excited about that.
As long as we’re wondering, how do Gensco’s scientists get the time to do all that ground-breaking research work as they work tirelessly to bring the wonders of medical genius to injured workers around the country, working side-by-side with selfless people striving to ensure those terrific new medications get in the hands of as many dispensing physicians as possible.
Their medications include such wonders as SpeedGel, TranzGel, InflaGesic, LidoGesic, TranzGesic, and other xxx-Gesics. Perhaps they’ll make a superduperGesic, or maybe even a TranzLidoSpeedInflaGesicGel…wouldn’t that be GREAT!!
No word if any of these wonder-drugs compounds have made their way to California or if they are some of the medications that have driven the average price per compounded med up some 68 percent.
SpeedGel has a wealth of wonderful ingredients; echinacea purpurea, echinacea angustifolia, aconitum napellus, arnica montana, calendula officinalis flower, hamamelis virginiana root bark/stem bark, atropa belladonna, bellis perennis, chamomile, achillea millefolium, hypericum perforatum and comfrey root gel.
No eye of newt or bat wing extract, but perhaps in a future version…
I’ve heard that the OTC version of SpeedGel is going to or has been pulled from the market – evidently some payers have been confusing it with the prescription version and reducing reimbursement. Shame on you, payers! Bad payers! Fortunately, the REAL SpeedGelRx is going to continue on.
Alas, some payers don’t see the benefits – this from Summit Holdings in Florida:
“In the first months of 2012, several new creams have entered the market. Again, these are formulated with common over-the-counter ingredients and, interestingly, are marketed exclusively to physicians who see workers’ comp patients. They are assigned National Drug Codes, along with corresponding Average Wholesale Prices.** SpeedGel is priced at $700 for 3 ounces, and TranzGel is listed for $695.
While your patients may not get the bill for these products, these costs have a major impact on the workers’ comp system. Our clients (your patients’ employers) end up paying these costs in increased premiums and, in many cases, actual medical costs.
In most cases, we are denying coverage for these products…” [emphasis added]
What doe this mean for you?
To find out of your claimants are lucky enough to be getting SpeedGelRx, search for NDC 35781-0200-5 and 35356-0647
As we continue to push hard on closing the door on the inflated repackaged medication pricing, the repackagers are going to continue to look for other avenues to exploit. With these compounded medications they would be considered the original NDC so they can charge whatever they can get away with. This, of course, adds to the dialogue of the day on whether or not there is any therapeutic value in a vast majority of compounds – or are they just the modern versions of snake oil sales?
Florida is ground zero for waste, fraud and abuse of the dysfunctional health care “system”, from Medicare and Medicaid to Workers’ Comp. In fact, the biggest crooks are the ones in Tallahassee, underneath the Capital dome.
Always enjoy the blog, but this one is outstanding. Thanks for exposing this “mal-practice”.
This reminds me of the explosion of compounds in CA in 2006 after fee schedule for repackaged drugs was brought down to original manufacturer’s NDC. One in particular was “Wasabi Cream”. Originally marketed to trainers on sports teams, it hit big time in WC. This was a trademarked compound dispensed by physicians and billed at $275 for 10oz container. Essentially it was a very strong Capsaicin cream with green dye. In addition to the “Wasabi”, this (now defunct – and the name escapes me currently) compounding pharmacy also had several Ketoprofen and Lidocaine creams until the FDA issued a very strong warning about topical anisthetics in 2006. http://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/2006/ucm108793.htm
But wait, there’s more…it’s a floor wax and a dessert topping!
I found the website statement on ABRY interesting, given their lines of business: ABRY PARTNERS IS A PRIVATE EQUITY INVESTMENT FIRM FOCUSED SOLELY ON MEDIA, COMMUNICATIONS, AND BUSINESS AND INFORMATION SERVICES INVESTMENTS. WE FIND AND GROW GREAT IDEAS AND COMPANIES.
Where exactly does repackaging and compounds fit into this?
Under the guise of “claims processing solutions”:
“Leading information company providing technology-enabled prescription claims processing solutions for physicians who dispense medication, primarily serving workers’ compensation patients. Headquartered in Miramar, FL.”