Myriad Appoints Chip Parkinson as EVP for Reimbursement Strategy
29 September 2016 - 9:05PM
Myriad Genetics, Inc. (NASDAQ:MYGN) announced today that Chip
Parkinson will join the company in the newly created position of
executive vice president (EVP) for Reimbursement Strategy. In this
role, Mr. Parkinson will report to Mark C. Capone, president and
CEO of Myriad Genetics with responsibility for facilitating
additional global reimbursement for the Company’s pioneering
molecular diagnostic products.
While personalized medicine offers tremendous promise to improve
patient care and reduce waste in the healthcare system,
reimbursement has proven challenging given current paradigms in
managed markets. In his new role, Mr. Parkinson will lead the
effort to identify novel approaches to partner with managed care
plans and other healthcare payers to ensure that Myriad’s
pioneering products deliver value to our customers.
"Every innovative product that Myriad develops has a strong
health economic story and, increasingly, we have a portfolio of
diagnostic tests that can save healthcare payers millions of
dollars in downstream costs,” said Mr. Capone. “Chip has unique
experience that we can leverage to engage with payers at the
highest levels and demonstrate the solutions that Myriad offers to
the difficult challenge of achieving better patient outcomes with
significantly lower overall healthcare costs.”
Mr. Parkinson has held several senior positions over the past 20
years. Most recently, he worked for Cambia Health Solutions as
president of OmedaRx and MedSavvy, and was the chief pharmacy
officer for Regence Blue Cross Blue Shield Health Plans. In this
role, he managed over $1 billion in annual drug spending for the
Regence Blue Cross Blue Shield health plans in Utah, Washington,
Oregon and Idaho, which have of more than two million members.
Prior to that, he severed in general management and managed care
leadership roles at Pfizer Inc. and Myriad Genetics.
“I am extremely excited to join Myriad in a role in which I can
have a tremendous positive impact on the future of the Company and
help to provide patients with access to cutting-edge diagnostics,”
said Mr. Parkinson. “From my vantage point as a former executive in
a managed care organization, I truly believe that Myriad offers a
unique value proposition that can help our customers advance their
organizational goals.”
About Myriad GeneticsMyriad Genetics Inc., is a
leading personalized medicine company dedicated to being a trusted
advisor transforming patient lives worldwide with pioneering
molecular diagnostics. Myriad discovers and commercializes
molecular diagnostic tests that: determine the risk of developing
disease, accurately diagnose disease, assess the risk of disease
progression, and guide treatment decisions across six major medical
specialties where molecular diagnostics can significantly improve
patient care and lower healthcare costs. Myriad is focused on three
strategic imperatives: transitioning and expanding its hereditary
cancer testing markets, diversifying its product portfolio through
the introduction of new products and increasing the revenue
contribution from international markets. For more information on
how Myriad is making a difference, please visit the Company's
website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris
AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan,
BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice HRD, Vectra,
Prolaris and GeneSight are trademarks or registered trademarks of
Myriad Genetics, Inc. or its wholly owned subsidiaries in the
United States and foreign countries. MYGN-F, MYGN-G
Safe Harbor StatementThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to the Company’s hiring of Chip Parkinson; his
roles and responsibilities; the anticipated positive impact
and value proposition from Mr. Parkinson and his new role; and the
Company’s strategic directives under the caption “About Myriad
Genetics.” These “forward-looking statements” are based on
management’s current expectations of future events and are subject
to a number of risks and uncertainties that could cause actual
results to differ materially and adversely from those described or
implied in the forward-looking statements. These risks and
uncertainties include, but are not limited to: the risk that sales
and profit margins of our existing molecular diagnostic tests and
pharmaceutical and clinical services may decline or will not
continue to increase at historical rates; risks related to our
ability to transition from our existing product portfolio to our
new tests, including unexpected costs and delays; risks related to
changes in the governmental or private insurers’ reimbursement
levels for our tests or our ability to obtain reimbursement for our
new tests at comparable levels to our existing tests; risks related
to increased competition and the development of new competing tests
and services; the risk that we may be unable to develop or achieve
commercial success for additional molecular diagnostic tests and
pharmaceutical and clinical services in a timely manner, or at all;
the risk that we may not successfully develop new markets for our
molecular diagnostic tests and pharmaceutical and clinical
services, including our ability to successfully generate revenue
outside the United States; the risk that licenses to the technology
underlying our molecular diagnostic tests and pharmaceutical and
clinical services tests and any future tests are terminated or
cannot be maintained on satisfactory terms; risks related to delays
or other problems with operating our laboratory testing facilities;
risks related to public concern over our genetic testing in general
or our tests in particular; risks related to regulatory
requirements or enforcement in the United States and foreign
countries and changes in the structure of the healthcare system or
healthcare payment systems; risks related to our ability to obtain
new corporate collaborations or licenses and acquire new
technologies or businesses on satisfactory terms, if at all; risks
related to our ability to successfully integrate and derive
benefits from any technologies or businesses that we license or
acquire, including but not limited to our acquisition of a
healthcare clinic in Germany and Sividon Diagnostic and our planned
acquisition of Assurex Health; risks related to our projections
about our business, results of operations and financial condition;
risks related to the potential market opportunity for our products;
the risk that we or our licensors may be unable to protect or that
third parties will infringe the proprietary technologies underlying
our tests; the risk of patent-infringement claims or challenges to
the validity of our patents; risks related to changes in
intellectual property laws covering our molecular diagnostic tests
and pharmaceutical and clinical services and patents or enforcement
in the United States and foreign countries, such as the Supreme
Court decision in the lawsuit brought against us by the Association
for Molecular Pathology et al; risks of new, changing and
competitive technologies and regulations in the United States and
internationally; and other factors discussed under the heading
“Risk Factors” contained in Item 1A of our Annual report on Form
10-K for the fiscal year ended June 30, 2016, which has been filed
with the Securities and Exchange Commission, as well as any updates
to those risk factors filed from time to time in our Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K.
Media Contact:
Ron Rogers
(801) 584-3065
rrogers@myriad.com
Investor Contact:
Scott Gleason
(801) 584-1143
sgleason@myriad.com
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