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Walgreens (WBA) to Stock LUCEMYRA Across US With New Pact
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Walgreens Boots Alliance, Inc. (WBA - Free Report) recently entered into an agreement with US WorldMeds -- a Kentucky-based specialty pharmaceutical company, under which Walgreens will stock LUCEMYRA (lofexidine) tablets in pharmacies across the United States. The agreement will be effective starting Sep 1, 2021.
Lucemyra is a non-opioid prescription medicine used to bring down withdrawal symptoms caused by stopping opioids.
The deal came on the heels of the release of provisional data in July by the National Center for Health Statistics. The report claims that over 93,000 people died from drug overdoses in 2020, reflecting a jump of nearly 30% from the prior year. Overdose deaths involving opioids have continued to drive the death toll, accounting for 69,710 overdose deaths in 2020, up from 50,963 in 2019.
About Opioid Withdrawal
Opioids lower norepinephrine -- a brain chemical that supports crucial functions like respiration and consciousness. The continued use of opioids will enable the brain to establish a new equilibrium by increasing compensatory norepinephrine production to maintain normal functioning.
The brain's increased norepinephrine levels are no longer compensated by the presence of the opioids when opioids are removed or the dose is significantly reduced. This led to a surge in norepinephrine that results in the acute and painful symptoms of withdrawal.
More on LUCEMYRA
LUCEMYRA is the only FDA-approved, non-opioid, non-addictive treatment for relief of numerous symptoms of opioid withdrawal in adults. It requires a valid prescription to be distributed. However, LUCEMYRA will not totally prevent opioid withdrawal symptoms and is not a treatment for opioid use disorder.
Image Source: Zacks Investment Research
More on the News
Eligible patients covered by commercial insurance will not have to pay for a LUCEMYRA prescription. However, patients without insurance coverage for LUCEMYRA required to pay $300 for a LUCEMYRA prescription.
According to federal and state law, those patients are not eligible for savings or rebates whose prescriptions will be paid for in part or in whole by Medicare, Medicaid, or any similar federal or state healthcare program.
The actual savings on out-of-pocket costs for LUCEMYRA will differ as per the refill quantity, personal healthcare insurance coverage, and adherence to the dosing guidelines by the FDA.
Industry Prospects
Per a report by Allied Market Research, the global opioids market size was valued at $18.53 billion in 2018 and is expected to reach $22.34 billion by 2026, at a CAGR of 3.2%.
The global opioids market growth is driven by an alarming increase in incidence of orthopedic diseases and chronic pain. Further, increase in consumption of opioid analgesic for pain management in developing countries is expected to drive the market further.
Recent Developments
In August 2021, Walgreens announced the availability of flu shots for everyone aged three and above at more than 9,000 store locations by walk-in or appointment across the United States. As COVID-19 cases continue to rise, eligible patients will be able to receive both flu shot and COVID-19 vaccine in a single visit.
In July 2021, Walgreens announced an update to its existing strategic collaboration with VillageMD to provide primary healthcare services. Per the latest update, the company announced plans to open 29 new Village Medical at Walgreens practices in Houston, Austin and El Paso in 2021. With this, the companies are on track to achieve their January 2021 goal of opening at least 600 Village Medical primary care practices in more than 30 U.S. markets over the next four years.
Price Performance
Shares of the company have gained 36.6% in a year’s time compared with the industry’s rise of 34.8%.
Zacks Rank and Key Picks
Currently, Walgreens carries a Zacks Rank #3 (Hold).
Image: Bigstock
Walgreens (WBA) to Stock LUCEMYRA Across US With New Pact
Walgreens Boots Alliance, Inc. (WBA - Free Report) recently entered into an agreement with US WorldMeds -- a Kentucky-based specialty pharmaceutical company, under which Walgreens will stock LUCEMYRA (lofexidine) tablets in pharmacies across the United States. The agreement will be effective starting Sep 1, 2021.
Lucemyra is a non-opioid prescription medicine used to bring down withdrawal symptoms caused by stopping opioids.
The deal came on the heels of the release of provisional data in July by the National Center for Health Statistics. The report claims that over 93,000 people died from drug overdoses in 2020, reflecting a jump of nearly 30% from the prior year. Overdose deaths involving opioids have continued to drive the death toll, accounting for 69,710 overdose deaths in 2020, up from 50,963 in 2019.
About Opioid Withdrawal
Opioids lower norepinephrine -- a brain chemical that supports crucial functions like respiration and consciousness. The continued use of opioids will enable the brain to establish a new equilibrium by increasing compensatory norepinephrine production to maintain normal functioning.
The brain's increased norepinephrine levels are no longer compensated by the presence of the opioids when opioids are removed or the dose is significantly reduced. This led to a surge in norepinephrine that results in the acute and painful symptoms of withdrawal.
More on LUCEMYRA
LUCEMYRA is the only FDA-approved, non-opioid, non-addictive treatment for relief of numerous symptoms of opioid withdrawal in adults. It requires a valid prescription to be distributed. However, LUCEMYRA will not totally prevent opioid withdrawal symptoms and is not a treatment for opioid use disorder.
More on the News
Eligible patients covered by commercial insurance will not have to pay for a LUCEMYRA prescription. However, patients without insurance coverage for LUCEMYRA required to pay $300 for a LUCEMYRA prescription.
According to federal and state law, those patients are not eligible for savings or rebates whose prescriptions will be paid for in part or in whole by Medicare, Medicaid, or any similar federal or state healthcare program.
The actual savings on out-of-pocket costs for LUCEMYRA will differ as per the refill quantity, personal healthcare insurance coverage, and adherence to the dosing guidelines by the FDA.
Industry Prospects
Per a report by Allied Market Research, the global opioids market size was valued at $18.53 billion in 2018 and is expected to reach $22.34 billion by 2026, at a CAGR of 3.2%.
The global opioids market growth is driven by an alarming increase in incidence of orthopedic diseases and chronic pain. Further, increase in consumption of opioid analgesic for pain management in developing countries is expected to drive the market further.
Recent Developments
In August 2021, Walgreens announced the availability of flu shots for everyone aged three and above at more than 9,000 store locations by walk-in or appointment across the United States. As COVID-19 cases continue to rise, eligible patients will be able to receive both flu shot and COVID-19 vaccine in a single visit.
In July 2021, Walgreens announced an update to its existing strategic collaboration with VillageMD to provide primary healthcare services. Per the latest update, the company announced plans to open 29 new Village Medical at Walgreens practices in Houston, Austin and El Paso in 2021. With this, the companies are on track to achieve their January 2021 goal of opening at least 600 Village Medical primary care practices in more than 30 U.S. markets over the next four years.
Price Performance
Shares of the company have gained 36.6% in a year’s time compared with the industry’s rise of 34.8%.
Zacks Rank and Key Picks
Currently, Walgreens carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation (NVST - Free Report) , BellRing Brands, Inc. (BRBR - Free Report) and Henry Schein, Inc. (HSIC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 27%.
BellRing Brands has an estimated long-term earnings growth rate of 29%.
Henry Schein has a projected long-term earnings growth rate of 14%.