Briefs: CFO sues hospital for discrimination; patent loss to drain big pharma

Here’s a look at some more recent headlines in the world of healthcare finance.

The former chief financial officer at Bell Memorial Hospital in Ishpeming, Michigan has filed an age discrimination suit against the hospital’s new owners, claiming he was forced out and replaced by a younger, less qualified CFO, according to ABC 10.

The suit, by 55-year-old Gerald Messana, asks for more than $75,000 and was filed against DukeLifepoint, which bought the hospital in 2013. Messana said he experienced “extreme mental anguish” after being replaced by 38-year-old Theresa Morrison.

A London research firm says pharmaceutical companies across the world should brace for massive losses in 2019 when many major mental health drug patents expire.

GlobalData says companies could lose $65 billion in sales, with industry giants Otsuka, Eli Lilly, and AstraZeneca taking the biggest hit.

Much of the loss is tied to Otsuka’s anti-psychotic drug Abilify, which the company co-markets with Bristol-Myers Squibb. Abilify’s U.S. patent expires in 2015, which will cause the companies to lose $6.2 billion in sales as cheaper, generic competitors flood the market.

Eli Lilly took a similar it in 2013, after its anti-psychotic drug Zyprexa saw its patent expire in 2011. The company’s sales of Zyprexa dropped from $5 billion to $1.2 billion in 2013.

Franklin, Tennessee-based Community Health Systems recently said it would sell Harris Hospital in Newport, Arkansas, a 133-bed facility, to the White County Medical Center of Searcy, Arkansas. It is the third hospital the chain has divested since October.

According to Arkansas Business, Harris is ranked 30th in the state by patient revenue, and has an operating loss around $9.3 million.

Private equity group Cressey & Co. said it has raised $615  for a new venture fund to support capital projects in healthcare. The Nashville-based fund will specifically support established healthcare platforms by helping to fund acquisitions.