TORONTO, ONTARIO -- (MARKET WIRE) -- 02/10/12 -- HudBay Minerals Inc. ("HudBay", the "company") (TSX: HBM)(NYSE: HBM) senior management will host a conference call on Thursday, March 8, 2012 at 10 a.m. ET to discuss the company's fourth quarter 2011 results and provide an update on development activities.
Fourth Quarter 2011 Results Conference Call and Webcast:
Date: Thursday, March 8, 2012 Time: 10 a.m. ET Webcast: www.hudbayminerals.com Dial in: 416-644-3416 or 877-974-0446 Replay: 416-640-1917 or 877-289-8525 Replay Passcode: 4515197#
HudBay plans to issue a news release containing the fourth quarter 2011 results on Wednesday, March 7, 2012, after market close, and post it on the company's website. The conference call replay will be available until midnight (Eastern Time) on March 22, 2012. An archived audio webcast of the call also will be available on HudBay's website.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.
(HBM-G)
Contacts: HudBay Minerals Inc. John Vincic, Vice President, Investor Relations and Corporate Communications (416) 362 0615 john.vincic@hudbayminerals.com www.hudbayminerals.com
Source: HudBay Minerals Inc.
TORONTO, ONTARIO--(Marketwire - Feb. 10, 2012) - HudBay Minerals Inc. ("HudBay", the "company") (TSX: HBM)(NYSE: HBM) senior management will host a conference call on Thursday, March 8, 2012 at 10 a.m. ET to discuss the company's fourth quarter 2011 results and provide an update on development activities.
Fourth Quarter 2011 Results Conference Call and Webcast:
Date: Thursday, March 8, 2012 Time: 10 a.m. ET Webcast: www.hudbayminerals.com Dial in: 416-644-3416 or 877-974-0446 Replay: 416-640-1917 or 877-289-8525 Replay Passcode: 4515197#
HudBay plans to issue a news release containing the fourth quarter 2011 results on Wednesday, March 7, 2012, after market close, and post it on the company's website. The conference call replay will be available until midnight (Eastern Time) on March 22, 2012. An archived audio webcast of the call also will be available on HudBay's website.
HudBay Minerals Inc.
HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.
(HBM-G)
FOR FURTHER INFORMATION PLEASE CONTACT:
HudBay Minerals Inc.
John Vincic, Vice President,
Investor Relations and Corporate Communications
(416) 362 0615
john.vincic@hudbayminerals.com
www.hudbayminerals.com
Source: HudBay Minerals Inc.
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns 'AAA' long-term ratings and 'F1+' short-term ratings to variable rate demand preferred shares (VRDP shares) issued by Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), a municipal closed-end fund managed by Nuveen Fund Advisors, Inc. (NFA) and subadvised by Nuveen Asset Management, LLC (NAM):
--$49,800,000 of VRDP shares, series 1, mandatory redemption date of March 1, 2040, with a liquidation preference of $100,000 per share.
KEY RATING DRIVERS
The 'F1+' short-term rating primarily reflects:
--The credit strength of Deutsche Bank AG (rated 'A+/F1+' by Fitch), acting through its New York branch, as liquidity provider.
--The terms and conditions of the VRDP shares purchase agreement (purchase agreement).
The 'AAA' long-term rating primarily reflects:
--Sufficient asset coverage provided to the VRDP shares as calculated per the fund's overcollateralization (OC) tests.
--The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines.
--The legal and regulatory parameters that govern the fund's operations.
--Both the short- and long-term ratings also reflect the capabilities of NFA as investment advisor and NAM as subadvisor.
TENDER AND REMARKETING
The VRDP shares benefit from a demand feature giving investors the right to tender the securities with a seven-day notice for remarketing. The VRDP shares are also subject to a mandatory tender for remarketing upon the occurrence of certain events, such as non-payment of dividends by the fund, among others. VRDP shares that are unsuccessfully remarketed are purchased by the liquidity provider, Deutsche Bank AG, acting through its New York Branch, pursuant to an unconditional demand feature.
The VRDP shares have a 30-year mandatory redemption date and pay an adjustable dividend rate set weekly by the remarketing agent, Morgan Stanley & Co. LLC (or any subsequent replacement). Should a remarketing be unsuccessful, the dividend rate will reset to a maximum rate as defined in the governing documents.
PURCHASE OBLIGATION
The VRDP shares are supported by a purchase agreement to ensure full and timely repayment of the liquidation preference amount plus any accumulated and unpaid dividends to holders upon occurrence of certain events. The agreement requires the liquidity provider to purchase all VRDP shares tendered for sale that were not successfully remarketed. The liquidity provider must also purchase all outstanding VRDP shares if the fund has not obtained an alternate purchase agreement prior to the termination of the purchase agreement being replaced or following the downgrade of the liquidity provider's rating below 'F2' (or equivalent).
The purchase of VRDP shares pursuant to the purchase agreement is unconditional and irrevocable, and as such the short-term ratings assigned to the VRDP shares are directly linked to the short-term creditworthiness of the associated liquidity provider.
The liquidity provider's obligation under the purchase agreement is currently scheduled to terminate on March 30, 2012. Fitch expects the purchase agreement to be subsequently extended, with terms that are substantially similar to the current purchase agreement.
LEVERAGE
As of Dec. 30, 2011, the fund had managed assets of $188.3 million including leverage of $70.1 million. Leverage consisted of $49.8 million of VRDP shares and $20.3 million of floating rate certificates of tender option bonds.
ASSET COVERAGE
The fund's asset coverage ratio for the VRDP shares, as calculated in accordance with the Investment Company Act of 1940, was approximately 342%. This is in excess of the minimum asset coverage threshold of 225% currently set by the terms of the fee agreement between the fund and the liquidity provider (Minimum VRDP Asset Coverage Test).
The fund has also covenanted with the liquidity provider to maintain an Effective Leverage Ratio for both VRDP shares and floating-rate certificates of tender option bonds below 45% (or 46% if the increase in the ratio is due exclusively to asset market value volatility). The Effective Leverage Ratio is currently approximately 37%.
In the event of asset coverage declines, the fund's governing documents will require the fund to reduce leverage in order to restore compliance with the OC test(s) breaching the required threshold(s).
STRESS TESTS
Fitch performed various stress tests on the fund to assess the strength of the structural protections available to the VRDP shares compared to the rating stresses outlined in Fitch's closed-end fund rating criteria. These tests included determining various 'worst case' scenarios where the fund's leverage and portfolio composition migrated to the outer limits of its operating and investment guidelines.
Only under remote circumstances, such as increasing the fund's issuer concentration, while simultaneously migrating the portfolio to 80% 'BBB', 10+ years to maturity bonds and 20% high yield bonds, did the asset coverage available to the VRDP shares fall below the 'AAA' threshold, and instead passed at an 'AA' rating level.
Given the highly unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views the fund's permitted investments, municipal issuer diversification framework and mandatory deleveraging mechanisms as consistent with an 'AAA' rating.
THE FUND
The fund is a closed-end management investment company regulated by the Investment Company Act of 1940. The fund seeks to provide current income exempt from regular federal and California income tax and to enhance portfolio value. The fund currently invests primarily in investment grade quality municipal bonds.
NFA, a subsidiary of Nuveen Investments, is the fund's investment advisor, responsible for the fund's overall investment strategy and its implementation. NAM is a subsidiary of NFA and oversees the day-to-day operations of the fund. Nuveen Investments and its affiliates had approximately $207 billion of assets under management as of Oct. 31, 2011.
RATINGS SENSITIVITY
The ratings assigned to the VRDP shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of the fund, as described above. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.
Certain terms of the Minimum VRDP Shares Asset Coverage Test and Effective Leverage Ratio are set in the liquidity and fee agreements, which are renewed on a periodic basis. Changes to these terms that weaken the tests may have negative rating implications.
The short-term ratings assigned to the VRDP shares may also be sensitive to changes in the financial condition of the liquidity provider. A downgrade of the liquidity provider to 'F2' would result in a downgrade of the short-term ratings of the VRDP shares to 'F2,' absent other mitigants. A downgrade below 'F2', on the other hand, would not necessarily result in a downgrade of the short-term rating of the VRDPs, given the acceleration features in the transaction that would result in a mandatory tender of the VRDPs for purchase by the liquidity provider.
The fund has the ability to assume economic leverage through derivative transactions which may not be captured by the fund's Minimum VRDP Asset Coverage Test or Effective Leverage Ratio. The fund does not currently engage in derivative activities and does not envision engaging in material amounts of such activity in the future. In fact, such activity is limited by the fund's investment guidelines and could run counter to the fund's investment objective of achieving tax-exempt income. Material derivative exposures in the future could have potential negative rating implications if it adversely affects asset coverage available to rated VRDP shares.
For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end fund, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
The sources of information used to assess this rating were the public domain and Nuveen Fund Advisors.
To receive Fitch's forthcoming research on closed-end funds please go to:http://forms.fitchratings.com/forms/FAMCEFOptinform
Applicable Criteria and Related Research:
--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 16, 2011);
--'Global Rating Criteria for Asset-Backed Commercial Paper' (Nov. 10, 2011);
--'2012 Outlook: Closed-End Fund Leverage' (Dec. 19, 2011);
--'Closed-End Funds: Derivatives Under Review' (Nov. 16, 2011);
--'Primer: CEF Variable-Rate Demand Preferred Shares' (Oct. 27, 2011).
Applicable Criteria and Related Research:
Rating Closed-End Fund Debt and Preferred Stockhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648840
Global Rating Criteria for Asset-Backed Commercial Paperhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450
2012 Outlook: Closed-End Fund Leveragehttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=660709
Closed-End Funds: Derivatives Under Review (Increased Use and Limited Transparency Are Key Considerations)http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656591
Primer: CEF Variable-Rate Demand Preferred Shares (Closed-End Fund VRDPs Target Short-Term, Money Market Investors)http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=654295
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch RatingsPrimary AnalystGreg Fayvilevich, +1-212-908-9151Associate DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystRuss Thomas, +1-312-368-3189DirectororCommittee ChairpersonViktoria Baklanova, CFA, +1-212-908-9162Senior DirectororMedia RelationsBrian Bertsch, +1-212-908-0549 (New York)brian.bertsch@fitchratings.com
Source: Fitch Ratings
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns 'AAA' long-term ratings and 'F1+' short-term ratings to variable rate demand preferred shares (VRDP shares) issued by Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC), a municipal closed-end fund managed by Nuveen Fund Advisors, Inc. (NFA) and subadvised by Nuveen Asset Management, LLC (NAM):
--$42,700,000 of VRDP shares, series 1, mandatory redemption date of March 1, 2040, with a liquidation preference of $100,000 per share.
KEY RATING DRIVERS
The 'F1+' short-term rating primarily reflects:
--The credit strength of Deutsche Bank AG (rated 'A+/F1+' by Fitch), acting through its New York branch, as liquidity provider.
--The terms and conditions of the VRDP shares purchase agreement (purchase agreement).
The 'AAA' long-term rating primarily reflects:
--Sufficient asset coverage provided to the VRDP shares as calculated per the fund's over-collateralization (OC) tests.
--The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines.
--The legal and regulatory parameters that govern the fund's operations.
--Both the short- and long-term ratings also reflect the capabilities of NFA as investment advisor and NAM as subadvisor.
TENDER AND REMARKETING
The VRDP shares benefit from a demand feature giving investors the right to tender the securities with a seven-day notice for remarketing. The VRDP shares are also subject to a mandatory tender for remarketing upon the occurrence of certain events, such as non-payment of dividends by the fund, among others. VRDP shares that are unsuccessfully remarketed are purchased by the liquidity provider, Deutsche Bank AG, acting through its New York Branch, pursuant to an unconditional demand feature.
The VRDP shares have a 30-year mandatory redemption date and pay an adjustable dividend rate set weekly by the remarketing agent, Morgan Stanley & Co. LLC (or any subsequent replacement). Should a remarketing be unsuccessful, the dividend rate will reset to a maximum rate as defined in the governing documents.
PURCHASE OBLIGATION
The VRDP shares are supported by a purchase agreement to ensure full and timely repayment of the liquidation preference amount plus any accumulated and unpaid dividends to holders upon occurrence of certain events. The agreement requires the liquidity provider to purchase all VRDP shares tendered for sale that were not successfully remarketed. The liquidity provider must also purchase all outstanding VRDP shares if the fund has not obtained an alternate purchase agreement prior to the termination of the purchase agreement being replaced or following the downgrade of the liquidity provider's rating below 'F2' (or equivalent).
The purchase of VRDP shares pursuant to the purchase agreement is unconditional and irrevocable, and as such the short-term ratings assigned to the VRDP shares are directly linked to the short-term creditworthiness of the associated liquidity provider.
The liquidity provider's obligation under the purchase agreement is currently scheduled to terminate on March 30, 2012. Fitch expects the purchase agreement to be subsequently extended, with terms that are substantially similar to the current purchase agreement.
LEVERAGE
As of Dec. 30, 2011, the fund had managed assets of $152.2 million including leverage of $55.8 million. Leverage consisted of $42.7 million of VRDP shares and $13.1 million of floating rate certificates of tender option bonds.
ASSET COVERAGE
The fund's asset coverage ratio for the VRDP shares, as calculated in accordance with the Investment Company Act of 1940, was approximately 333%. This is in excess of the minimum asset coverage threshold of 225% currently set by the terms of the fee agreement between the fund and the liquidity provider (Minimum VRDP Asset Coverage Test).
The fund has also covenanted with the liquidity provider to maintain an Effective Leverage Ratio for both VRDP shares and floating-rate certificates of tender option bonds below 45% (or 46% if the increase in the ratio is due exclusively to asset market value volatility). The Effective Leverage Ratio is currently approximately 37%.
In the event of asset coverage declines, the fund's governing documents will require the fund to reduce leverage in order to restore compliance with the OC test(s) breaching the required threshold(s).
STRESS TESTS
Fitch performed various stress tests on the fund to assess the strength of the structural protections available to the VRDP shares compared to the rating stresses outlined in Fitch's closed-end fund rating criteria. These tests included determining various 'worst case' scenarios where the fund's leverage and portfolio composition migrated to the outer limits of its operating and investment guidelines.
Only under remote circumstances, such as increasing the fund's issuer concentration, while simultaneously migrating the portfolio to 80% 'BBB', 10+ years to maturity bonds and 20% high yield bonds, did the asset coverage available to the VRDP Shares fall below the 'AAA' threshold, and instead passed at a 'AA' rating level.
Given the highly unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views the fund's permitted investments, municipal issuer diversification framework and mandatory deleveraging mechanisms as consistent with an 'AAA' rating.
THE FUND
The fund is a closed-end management investment company regulated by the Investment Company Act of 1940. The fund seeks to provide current income exempt from regular federal income tax and California personal income taxes and to enhance portfolio value. The fund currently invests primarily in investment grade quality municipal bonds.
NFA, a subsidiary of Nuveen Investments, is the fund's investment advisor, responsible for the fund's overall investment strategy and its implementation. NAM is a subsidiary of NFA and oversees the day-to-day operations of the fund. Nuveen Investments and its affiliates had approximately $207 billion of assets under management as of Oct. 31, 2011.
RATINGS SENSITIVITY
The ratings assigned to the VRDP shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of the fund, as described above. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.
Certain terms of the Minimum VRDP Shares Asset Coverage Test and Effective Leverage Ratio are set in the liquidity and fee agreements, which are renewed on a periodic basis. Changes to these terms that weaken the tests may have negative rating implications.
The short-term ratings assigned to the VRDP shares may also be sensitive to changes in the financial condition of the liquidity provider. A downgrade of the liquidity provider to 'F2' would result in a downgrade of the short-term ratings of the VRDP shares to 'F2,' absent other mitigants. A downgrade below 'F2', on the other hand, would not necessarily result in a downgrade of the short-term rating of the VRDPs, given the acceleration features in the transaction that would result in a mandatory tender of the VRDPs for purchase by the liquidity provider.
The fund has the ability to assume economic leverage through derivative transactions which may not be captured by the fund's Minimum VRDP Asset Coverage Test or Effective Leverage Ratio. The fund does not currently engage in derivative activities and does not envision engaging in material amounts of such activity in the future. In fact, such activity is limited by the fund's investment guidelines and could run counter to the fund's investment objective of achieving tax-exempt income. Material derivative exposures in the future could have potential negative rating implications if it adversely affects asset coverage available to rated VRDP shares.
For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end fund, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
The sources of information used to assess this rating were the public domain and Nuveen Fund Advisors.
To receive Fitch's forthcoming research on closed-end funds please go to:
http://forms.fitchratings.com/forms/FAMCEFOptinform
Applicable Criteria and Related Research:
--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 16, 2011);
--'Global Rating Criteria for Asset-Backed Commercial Paper' (Nov. 10, 2011);
--'2012 Outlook: Closed-End Fund Leverage' (Dec. 19, 2011);
--'Closed-End Funds: Derivatives Under Review' (Nov. 16, 2011);
--'Primer: CEF Variable-Rate Demand Preferred Shares' (Oct. 27, 2011).
Applicable Criteria and Related Research:
Primer: CEF Variable-Rate Demand Preferred Shares (Closed-End Fund VRDPs Target Short-Term, Money Market Investors)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=654295
Rating Closed-End Fund Debt and Preferred Stock
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648840
Global Rating Criteria for Asset-Backed Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450
2012 Outlook: Closed-End Fund Leverage
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=660709
Closed-End Funds: Derivatives Under Review (Increased Use and Limited Transparency Are Key Considerations)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656591
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch RatingsPrimary AnalystGreg FayvilevichAssociate Director+1-212-908-9151Fitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystRuss ThomasDirector+1-312-368-3189orCommittee ChairpersonViktoria Baklanova, CFASenior Director+1-212-908-9162orMedia Relations:Brian Bertsch, +1-212-908-0549 (New York)brian.bertsch@fitchratings.com
Source: Fitch Ratings
Best Article Goes to Researchers from Express Scripts
Honorable Mention Goes to Researchers from WellPoint and HealthCore
ALEXANDRIA, Va., Feb. 10, 2012 /PRNewswire-USNewswire/ -- The Academy of Managed Care Pharmacy is pleased to announce the winners of the Journal of Managed Care Pharmacy (JMCP) 2011 Award for Excellence. The top award goes to a team of researchers from Express Scripts, Inc., and honorable mention goes to a team of researchers from WellPoint, Inc. and HealthCore.
(Logo: http://photos.prnewswire.com/prnh/20110804/DC47695LOGO)
The winning article, "Discontinuation Rates and Health Care Costs in Adult Patients Starting Generic Versus Brand SSRI or SNRI Antidepressants in Commercial Health Plans," was published in the March 2011 issue of JMCP. The authors, who were employed by Express Scripts at the time of the research, are: Anna Vlahiotis, MA, Senior Manager, Health Services Research; Scott T. Devine, PhD, Director, Health Services Research (currently Outcomes Research Scientist at Merck & Co.); Jeff Eichholz, PharmD, Director, Clinical Programs; and Adam Kautzner, PharmD, Director, Clinical Programs.
"This article was selected for the 2011 Award because of its high relevance to managed care pharmacy in the study of clinical and cost outcomes in the important therapeutic area of major depressive disorder," said AMCP Chief Executive Officer Edith A. Rosato, RPh, IOM. "This study adds to our knowledge of the clinical comparability of generic and brand antidepressants and supports fundamental managed care interventions including therapeutic selection, step therapy, and prior authorization."
The study of patients with major depressive disorder found that drug therapy discontinuation in the first six months of initial use was not significantly different for users of generic versus brand selective serotonin reuptake inhibitors (SSRIs) or selective norepinephrine reuptake inhibitors (SNRIs). Similar clinical outcome at six months for generic and brand SSRI/SNRI users was accompanied by lower costs for users of generic SSRIs/SNRIs in all four measures studied: (1) antidepressant drug costs, (2) total drug costs, (3) depression-specific total health care costs, and (4) all-cause total health care costs.
The adjusted mean antidepressant drug costs for patients and payers with generic SSRI/SNRI were 44% lower than brand SSRI/SNRIs over the six-month follow-up: ($174 for generic compared with $309 for brand). The adjusted mean overall pharmacy costs were 21% lower for generic versus brand ($761 vs. $965, respectively). The generic versus brand SSRI/SNRI users also incurred 29% lower depression-specific total health care costs ($803 vs. $1,125, respectively) and 20% lower all-cause total health care costs ($3,660 vs. $4,587, respectively).
This article adds to the literature in support of the comparative effectiveness of the most commonly used generic versus brand antidepressants, and this study assessed thoroughly the patient and payer costs in drug-specific and total disease-specific, as well as all-cause health care costs.
The article can be found at www.amcp.org/JMCP/2011/March/9010/1033.html.
The 2011 honorable mention was awarded for "Analysis of the Comparative Effectiveness of 3 Oral Bisphosphonates in a Large Managed Care Organization: Adherence, Fracture Rates, and All-Cause Cost," which was published in the October 2011 issue of JMCP. This article was written by researchers employed by WellPoint and HealthCore at the time: Karen E. Martin, PharmD, MBA, CGP, Senior Drug Information Specialist; H. Eloise Campbell, BS, PharmD, Senior Drug Information Specialist; Jacob Abarca, PharmD, MS, Outcomes Research Scientist; T. Jeffrey White, PharmD, MS, Director, Drug Evaluation and Clinical Analytics; Jingbo Yu, MHA, PhD, Senior Research Analyst, HealthCore, Inc.
The judges selected this article because of its assessment of the comparative effectiveness of three bisphosphonates using multiple measures including medication adherence and fracture rates, as well as all-cause total health care costs. As with the award-winning article, this research assessed patient and payer cost by using health plan allowed charges.
This article is available at http://www.amcp.org/JMCP/2011/October/12813/1033.html.
Criteria for the JMCP Award for Excellence is as follows: potential impact on the profession or knowledge (30%); scientific merit and sound methodology (30%); relevance to managed care pharmacy today (20%); clarity of purpose and hypothesis (10%); and writing quality and readability (10%).
"A panel of seven judges drawn from the ranks of the highest-quality JMCP peer reviewers evaluated 13 articles that were nominated this year by members of the JMCP Editorial Advisory Board," said Frederic R. Curtiss, PhD, RPh, CEBS, Editor-in-Chief of JMCP. "The award recognizes the article published in each calendar year that represents the best scholarly work in managed care pharmacy."
The 2011 JMCP Award for Excellence will be presented at the AMCP Awards Dinner on Wednesday, April 18, 2012, in San Francisco, California.
For more information on the JMCP Award for Excellence, visit the JMCP section of the AMCP website at http://www.pets4luv.org/www.amcp.org/JMCPhome.aspx.
About AMCPThe Academy of Managed Care Pharmacy (AMCP) is a national professional association of pharmacists and other health care practitioners who serve society by the application of sound medication management principles and strategies to improve health care for all. The Academy's more than 6,000 members develop and provide a diversified range of clinical, educational and business management services and strategies on behalf of the more than 200 million Americans covered by a managed care pharmacy benefit. For more information, visit www.amcp.org.
About JMCPThe Journal of Managed Care Pharmacy is a peer-reviewed journal, with 9 publication dates per year: separate issues for the months of March, April, May, June, September, and October and combined issues for January/February, July/August, and November/December. JMCP content, including supplements, is indexed by MEDLINE/PubMed, the International Pharmaceutical Abstracts (IPA), Science Citation Index Expanded (SCIE), and Current Contents/Clinical Medicine (CC/CM).
SOURCE Academy of Managed Care Pharmacy
More Press Releases
View Older Stories-
Global Toy Industry Makes its Way to New York City for 109th American International Toy Fair
-
Friedman Industries, Incorporated Announces Third Quarter Results
-
Kaiser Foundation Hospitals and Health Plan Report Fiscal Year 2011 and Fourth Quarter Financial Results
-
United and Continental Offer Options to Customers Affected by New York and New England Weather
-
Find Love at the Pets4Luv Animal Rescue / Valentine's Day Weekend Grand Opening (Feb. 11-13th)
-
Q4 2011 Allied Motion Technologies Inc. Earnings Conference Call
-
Ellington Financial LLC Announces Annual Shareholders Meeting and Record Date
-
Fitch Affirms Honda Auto Receivables Owner Trust 2011-1 (HAROT)
-
Northwestern Mutual Adds New Jobs at Its Headquarters
-
MAC Cosmetics Takes on Another Exciting Season At New York Fashion Week A/W 2012
-
Biomerics Announces Exhibition of Materials at MD&M West
-
Lincoln Park Bancorp Announces Earnings for the Year Ended December 31, 2011
-
IIROC; Resumption: The Caldwell Partners International Inc.
-
Cigna Corporation Announces Appearance at the Leerink Swann 2012 Global Healthcare Conference
-
Member of Parliament Ron Cannan Honours Kelowna Resident
-
Earl E. Devaney Joins Reznick Government as Senior Advisor
-
Cereals with the White Check Now Have More Whole Grain Than Any Other Single Ingredient
-
ecoSolutions Intl Announces Rescission of Golden Hills Transaction
-
Skinner to Host Asian Auction in Marlborough
-
Students Reach out to Legislators on Valentine's Day Asking to Support In-State Tuition for ALL
-
Caldwell Partners' Shareholders Reject Transfer of 75% of Stated Capital to Contributed Surplus
-
Feb. 11 Pennsylvania Powerball® Jackpot Rises to $325 Million, Tickets Sell Briskly
-
MDA Names R.A. Clark as Executive Producer of 2012 Show
-
Fitch Downgrades 31 Bonds in 18 U.S. CMBS Transactions
-
Coinstar, Inc. to Present at the 2012 Pacific Crest Emerging Technology Summit
-
Waters Corporation Presentation at the Leerink Swann 2012 Global Healthcare Conference to Be Webcast Live
-
Old National Bancorp to Present at the Sterne, Agee & Leach 2012 Financial Institutions Investor Conference
-
Ringler Associates Names New Board Members
-
Fitch Rates Arizona's Water Infrastructure Finance Auth $238MM SRF Bonds 'AAA'; Outlook Stable
-
J.G. Wentworth’s Peachtree Settlement Funding’s Alledged Attempt to Thwart Competition with RSL Funding LLC Stricken Down by Texas Appellate Court
-
IIROC; Halt: Caldwell Partners Int'l Inc
-
U.S. Bank Finances Expansion of One of the Largest Homeless Shelters in the Midwest
-
SBA Disaster Loans Available in Michigan Following Secretary of Agriculture Disaster Declaration (13009)
-
Baron and Budd Files Lawsuit Against Wells Fargo and Chase Over Excessive Mortgage Default Fees
-
2012 Greenbrier Classic at the Pinnacle, Where Sports and Entertainment Converge
-
Current H5N1 Flu Outbreak and Location Predicted in 2009
-
Eaton Vance Closed-end Diversified Equity Income Funds Declare Quarterly Distributions
-
Fitch Releases Special Report on Off-Reservation Gaming
-
NS school boards facing triple whammy: 1.3% budget cuts, told to "absorb" inflation and wage increases
-
ASB Bancorp, Inc. Announces Date of 2012 Annual Meeting of Stockholders
-
Triad Guaranty Inc. to Release Fourth Quarter Results
-
ITW Directors Declare Quarterly Dividend
-
Stephen D. Alfers to Lead Sagebrush Gold
-
Eaton Vance Short Duration Diversified Income Fund Declares Monthly Distribution
-
New Survey from Better Homes and Gardens Reveals Consumer Attitudes Towards Home Ownership, Design and Function
-
Norfolk Southern Foundation Increases Charitable Giving in 2011; Plans Expanded Support for Human Services, Environmental Programs in 2012
-
First Niagara Financial Group, Inc. to Attend Sterne Agee Financial Institutions Investor Conference
-
SBA Disaster Loans Available in Kentucky Following Secretary of Agriculture Disaster Declaration (13009)
-
Eaton Vance Closed-End Bank Loan Funds Declare Monthly Distributions
-
SBA Disaster Loans Available in Ohio Following Secretary of Agriculture Disaster Declaration (13009)
