Genzyme Retains Separate Medicare Code and Reimbursement Rate for Synvisc
CMS Reverses Earlier Decision
December 15, 2006 - Genzyme Corp. (Nasdaq: GENZ) today announced that Synvisc® (hylan G-F 20), a market-leading viscosupplement used to treat pain due to osteoarthritis of the knee, will maintain a separate reimbursement code and rate for 2007. The Centers for Medicare and Medicaid Services (CMS) reversed a decision made earlier this fall that would have placed all viscosupplement products in the same reimbursement code for billing next year. As a result of the CMS decision, effective January 1, 2007, the Medicare payment rate will continue to be 106 percent of Synvisc’s Average Selling Price (ASP) calculated from data submitted to CMS.
“This is the right decision that’s in the best interest of patients,” stated Henri A. Termeer, chairman and chief executive officer of Genzyme Corp. “It is significant because it continues to encourage innovation in the field with next-generation products that are intended to reduce the burden of treatment and overall cost of therapy.”
In addition, J-codes have been replaced with Q-codes for viscosupplementation products. Like J-codes, Q-codes are unique identifiers for drugs and biologics.
Synvisc is registered in more than 70 countries and has been used to treat more than 3 million people.
One of the world’s leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Founded in 1981, Genzyme has grown from a small start-up to a diversified enterprise with annual revenues exceeding $2.7 billion and more than 8,500 employees in locations spanning the globe. With many established products and services helping patients in more than 80 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company’s products and services are focused on rare inherited disorders, kidney disease, orthopaedics, cancer, transplant and immune diseases, and diagnostic testing. Genzyme’s commitment to innovation continues today with a substantial development program focused on these fields as well as heart disease and other areas of unmet medical need.
This press release contains forward-looking statements, including the statements regarding the Medicare reimbursement rate for Synvisc that will become effective on January 1, 2007. This statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others, the extent to which CMS subsequently determines to make changes to the reimbursement rate for Synvisc, and the risks and uncertainties described in reports filed by Genzyme with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Please see the discussion under the heading “Factors Affecting Future Operating Results” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of the Genzyme Quarterly Report on Form 10-Q for the quarter ending September 30, 2006 for a more complete discussion of these and other risks. Genzyme cautions investors not to place substantial reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this press release, and Genzyme undertakes no obligation to update or revise the statements.
Genzyme® and Synvisc® are registered trademarks of Genzyme Corporation. All rights reserved.
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