Genzyme Retains Its Medicare Code and Reimbursement Rate for Synvisc
November 8, 2005, 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 keep its unique Medicare reimbursement code and rate for 2006. The Centers for Medicare and Medicaid Services (CMS) have decided not to implement an earlier decision that would have placed all viscosupplement products in the same J-Code for billing next year. As a result of this latest decision, Medicare patients will continue to have access to Synvisc and there will be no change to the method by which product reimbursement in the U.S. is determined for 2006.
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 billion and more than 8,000 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 statements regarding patient access to Synvisc and the Synvisc reimbursement rate for 2006. These statements are 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, decisions by CMS and other regulatory authorities as well as the risks and uncertainties described in reports filed by Genzyme with the Securities and Exchange Commission. Please see the disclosure under the heading “Factors Affecting Future Operating Results” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of Genzyme’s Annual Report on Form 10-Q for the quarter ended September 30, 2005 for a more complete discussion of these and other risks. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document and we undertake no obligation to update or revise the statements.
Genzyme® and Synvisc® are registered trademarks of Genzyme Corporation. All rights reserved.
- Contact Information
- Erin Emlock
- Public Relations Specialist
- Genzyme Corporation
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.