SALT LAKE CITY, Sept. 29, 2016 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ:MYGN) announced today that Chip Parkinson will join the company in the newly created position of executive vice president (EVP) for Reimbursement Strategy. In this role, Mr. Parkinson will report to Mark C. Capone, president and CEO of Myriad Genetics with responsibility for facilitating additional global reimbursement for the Company’s pioneering molecular diagnostic products.
While personalized medicine offers tremendous promise to improve patient care and reduce waste in the healthcare system, reimbursement has proven challenging given current paradigms in managed markets. In his new role, Mr. Parkinson will lead the effort to identify novel approaches to partner with managed care plans and other healthcare payers to ensure that Myriad’s pioneering products deliver value to our customers.
"Every innovative product that Myriad develops has a strong health economic story and, increasingly, we have a portfolio of diagnostic tests that can save healthcare payers millions of dollars in downstream costs,” said Mr. Capone. “Chip has unique experience that we can leverage to engage with payers at the highest levels and demonstrate the solutions that Myriad offers to the difficult challenge of achieving better patient outcomes with significantly lower overall healthcare costs.”
Mr. Parkinson has held several senior positions over the past 20 years. Most recently, he worked for Cambia Health Solutions as president of OmedaRx and MedSavvy, and was the chief pharmacy officer for Regence Blue Cross Blue Shield Health Plans. In this role, he managed over $1 billion in annual drug spending for the Regence Blue Cross Blue Shield health plans in Utah, Washington, Oregon and Idaho, which have of more than two million members. Prior to that, he severed in general management and managed care leadership roles at Pfizer Inc. and Myriad Genetics.
“I am extremely excited to join Myriad in a role in which I can have a tremendous positive impact on the future of the Company and help to provide patients with access to cutting-edge diagnostics,” said Mr. Parkinson. “From my vantage point as a former executive in a managed care organization, I truly believe that Myriad offers a unique value proposition that can help our customers advance their organizational goals.”
About Myriad Genetics
Myriad Genetics Inc., is a leading personalized medicine company dedicated to being a trusted advisor transforming patient lives worldwide with pioneering molecular diagnostics. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. Myriad is focused on three strategic imperatives: transitioning and expanding its hereditary cancer testing markets, diversifying its product portfolio through the introduction of new products and increasing the revenue contribution from international markets. For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice HRD, Vectra, Prolaris and GeneSight are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s hiring of Chip Parkinson; his roles and responsibilities; the anticipated positive impact and value proposition from Mr. Parkinson and his new role; and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those described or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic tests and pharmaceutical and clinical services may decline or will not continue to increase at historical rates; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to changes in the governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services tests and any future tests are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over our genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire, including but not limited to our acquisition of a healthcare clinic in Germany and Sividon Diagnostic and our planned acquisition of Assurex Health; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our Annual report on Form 10-K for the fiscal year ended June 30, 2016, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Source:Myriad Genetics, Inc.