Good morning from Pharma and Biotech daily: the podcast that gives you only what's important to hear in Pharma e Biotech world. Steward Health plans to lay off over 1,200 workers in Massachusetts and close two hospitals. Walgreens has reduced its stake in Cencora for $1.1 billion. The cost of healthcare data breaches is nearly $10 million in 2024, making healthcare the most expensive industry for data breaches. Employers are enhancing healthcare benefits despite rising costs, and Medicare has finalized a higher 2.9% inpatient payment rate for 2025. Virtual reality, robotics, and AI are transforming patient engagement, staff burnout, and clinical decision-making in the healthcare industry. Hospitals remain dissatisfied with Medicare's final rule despite the bump in payment rates.On August 5th, J&J launched the Velys spine surgical robotics and navigation platform, while Inspire received FDA approval for obstructive sleep apnea neurostimulator therapy. Philips is suing an independent lab over alleged errors in CPAP foam tests. Compliance hurdles with the FDA's lab developed test rule raise concerns about patient harm. The board of 23andMe rejected CEO Wojcicki's take-private proposal. J&J aims to compete with Stryker and Zimmer Biomet with its new surgical robotics portfolio. Inspire plans to launch its neurostimulator therapy device late in 2024. Philips claims an independent lab overestimated the threat of CPAP foam, leading to unnecessary recall efforts.Bristol Myers has halted Tigit drug research, while Lilly has resolved the shortage of Zepbound and Mounjaro. Biotech IPOs are vital for industry growth, with companies like Os Therapies and Actuate Therapeutics making moves in the market. Cell therapy is advancing in cancer care despite limited uptake, with biotech companies investing in its improvement. Pfizer discontinued late-stage gene therapy development for Duchenne Muscular Dystrophy (DMD), but other companies like RegenxBio and Capricor Therapeutics are making progress with their therapies. Oncology research is introducing new treatments like cell and gene therapies, revolutionizing cancer treatment.BioNTech reported a significant increase in losses in the second quarter of 2024, jumping to nearly $885 million compared to $208.5 million last year. The company is focusing on oncology amidst the impact of COVID-19. Lilly's drugs Mounjaro and Zepbound are no longer in shortage, according to the FDA. Bristol Myers Squibb is backing out of a $1.5 billion deal with Agenus for a bispecific antibody program, while Bayer's finerenone met its primary endpoint in a phase III heart failure trial. The pharmaceutical industry continues to see developments in various therapeutic areas, including Alzheimer's disease and rare diseases.