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CEO says insurance costs a burden to Acorda’s health

Kelly Liyakasa

Jul-02-09, 12:46 PM

2 Votes

Topics: Health Care

Acorda Therapeutics Inc. in Hawthorne could go out of business or be forced to eliminate health care for its employees due to rising insurance costs, according to its CEO.

U.S. Rep Nita Lowey last week addressed a room full of company employees regarding the state of the biotech industry in Westchester County, which resulted in talk of stimulus funding and a “huge budget item” for Acorda, namely health insurance.

“It went up 10 percent last year for us to pay for all of our health insurance,” said Dr. Ron Cohen, president and CEO of Acorda. “That’s 10 percent in a zero inflation environment. If this keeps up, we are going to go out of business just on health care. Or, we’ll have to eliminate health care. And we’re successful relative to most of the companies out there.”

Acorda develops and markets therapies to restore neurological function in people with spinal cord injury, multiple sclerosis and related conditions.

One employee asked Lowey about health care reform.

“I don’t know anyone who would say this system is great,” Lowey said. “Many people feel they’re paying a premium that is too high; that they’re paying too much for drugs and they can’t get access.”

“Responsible business owners (such as Cohen) realize that health care is something they have to pay for and when they can’t afford it, it’s not like they’re bad people,” she said. “They’re basically supporting their own families.”

Lowey discussed the proposed health care bill and emphasized the need for a bipartisan effort before the bill is brought before the president for signature.

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