1. Smoldering suburbs
The region’s apartment market is
heating up in unexpected places.
Natalie KostelNi, 4
PHilaDelPHia
BusiNess JourNal
May 29, 2015
Vol. 34, No. 16, $3.50
400 Market St.
Suite 1200
Philadelphia, PA 19106
r
L
Breaking news online
PBJ.com
On smartphones and tablets
bit.ly/PBJmobile
Daily email updates
bit.ly/PBJemail
The region’s apartment market is
We review how
local medical
institutions have
fared under
Obamacare. The
results are mixed, at least
financially. Recently released
state data include some
surprises.
JoHN george, 10
AFFORDABLE CARE ACT
Hospital
winners
and losers
inDusTRy nEws
Food trucks come of
age in Philadelphia
Popular food trucks have become
stepping stones to brick-and-mortar
eateries and spots on store shelves.
fraN Hilario, 8
Reed Smith opens
Frankfurt office
Law firm says German site will help
boost its commercial transactions
business. Jeff BlumeNtHal, 6
Medical device firm
gets TV celebrity help
Helius Medical Technologies got
inspiration and an investment from
talk show host Montel Williams.
JoHN george, 11
SHe’S making a
difference for
women31
social capital
people on tHe move
new HireS, promotionS 22
Breweries 18
R How they name their beers
R What styles are most in demand?
cHeesesteaks 20
R Favorite ingredients
R Name your own sandwich
$1.7 Billion
Spent and
countingfood tourism is big money in
Philadelphia. the city is luring
visitors with taste.
By fraN Hilario, 16-17
FOOD & DRink in PhiLLy
hEALTh CARE
By JOhn GEORGE, 12-15
Ten innovators who are redrawing the blueprint for health care in Greater Philadelphia
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2. 12 PHILADELPHIA Business Journal
T
he Philadelphia region’s diverse health care industry is undergoing unprecedented
change. Mergers and acquisitions are reshaping not only the health systems that
provide care, but also the pharmaceutical and biotechnology companies that develop
new therapies. Health reform measures are changing how health insurers pay for medical
services. Advancements in technology are producing new ways to deliver health care
and how to track its effectiveness. The following 10 people — some with names you may
recognize, others you probably don’t — are all playing major roles in transforming the
region’s health care landscape, and in improving the health and wellness of people in this
area and beyond.
10 who are
transforming
health care in
PhiladelPhia
B Y J O H N G E O R G E J G E O R G E @ B I z J O u R N A L s . c O m 2 1 5 - 2 3 8 - 5 1 3 7 @ P H L B I z J G E O R G E
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3. May 29, 2015 13
Denice Torres
Title: President of McNeil
Consumer Healthcare
Previously: Torres spent 11 years
at three Johnson & Johnson
subsidiaries before being named
to head its McNeil Consumer
Healthcare unit — best known as
the maker of Tylenol and other
over-the-counter pain relief
products — in april 2011. She
served as president of the central
nervous system division of Janssen
Pharmaceuticals, vice president
for biosurgery sales and marketing
at Ethicon and vice president
for marketing at Ortho McNeil
Neurologics. Prior to that she spent
14 years as an executive director at
Eli Lilly & Co. in Indianapolis.
Why she matters: Torres was put in
charge of McNeil at time when the
over-the-count drug manufacturer
was devastated by a series of
recalls that started in 2009 when
Tylenol products made at its Puerto
Rican plant were contaminated by a
wood-treatment chemical used on
the pallets used for shipping. The
recalls later included products tied
to manufacturing problems at its
main Fort Washington plant. McNeil
temporarily shut down the Fort
Washington plant, which has still
not re-opened and will be subject
to Food and Drug administration
oversight for five years after it
reopens under a consent decree
McNeil signed with the federal
agency. Torres has used the down
time to reinvent the business
processes at McNeil and, in her
words, “build an organization that
is strong from a culture and new
capabilities standpoint.” Neither
Johnson and Johnson nor McNeil is
saying when the Fort Washington
plant will reopen, but Torres said
they are making positive progress
toward that goal. Torres said her
plans for McNeil in 2015 include
the introduction of new products,
including broadening its portfolio
of allergy medicines, and launching
new support platforms that will
improve how consumers access
health care information that is
important to them. Her goal is to
make McNeil the market leader in
all the key categories where it has
products.
Brian McVeigh
Title: Vice president, worldwide
business development transactions
and investment management at
GlaxoSmithKline
Previously: McVeigh has been
at SmithKline Beecham, which
became GlaxoSmithKline post-
merger, for his entire professional
career. He was an intern in 1992
during a finance co-op program
while in college. He joined the
company after graduating and
held a variety of finance-related
positions at the company, including
director of merger and acquisition
strategy and vice president,
commercial alliances, before
moving to his current post in
October 2011.
Why he matters: McVeigh has
spent more than a decade on
the business development side
of GlaxoSmithKline. In the past,
he said, large pharmaceutical
manufacturers sought to
broaden their portfolio of new
drug candidates by pursuing
licensing deals with smaller
biopharmaceutical firms. More
recently, he said, companies
including GlaxoSmithKline
have pursued deals in which
they take equity stakes in the
biopharmaceutical companies with
whom they want to partner. That
change has McVeigh spending
a lot of time traveling to biotech
hubs around the country. “I got
sick of traveling to Boston and San
Francisco and was asking myself
why I wasn’t doing deals in my
own backyard,” McVeigh said. The
answer had to do with local life
sciences companies struggling
to attract investment dollars to
advance new drug candidates.
While organizations like Bioadvance
and Ben Franklin Technology
Partners exist to provide seed
capital, he said, the region lacks a
strong venture capital community
to provide larger infusions of capital
needed to accelerate product
development. McVeigh is working
behind the scenes to change that.
He goal is to establish a large
Philadelphia-based venture fund,
backed by the region’s Big Pharma
companies, health providers,
and others including the city
and state governments, that will
focus on locally based companies
working on new therapeutic drug
candidates. has changed and the
energy is here,” he said.
Dr. anThony coleTTa
Title: President and CEO of
Tandigm Health, a joint venture
by Independence Blue Cross
and Health Care Partners, that
is working with primary care
physicians to create a new model
for delivering high-quality and
affordable health care.
Previously: Coletta was an
attending surgeon for 25 years at
Bryn Mawr Hospital. He joined IBC
as a vice president in 2012 after
serving for more than three years as
executive vice president and chief
medical officer of Holy Redeemer
Health System in Huntingdon
Valley. During his clinical career,
he led the creation in 2000 of
Renaissance Health alliance, a joint
venture between Independence
and Renaissance, a large,
Philadelphia-area independent
practice association of doctors for
which he was chairman and CEO.
Why he matters: In leading
Tandigm Health, Coletta is in
charge of an effort being backed by
the region’s largest health insurer
to put primary care doctors at the
center of health care delivery —
and giving those doctors the tools
and data they need to improve
how they deliver care. So far, more
than 350 doctors have signed up
with Tandigm, which negotiated
its first deal with a health system
— Holy Redeemer — in February.
The joint venture’s business model
calls for IBC to give an undisclosed
percentage of its health-insurance
premiums to Tandigm, which will
then be responsible for overseeing
the care provided to IBC patients
by doctors in Tandigm’s physician
network. Coletta’s mandate is to
try to usher in a new model where,
instead of paying doctors for each
service or procedure they perform,
compensation in based largely on
how well doctors keep patients
healthy and out of the hospital.
Dr. susan l. WilliaMs
Title: Chief medical officer of Noble
Health alliance.
Previously: Williams has spent the
past three decades in numerous
positions within the Crozer-
Keystone Health System, including
staff nephrologist, director of
medical education, program
director for the internal medicine
residency program, and vice
chairwoman of the department of
medicine. Most recently, she has
served as the president of Crozer-
Keystone Physician Partners.
Why she matters: Williams is
leading a wide range of initiatives
at Noble – a clinically integrated
network of physicians and
hospitals. She is leading the
development of the organization’s
physician network, its relationships
with insurers and providers, clinical
quality analysis and reporting,
and physician compensation.
Noble, based in Fort Washington,
started out as a coalition of four
independent health systems that
came together to establish a
delivery network that could pursue
population health contracts with
government and private insurers.
Noble passed a milestone in april
when it surpassed 2,000 members
for its physician network. That
doesn’t mean Williams and Noble
haven’t had to deal with challenges.
The organization suffered a setback
when one of its founding members,
abington Health, dropped out
because of its merger with the
Thomas Jefferson University Health
System. Two other Noble members,
Crozer-Keystone Health System in
Delaware County and aria Health in
Northeast Philadelphia and Bucks
County, are also exploring potential
merger deals. Noble is also in the
hunt for a new CEO with Patrick
young, a former aetna executive
who joined the alliance in early
2014, leaving the organization at the
end of May.
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4. 14 PHILADELPHIA Business Journal
Dr. Jeff Brenner
Title: Executive Director of the
Camden Coalition of Healthcare
Providers
Previously: Brenner has been
a family physician in Camden,
affiliated with Cooper University
Hospital, for the past 17 years. He
helped start the Camden Coalition
of Healthcare Providers in 2002.
Why he matters: Brenner has
emerged as one of the country’s
leaders in the field of “hotspotting,”
which is the use of advanced data
analysis to identify high utilizers of
expensive medical services such
as emergency room care. He led
the study that revealed 1 percent of
Camden patients were accounting
for 30 percent of the city’s medical
costs — and, in 2011, those 386
patients made a total of 5,000 trips
to one of the city’s three emergency
departments. That worked out to an
average of 13 visits per high-utilizer
patient. The Camden Coalition’s
mission is to not only identify
such “super-utilizers,” but to figure
out how to improve how such
patients get care. The coalition has
assembled multidisciplinary team of
nurses, social workers, community
health workers, AmeriCorps
volunteers and psychologists
who work directly with patients to
help them address access to care
barriers, social issues and other
factors that made them super-
utilizers. Brenner hopes to have
results from the study of this model
of patient intervention and care
completed later this year.
ArmAnDo AniDo
Title: Chairman and CEO of
Zynerba Pharmaceuticals
Previously: Anido began his
career in administrative and
marketing posts at Lederle; a
former subsidiary of American
Cyanamind, which was acquired
by Pfizer; GlaxoWellcome, which
later became GlaxoSmithKline;
and MedImmune, now part of
AstraZeneca. His first CEO job
was at Auxilium Pharmaceuticals,
in Malvern and he later became
CEO of Nupathe, also in Malvern.
Anido took the helm at Zynerba in
October 2014.
Why he matters: In his last two
chief executive jobs, Anido led
one company developing pain
medicines and another whose
flagship product was a testosterone
replacement therapy. For his
latest CEO job, Anido is heading
up a company that wants to make
synthetic versions of chemicals
found in the same plant that serves
as the source of marijuana. Radnor-
based Zynerba is developing
synthetic cannabinoid therapeutics
that are being formulated for
transdermal delivery. Cannabinoids
are a group of diverse chemical
compounds derived from the
cannabis plant. Anido’s company
is hoping to develop therapies
to help people with conditions
such as peripheral neuropathic
pain, fibromyalgia, chronic cancer
pain, refractory epilepsy and
osteoarthritis. Anido said the
company expects to begin human
testing of its lead drug candidates
during the second half of the year.
Terry Booker
Title: Vice president for corporate
development and innovation at
Independence Blue Cross
Previously: Before joining IBC in
2010, Booker was vice president
and head of business development
at Grain Communications Group
Inc., a wireless tower services
firm. Prior to that he worked in the
pharmaceutical industry as vice
president and head of business
development, North America at
Novartis Consumer Health, and as
senior director for global business
development at Pharmacia.
Why he matters: Booker is charged
with helping the region’s largest
health insurer achieve a goal of
its CEO Daniel J. Hilferty, who
has repeatedly said Philadelphia
should be the “Silicon Valley of
health technology innovation.”
Booker is one of the leaders of IBC’s
Innovation Center, established to
help nurture health tech startup
companies, and the $50 million
“strategic innovation portfolio”
it established to invest in health-
related venture funds and early-
stage companies. Booker and IBC
are evaluating potential investments
involving dozens of companies
that are developing products and
services in the areas of “health
consumer engagement” and
“health provider enablement.”
10 who are transforming
health care in PhiladelPhia
Continued FRoM Page 13
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5. May 29, 2015 15
Dr. Katherine high
Title: Co-founder, president and
chief scientific officer of Spark
Therapeutics.
Previously: High was director
of the Center for Cellular and
Molecular Therapeutics at Children’s
Hospital of Philadelphia, where
she assembled a multidisciplinary
team of scientists and researchers
working to discover new gene
and cell therapies for genetic
diseases. She began her career in
medicine studying the molecular
basis of blood coagulation and the
development of novel therapeutics
for the treatment of bleeding
disorders, and became a pioneer
in bench-to-bedside studies of
gene therapy for hemophilia. Her
research grew to include clinical
translation of genetic therapies for
multiple inherited disorders.
Why she matters: High left
CHOP in September to become
part of the leadership team at
Philadelphia-based Spark, which
is attempting to commercialize
her team’s research — initially
as a treatment for patients with
inherited retinal dystrophies than
can lead to blindness. Jeffrey D.
Marrazzo, Spark’s co-founder and
CEO, noted at the time, that High
has “dedicated her career to making
gene therapy a reality, and it is only
fitting that she continues to lead the
advancement of Spark’s innovative
programs.” Spark went public in
January raising $161 million through
its IPO. High has helped lead the
resurgence of gene therapy, which
began as a promising technique
for treating patients with missing
or defective genes. The field was
hampered and stalled by difficulties
in delivering the right amount of
genes to the right locations in the
body.
MaDeline Bell
Title: President and chief operating
officer — and soon-to-be CEO — of
Children’s Hospital of Philadelphia
Previously: Bell started her career
at CHOP as a nurse, temporarily
left the organization, then rejoined
the pediatric hospital where she
has held a variety of administrative
roles. She was named president and
COO in 2007.
Why she matters: Earlier this
month, CHOP announced Dr.
Steven altschuler was stepping
down as CEO of CHOP after 15
years as its leader. Bell was named
as his successor. Mortimer J.
Buckley, CHOP’s chairman, said Bell
was the perfect choice for the job,
noting during her 20-year career
at CHOP she has “managed nearly
every facet of pediatric care with
the kind of skill and vision that is
truly inspiring.” The transition to Bell
becoming CEO is expected to be
completed on July 1. Bell’s challenge
will be continuing altschuler’s vision
on making CHOP a global brand,
while also overseeing the steady
growth a CHOP’s West Philadelphia
campus and its outpatient care
network. CHOP has spent, or is
spending, more than $2 billion on
patient care centers in Philadelphia,
the surrounding suburbs and New
Jersey. Its 700,000-square-foot
ambulatory care center on its main
campus is near completion.
JaMes noBle
Title: CEO of adaptimmune
Previously: Before becoming
adaptimmune’s full-time CEO in
March 2014, Noble, one of the
company’s co-founders, held the
title on a part-time basis for the
previous six years. During the same
time frame, he was also the part-
time CEO of another life sciences
company called Immunocore.
Earlier in his career he was an
accountant with Pricewaterhouse
Coopers. Noble also spent seven
years at the investment bank
Kleinwort Benson Ltd. He joined
British Biotech as the company’s
chief financial officer in 1990.
Noble’s first CEO job was at avidex
Ltd., a privately held biotechnology
company that was adaptimmune’s
predecessor.
Why he matters: as CEO of
adaptimmune, which has offices
in Philadelphia and Oxford,
England, Noble is leading a
biopharmaceutical firm competing
in the increasingly competitive
field of immuno-oncology. The
company’s focus is using T cell
therapy to enhance the body’s
own ability to target and destroy
cancerous cells. The process
involves using bio-engineered,
T cell receptors to strengthen a
person’s natural T cell responses
to cancer. T cells are a type of
blood cell that protects the body
from infection by directing and
regulating immune responses.
Noble last year negotiated a
collaboration and licensing deal
with GlaxoSmithKline that could net
adaptimmune $350 million. He was
also at the helm when the company
completed a $104 million stock sale
last September. Noble’s actions in
guiding adaptimmune will come
under more scrutiny now that the
company has become publicly
traded through a $191 million IPO
earlier this month.
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