CORAL GABLES, Fla., June 27, 2022 (GLOBE NEWSWIRE) — MSP Recovery, Inc. (“MSP Recovery” or “MSPR”), a Medicare, Medicaid, commercial and secondary reimbursement recovery and technology leader, today provided commercial update today.
- MSP has begun submitting individual claims totaling more than $5.6 billion in billed amounts for payments owed by some of the world’s largest pharmaceutical companies.
- The total amounts billed to the identified pharmaceutical companies related to more than twenty-five different types of recoveries.
MSPR identifies additional claims held against Big Pharma
MSPR today announced that it has identified more than $5.6 billion in amounts billed and more than $2.8 billion in amounts paid for potentially recoverable single cases on behalf of Medicare Advantage organizations and other payers against large pharmaceutical companies (“Big Pharma”) for various product responsibilities. , consumer protection and antitrust claims.
The announcement follows MSPR’s announcement two weeks ago that it has increased its own claims to $368 billion and identified more than $1.5 billion in billed amounts for potentially recoverable single cases on behalf of Medicare Advantage organizations against P&C insurance companies.
To pursue and maximize these identified claims against Big Pharma, MSPR is sending Individual Claims Requests requesting that these damages for claims held by MSPR be paid within thirty (30) days. MSPR pursues these recoveries against some of the largest pharmaceutical companies in the world, including, but not limited to:
Bristol Meyers Squibb
Eli Lilly and company
Fresenius medical care
The types of claims being pursued include those shown in the illustration below:
In addition to these specific collection efforts and any pending litigation, several Private Lien Resolution Programs (“PLRPs”) have been established across the country by Settlement Committees in mass tort litigation against Big Pharma. .
PLRPs are established to resolve health care privileges asserted by private health insurance providers in mass tort settlements. MSPR is actively working with various lien resolution administrators to recover held claims for which manufacturers have already settled other lawsuits and established PLRPs.
MSPR has already entered into PLRP agreements and is collecting these claims. These PLRPs include some of the same big pharma that have already settled claims with MSPR from individuals as opposed to health plans. MSPR is now pursuing these same types of claims over its own claims arising from the same types of settlements already entered into. These PLRPs stem from cases that have already been settled by Big Pharma and agreed to pay plaintiffs.
These PLRPs include:
- Roundup/Monsanto Product Liability Litigation
- TRT Androderm – Testosterone Replacement Therapy Product Liability Litigation
- TRT Androgel – Testosterone Replacement Therapy Product Liability Litigation
- Invokana Product Liability Litigation
- Xarelto (Rivaroxaban) Product Liability Litigation
- Depakote Product Liability Product Liability Litigation
- Benicar Product Liability
- Purdue Bankruptcy PLRP
- Mallinckrodt Bankruptcy PLRP
“Over the past few weeks, we have diversified our strategy and started to add massive individual billing to our recovery efforts. As a result, we have seen a significant increase in the volume of checks received. We believe that with the more than $7.1 billion in billed amounts (including $1.5 billion previously announced on June 13, 2022) that we are sending, we will continue to see an increase in the volume of recoveries. We also continue to grow and identify additional trade-in opportunities for our existing customers. We have also seen a significant increase in the number of entities that have engaged MSPR at many levels. We exceeded our expectations for new business growth well beyond our five (5) year forecast and have now established new protocols to match new business with revenue,” said John H. Ruiz, founder and CEO of MSP Recovery. “Big Pharma is a multi-billion dollar industry against which MSPR is pursuing significant recoveries through data-driven solutions.”
About MSP Recovery
Founded in 2014, MSP Recovery has become a leader in reimbursement recovery from Medicare, Medicaid, commercial and secondary payers, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions, while innovating technologies to help save lives. For more information visit: www.msprecovery.com
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan” and “will” or, in each case , their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, these statements are not guarantees of future performance and actual events may differ materially from those expressed or implied by the forward-looking statements. Any forward-looking statements made by MSPR in this press release, its reports filed with the Securities and Exchange Commission (the “SEC”), and other public statements made from time to time speak only as of the date on which they are made. have been done. New risks and uncertainties arise from time to time, and it is impossible for MSPR to predict or identify all of these events or how they may affect it. MSPR is under no obligation and does not intend to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, MSPR’s ability to capitalize on its assignment agreements and recover amounts paid by assignors; the results of litigation; the validity of assignments of receivables to MSPR; the inability to successfully expand the scope of MSPR’s claims or obtain new data and claims from MSPR’s existing assignor base or otherwise; MSPR’s inability to innovate and develop new solutions, or the failure of such solutions to be adopted by existing and potential sellers of MSPR; negative publicity regarding the analysis of health data and the accuracy of payments; the ability of LifeWallet powered by MSPR to implement its health security technology and school security technology, and other factors included in MSPR’s annual reports on Form 10-K, quarterly reports on Form 10-Q and d other reports filed by MSPR with the SEC. These statements constitute the Company’s warnings under the Private Securities Litigation Reform Act of 1995.
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