Daily Business Report: March 21, 2024
California offers health insurance for as little
as $10 a month. Some pay more in tax penalties
By Ana B. Ibarra | Calmatters
Californians without health insurance are again facing tax penalties this year, and some may pay more in fines than they’d spend buying coverage, state officials say.
That’s because some of them may qualify for heavily subsidized insurance and not know it. California’s insurance marketplace, Covered California, offers health insurance for as little as $10 a month, with rates depending on household income and size, as well as location and age.
“There are a lot of people who are paying more for the penalty by a large margin, in some cases, than they would pay to have the peace of mind of coverage. We should all take that to heart as a call to action because that should not be happening,” said Jessica Altman, executive director of Covered California, the state’s insurance marketplace, during her board’s February meeting.
During the 2022 tax season, the latest year for which data is available, more than 271,000 households paid fines for lacking health insurance the year prior, according to the Franchise Tax Board. All together those Californians paid the state about $312 million.
The average penalty per household that year? $1,149.
Top Photo: Many Californians facing tax penalties this spring because they don’t have health insurance are eligible for subsidized health plans through Covered California. (Photo by Miguel Gutierrez Jr., CalMatters)
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Jeff Hughes appointed to State Board of Pharmacy
Jeff Hughes of Oceanside, has been appointed to the State Board of Pharmacy by Gov. Gavin Newsom. Hughes has been a Wellness Business Agent at the Orange County Professional Firefighters IAFF Local 3631 since 2020. He was a fire captain at the Orange County Fire Authority from 1994 to 2020 and a firefighter/engineer for the City of Buena Park Fire Department from 1985 to 1994. This position does not require Senate confirmation and the compensation is $100 per diem. Hughes is a Democrat.
Seung Oh reappointed to State Board of Pharmacy
Seung Oh of San Diego, has been reappointed to the State Board of Pharmacy by Gov. Gavin Newsom, where he has served since 2020. He has been a pharmacy supervisor for Sharp Healthcare since 2020. He was a pharmacist-in-charge for Vons Pharmacy from 2014 to 2020. Oh is a member of the California Pharmacists Association. He earned a Doctor of Pharmacy degree from the University of Arizona and a Master of Advanced Studies degree in Leadership of Healthcare Organizations from the University of California, San Diego. This position does not require Senate confirmation and the compensation is $100 per diem. Oh is registered without party preference.
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General Atomics tests Sonobuoy Dispensing System with MQ-9B SeaGuardian drone
On Feb. 27, 2024, General Atomics Aeronautical Systems Inc. (GA-ASI), in cooperation with the Naval Air Systems Command (NAVAIR), conducted a series of tests on General Atomics’ Sonobuoy Dispensing System using the MQ-9B SeaGuardian Unmanned Aircraft System on the U.S. Navy’s W-291 test range in Southern California.
General Atomics’ SeaGuardian flew the full test flight event configured with the SDS pod and SeaVue multi-role radar from Raytheon, an RTX business.The SeaGuardian was flown under a NAVAIR Interim Flight Clearance. The SDS pod is fitted with an advanced pneumatic ejection system developed, designed, and manufactured by AEREA in Italy. AEREA also supplies the internal structure assembly.
USD’s Free Enterprise Institute announces new Family Business Initiative
The University of San Diego Free Enterprise Institute is exploring a family business initiative at the Knauss School of Business at USD. The program will offer support to family businesses by providing learning opportunities and guidance to existing and hopeful family businesses. Innovation will be a top focus of the new program, leveraging USD’s substantial capabilities in innovation commercialization through the Brini SBDC and the San Diego Angel Conference.
The USD Family Business Initiative will feature an educational event on Family Philanthropy and Foundations on Tuesday, April 9, from 8:30 a.m. – 12:30 p.m. at USD.
San Diego moves forward with affordable housing Project in Ocean Beach
As the City of San Diego continues to work to increase its affordable housing supply, the City Council on Wednesday approved an agreement to support the development of the Abbott Street Affordable Housing Project in Ocean Beach.
The City Council action allows the City to enter into an agreement with the San Diego Housing Commission and to spend $1.46 million in federal funding through the American Rescue Plan Act. Another $3.9 million for the project comes from the state’s Homekey program, which aims to create affordable housing with supportive services for people experiencing homelessness. To date, the City has received more than $105 million from the Homekey program.
The Abbott Street Affordable Housing Project will support the acquisition and rehabilitation of a currently vacant multifamily housing property to create 13 affordable rental housing units for people experiencing homelessness or at risk of homelessness.
California’s minimum wage isn’t enough to keep up
with workers” costs of living, report says
By Alejandra Reyes-Velarde | CalMatters
California’s $16-an-hour minimum wage may be much higher than a “poverty wage” by federal standards, but high housing costs still make it difficult for low wage workers to live and make ends meet in the state, according to a new report by the state’s Legislative Analyst’s Office.
The report paints a picture of who low wage workers are and whether the state’s minimum wage is sufficient to address poverty and inequality.
Many workers move on from low wage work to higher paying jobs as they transition from their 20s to their 30s, but that mobility slows significantly when workers enter their early 30s, according to the report. “As a result, half of low-wage workers are over 35 and one-quarter are 50 or older,” the report states. “The state’s economic policies should reflect the fact that many workers hold relatively low-wage jobs through middle age and beyond.”
As pandemic pets enter new life stages, Petco shares health tips
Four years since the onset of COVID-19, puppies and kittens adopted during the pandemic are now entering adulthood and pets adopted as adults are approaching their senior years. As a partner in complete pet care, Petco Health and Wellness Company Inc. is sharing veterinarian-recommended tips for supporting pets through life stage transitions. For more information on supporting pet health and wellnes through life stage transitions, visit a Petco pet care center.
Model Medicines announces groundbreaking results
Model Medicines, a leading human health company specializing in generative AI-driven drug discovery, announced groundbreaking headline results for the creation of a validated NCE, pan-antiviral library. “Our results are not just groundbreaking for antiviral drug discovery; they represent a seismic shift in the entire landscape of pharmaceutical research and development.,” said Dr. Daniel Haders, CEO and Founder at Model Medicines.
Senhwa Biosciences announces first patient dosed in pneumonia trial
Senhwa Biosciences Inc., a drug development company, announced that their first patient has been successfully dosed in the phase II study of Silmitasertib in patients with community-acquired pneumonia (CAP) associated with viral infection in Taiwan. This trial is to investigate whether early medical intervention of Silmitasertib restrains the progression of CAP by inhibiting the elevated cytokine release associated with SARS-CoV-2 and Influenza viruses.
Johnson Matthey sells medical device components business
Johnson Matthey Plc announces that it has signed a definitive agreement to sell 100 percent of its Medical Device Components business (MDC) to Montagu Private Equity for $700 million. The MDC business produces components for medical device manufacturers globally with a focus on precious metal alloys and nitinol. The business serves a global customer base and operates manufacturing sites in San Diego, Mexico (Mexicali),and Australia.
Cymbiotika announces partnership with Sprouts Farmers Market
Cymbiotika, a trailblazing wellness brand that offers premium nutritional supplements, announced its partnership with Sprouts Farmers Market, one of the largest and fastest-growing specialty retailers of fresh, natural, and organic foods in the United States. As a result of this collaboration, Cymbiotika products will now be available in select Sprouts stores across the United States.
Tempo Therapeutics secures Series A financing
Tempo Therapeutics Inc, a leading innovator in tissue engineering and regenerative medicine, announced the successful completion of its $12 million Series A equity financing round, led by Galaxy-Sirius Partners and Johnson & Johnson Innovation. The funding will propel Tempo forward as it advances its revolutionary Microporous-Annealed-Particle technology platform. trials. Steven Sands of Galaxy Partners and a representative from JJDC will join the board.
Poseida Therapeutics to present at Cell Therapy Virtual Conference
Poseida Therapeutics Inc., a clinical-stage cell and gene therapy company advancing a new class of treatments for patients with cancer and rare diseases, announced that President and Chief Executive Officer Kristin Yarema will participate in a virtual fireside chat at the H.C. Wainwright 2ndAnnual Cell Therapy Virtual Conference on Tuesday, March 26, 2024 at 1 p.m.
Kindbody continues nationwide expansion
Kindbody, the leading national fertility clinic network and global family-building benefits provider for employers, announced it is opening four additional markets in 2024 with clinics in Charlotte, Miami, Newport Beach, and San Diego. Today Kindbody is the largest women-founded, women-led fertility company serving employers and consumers. The company has nearly doubled its employer client roster and today covers 3.1 million lives.
Prevail Legal announces certifications
Prevail Legal Inc., a pioneering testimony management platform providing legal transcription, court reporting services, and advanced testimony intelligence tools, announces the achievement of SOC 2 Type 2 attestation and ISO 27001 certification. These accreditations establish Prevail as the only testimony intelligence platform on the market today to offer the highest degree of data security in legal transcription for a wide array of proceedings, including depositions and arbitration hearings.
Alzheimer’s partners invite San Diegans to free community event
The Alzheimer’s Therapeutic Research Institute and over a half-dozen of San Diego’s Alzheimer’s partners invite the community to a free event on March 23, 2024. A Day of SCervice, in support of accelerating Alzheimer’s disease research through blood testing. Though the entire San Diego community is invited to visit ATRI and learn about new advances in AD research, those attending who are over the age of 55 and interested in participating in AD clinical trials can consent and, if eligible, have their blood drawn that day.
