UnitedHealth Group and Lyfebulb are partnering with a view to unveiling an innovation challenge aimed at the treatment of inflammatory bowel disease (IBD). Per the CDC (Centers of Disease Control and Prevention) about 1,300,000 people in the U.S suffer from inflammatory bowel disease and this includes ulcerative colitis and Crohn’s disease.
The two companies will assist in raising awareness of the disease and stimulate innovation that is user-driven. Entrepreneurs will be linked with representatives from Lyfebulb and UnitedHealth Group with a view to shining a spotlight on the efforts and ideas of the entrepreneurs. The two companies will also provide professional inspiration and direction.
The innovation challenge will occur in spring and summer this year. Entrepreneurs living with inflammatory bowel disease will be eligible. Additionally entrepreneurs with family members who suffer from inflammatory bowel disease will also be eligible to participate as well as those entrepreneurs who have ever started a firm whose goal was to come up with solution for managing inflammatory bowel disease by way of a medical device, biotechnology or pharmaceutical product. More information on official rules and eligibility criteria will be provided in April by Lyfebulb.
In July an innovation event will be hosted by UnitedHealth Group for ten finalists. Three winners are expected to walk away with cash prizes intended to boost the efforts of their company in developing the winning innovation or idea.
The partnership between UnitedHealth Group and Lyfebulb coincides with the release of the health insurer’s fourth-quarter results which beat estimates easily. For the first time UnitedHealth Group also managed to $200 billion in annual revenues.
The health firm also indicated that it expects the overhaul of the tax code in the United States last year will boost profits this year. Instead of the adjusted EPS being $10.55-$10.85 as had been forecast last year the tax cuts will see the adjusted EPS rise to $12.30-$12.60.
“We think many investors were worried there could be greater reinvestment and other offsets limiting the tax benefit and we expect the market to react favorably to the updated guidance,” an analyst at Evercore ISI, Michael Newshel, wrote in a client note.
While Wall Street had been expecting earnings per share to be $2.51, the actual EPS was $2.59. Revenues in Q4 also increased by 9.5% to reach a figure of $52.06 billion. Analysts at various Wall Street firms had been expecting revenues to come in at $51 billion.