November 10, 2010 / 11:19 PM / 9 years ago

Health Summit quotes of the day

Following is a selection of quotes from the Reuters Health Summit:

Mark Bertolini (C), President of Aetna, speaks at the Reuters Health Summit in New York, November 10, 2010. REUTERS/Brendan McDermid

RICHARD MEELIA, CHIEF EXECUTIVE OFFICER, COVIDIEN PLC COV.N

“The device tax is a challenge all of us in the industry are going to have to deal with. It’s a big cost for us, $50 to $100 million... We fought very diligently against this device tax. It’s going to be an onerous problem.”

MARK BERTOLINI, PRESIDENT, AETNA INC AET.N

“The business of insurance is about financing. We take money in, manage the spread and we pay it out. We are a bank. The real investment is what do we do to make sure that we are improving quality and affordability.”

LIZ FOWLER, DEPUTY DIRECTOR FOR POLICY, OFFICE OF CONSUMER INFORMATION AND INSURANCE OVERSIGHT, U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES

“The medical loss ratio is going to focus a lot of attention on what they (health insurers) are spending on administrative costs and what they are spending on medical care.

“That, together with the rate review, will shine a light on the industry’s practices and make them more responsible in the end.”

DAVID BRENNAN, CHIEF EXECUTIVE OFFICER, ASTRAZENECA PLC (AZN.L)

On large acquisitions: “Scale, in and of itself, does not convey an advantage ... I don’t think just because you spend twice as much money, you get twice as many drugs.”

Reporting by Esha Dey, editing by Matthew Lewis

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