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Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Biz Briefs Humira — which treats arthritis, plaque psoriasis, ankylosing spon- dylitis, Crohn's disease and ulcer- ative colitis — alone accounted for nearly $362.4 million in spending, or 65% of the total, the report found. Each of the top three drugs saw 16% increases in their wholesale acquisition cost between 2021-23, the report states. Acting OHS Commissioner Amy Porter said significant increases in prescription drug prices "make it more difficult for Connecticut residents to afford the healthcare they need." Developer eyes conversion of former Middletown Catholic school into apartments A developer has submitted a plan to the Middletown Planning and Zoning Commission to convert a former Catholic school into a 16-unit apartment complex. PB Projects 18 LLC is targeting the former St. John School, at 5 St. Johns Square, for an adaptive reuse. PB Projects 18 LLC is controlled by Brian Lyman, who is the managing real estate broker at Unionville-based development firm Parker Benjamin Inc. According to a project application, NY private equity firm takes stake in CT accounting software provider, installs new CEO New York private equity firm Quality Standard has made what it's calling "a strategic investment" in Flexi Software, a Shelton-based accounting software provider, and installed its co-founder as CEO. The deal's financial terms were not disclosed. Stefan Bothe, Flexi's co-founder, has stepped down from his role as CEO and chairman, after 32 years in that role. The company was estab- lished in 1992. Jason Gilliland, co-founder of Quality Standard, has replaced Bothe as CEO of Flexi, which is headquar- tered at 2 Trap Falls Road, in Shelton. Flexi provides its accounting soft- ware to companies and technology vendors worldwide. Its core markets include insurance, credit unions and banking. Report: 3 drugs dominate list of most costly prescribed meds An annual review of the most expensive prescribed medications in the state found that just three domi- nate the list. The review by the state Office of Health Strategy (OHS) analyzed outpatient prescription drug prices as of Jan. 1, 2022, and Dec. 31, 2023. It found seven drugs account for more than $555 million in commercial, Medicaid and Medicare Advantage spending. Humira, Skyrizi and Rinvoq, all immunosuppressants made by AbbVie Inc., accounted for 96% of that spending and 95% of total utiliza- tion included in the report. Connecticut Insurance Department Commissioner Andrew N. Mais. Contributed Photo Insurers propose double-digit rate hikes for CT small group, individual health plans the redevelopment will create 14 one-bedroom apartments and two, two-bedroom units in the 16,120-square-foot building. Four units will target house- holds earning 80% of Middle- town's area median income, while the remaining 12 units will target households earning 100% of area median income, the application said. Farmington wealth management firms to merge Two wealth management firms in Farmington are merging to form a larger company. Tunxis Wealth Management will join RGB Financial under the RGB name, the firms announced. The combined firm will retain all current employees, with RGB Financial's brother-sister team, Jennifer Brochu Chase and David Brochu, leading the business. RGB Financial is part of LPL Financial, the largest independent T he state Insurance Depart- ment has scheduled a public meeting on Aug. 18 to discuss significant health insurance rate hikes proposed for individuals and small businesses with 50 or fewer workers. The Connecticut Insurance Depart- ment — led by Commissioner Andrew N. Mais — is considering eight rate requests from seven health insurers that currently cover 224,000 people, including 158,000 individuals and 66,000 small group members. The proposed rate increases — for plans offered on and off the state-sponsored health insurance exchange, Access Health CT — are for 2026 health plans. Insurers have proposed an average small group rate increase of 13.1%, compared to 11.9% in 2025. Small group rate requests range from a 7% increase to a 20.4% increase, according to the Insurance Department. For the individual market, insurers have proposed an average rate increase of 17.8%, compared to 8.3% in 2025. Individual rate requests range from a 0.9% decrease to a 28.6% increase. According to the Insurance Department, carriers have attributed the proposed increases to rising healthcare costs, including the cost of prescription drugs and the increased demand for medical services; and an experience adjustment necessary to reflect deteriorating experience from the prior rating period to the current rating period. Amy Porter, acting commissioner of the state Office of Health Strategy. Contributed Photo The former St. John School, at 5 St. Johns Square, in Middletown. Contributed Photo