Omnicell Launches Specialty Pharmacy Services to Support Optimized Outpatient Medication Management and Drive Clinical and Business Outcomes for Health Systems

Rhea-AI Summary

Omnicell, Inc. has launched its Specialty Pharmacy Services, a new solution aimed at enhancing medication management for health systems and pharmacies. This initiative addresses the projected $316 billion specialty drug market by 2025, focusing on improving patient care and financial outcomes through a comprehensive service model. The offering aims to help hospitals establish and optimize specialty pharmacy operations, enhancing access to medications and driving revenue. With the rapid rise of chronic illnesses, Omnicell's services are timely in addressing healthcare demands.

Positive

• Launch of Specialty Pharmacy Services targeting a projected $316 billion specialty drug market by 2025.
• Enhancements aimed at improving patient care and financial outcomes for health systems.
• Support for hospitals in establishing and optimizing specialty pharmacy operations.

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• None.

Summer 2022 Release features new services and solution enhancements designed to improve safety and efficiency and generate value for customers across the continuum of care

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Omnicell, Inc. (Nasdaq: OMCL) (“Omnicell”), a leading provider of medication management and adherence tools for health systems and pharmacies, today announced the launch of Specialty Pharmacy Services, a turnkey offering with dedicated services to set up, operate, and optimize a specialty pharmacy program.

Specialty drug spend is projected to reach $316 billion by 2025.¹ As chronic illness continues to rise, patients often need access to these complex specialty medications to prevent rehospitalization and maintain health outcomes. Establishing and optimizing a specialty pharmacy can be an important step for any hospital looking to support access, enhance patient care, and drive revenue in the growing specialty medication market.

Specialty Pharmacy Services is a comprehensive offering designed to help health systems launch and/or optimize a fully managed, hospital-owned specialty pharmacy. This complete solution is intended to deliver:

• Improved access to specialty medications to enhance care and support patient outcomes
• Financial outcomes for customers through a ‘value-based’ service model that is expected to drive transformative financial results in this high-growth area
• A single vendor that provides the technology, services, and broad expertise to support medication management needs from hospital to home

"With the financial pressures brought on by COVID-19, health systems need to look at non-traditional, direct patient care revenue opportunities. For Temple, based on our patient population, investing in specialty pharmacy became a priority.” said Abhinav Rastogi, President and Chief Executive Officer, Temple University Hospital. "Our strategic partnership with Omnicell brought the managed services and expertise we needed to accelerate speed to market in standing up our own specialty pharmacy operation. With their help, we were able to fill our first in-house specialty prescription in just five months."

With the Summer 2022 Release, Omnicell continues to execute on its strategy to transform the pharmacy care delivery model with enhancements designed to improve workflows and support patient safety initiatives.

Omnicell One™, a cloud-based, Software-as-a-Service offering, includes new functionality to deliver even greater visibility and benchmarking capabilities to help align cost and labor savings key performance indicators for customers.

Central Pharmacy Dispensing Service (CPDS), combining advanced central pharmacy robotic technology with expert services, features enhancements to support patient safety, inventory visibility, and customer cost savings.

Point of Care solutions focused on continuously improving the user experience to enhance efficiency and security in medication management at the point of care.

“We believe realizing fundamental change in pharmacy care will require services and solutions that touch the entire continuum of care,” said Scott Seidelmann, Executive Vice President and Chief Commercial Officer at Omnicell. “With the launch of our Specialty Pharmacy Services and enhancements to our advanced services portfolio, Omnicell continues its efforts to deliver optimized clinical and financial outcomes for our customers across all care settings.”

Learn more about Omnicell’s Summer 2022 Release at www.omnicell.com/solutions/summer-2022-release.

About Omnicell

Since 1992, Omnicell has been committed to transforming the pharmacy care delivery model to dramatically improve outcomes and lower costs. Through the vision of the autonomous pharmacy, a combination of automation, intelligence, and technology-enabled services, powered by a cloud data platform, Omnicell supports more efficient ways to manage medications across all care settings. Healthcare facilities worldwide use Omnicell automation and analytics solutions to help increase operational efficiency, reduce medication errors, deliver actionable intelligence, and improve patient safety. Institutional and retail pharmacies across North America and the United Kingdom leverage Omnicell's innovative medication adherence and population health solutions to improve patient engagement and adherence to prescriptions, helping to reduce costly hospital readmissions. To learn more, visit www.omnicell.com.

OMNICELL and the Omnicell logo are registered trademarks and Omnicell One is a trademark of Omnicell, Inc. or one of its subsidiaries.

Forward-Looking Statements

To the extent any statements contained in this press release deal with information that is not historical, these statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, statements including the words “expect,” “intend,” “may,” “will,” “should,” “would,” “could,” “plan,” “potential,” “anticipate,” “believe,” “forecast,” “guidance,” “outlook,” “goals,” “target,” “estimate,” “seek,” “predict,” “project,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to the occurrence of many events outside Omnicell’s control. Such statements include, but are not limited to planned new products and services, enhancements to existing products and services, and the related objectives and expected benefits (and any implied financial impact), and statements about Omnicell’s strategy, plans, objectives, goals, and vision. Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, (i) risks related to the ongoing COVID-19 pandemic (including new variants of the virus), (ii) Omnicell’s ability to take advantage of growth opportunities and develop and commercialize new solutions and enhance existing solutions, (iii) continued and increased competition from current and future competitors in the medication management automation solutions market and the medication adherence solutions market, (iv) unfavorable general economic and market conditions or reduction in demand for our solutions, (v) changes to the 340B program, (vi) risks related to Omnicell’s investments in new business strategies or initiatives, including its transition to selling more products and services on a subscription basis, (vii) any disruption in Omnicell’s information technology systems and breaches of data security or cyber-attacks on its systems or solutions, including the previously disclosed ransomware incident and any potential adverse legal, reputational, and financial effects that may result from it and/or additional cybersecurity incidents, as well as the effectiveness of business continuity plans during any future cybersecurity incidents, (viii) Omnicell’s ability to protect its intellectual property, (ix) Omnicell’s ability to meet the demands of, or maintain relationships with, its institutional, retail, and specialty pharmacy customers, (x) Omnicell’s ability to recruit and retain skilled and motivated personnel, (xi) risks related to the availability and sources of raw materials and components or price fluctuations, shortages, or interruptions of supply, (xii) Omnicell’s dependence on a limited number of suppliers for certain components, equipment, and raw materials, as well as technologies provided by third-party vendors, and (xiii) other risks and uncertainties further described in the “Risk Factors” section of Omnicell’s most recent Annual Report on Form 10-K, as well as in Omnicell’s other reports filed with or furnished to the United States Securities and Exchange Commission (“SEC”), available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. Omnicell assumes no obligation to update any such statements publicly, or to update the reasons actual results could differ materially from those expressed or implied in any forward-looking statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law.

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¹https://www.iqvia.com/insights/the-iqvia-institute/reports/global-medicine-spending-and-usage-trends-outlook-to-2025

View source version on businesswire.com: https://www.businesswire.com/news/home/20221011005438/en/

Carol Kimura

Omnicell

carol.kimura@omnicell.com

(650) 251-6363

Source: Omnicell, Inc.

FAQ

What is the recent announcement from Omnicell regarding OMCL?

Omnicell announced the launch of its Specialty Pharmacy Services, aimed at improving medication management and financial outcomes for health systems.

How much is the specialty drug market expected to grow by 2025?

The specialty drug market is projected to reach $316 billion by 2025.

What benefits does Omnicell's Specialty Pharmacy Services provide?

The services improve access to specialty medications, enhance patient outcomes, and offer financial benefits through a value-based service model.

How does Omnicell support hospitals in specialty pharmacy operations?

Omnicell provides a comprehensive offering to help health systems launch and optimize fully managed specialty pharmacy programs.