OptimizeRx Acquires EvinceMed, a Specialty Drug Prescription Initiation Platform

Rhea-AI Summary

OptimizeRx has announced the acquisition of EvinceMed, enhancing its point-of-care technology solutions to improve access to specialty medications for patients. This strategic acquisition strengthens OptimizeRx's platform, which connects over 700,000 healthcare providers, enabling faster patient access to therapies through process automation. Specialty drugs, while only 2.2% of prescriptions, accounted for over 45% of pharmacy spending in 2019, highlighting a significant market opportunity. The integration aims to increase revenue growth in 2023 and improve workflows for healthcare providers.

Positive

• Acquisition of EvinceMed enhances point-of-care solutions for specialty medications.
• Expected revenue growth in 2023 due to expanded network and services.
• Increased automation simplifies prescribing, improving patient access to therapies.
• Market opportunity identified as a $12B+ specialty drug access support market.

Negative

• None.

OptimizeRx expands reach of its point-of-care solutions to simplify the prescribing process of specialty medications for healthcare providers, and to enable greater access for patients

ROCHESTER, Mich., March 15, 2022 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX),  a leading provider of point-of-care technology solutions helping patients start and stay on therapy, today announced a definitive agreement to acquire the EvinceMed platform and related assets. EvinceMed is a leader in delivering end-to-end automation for specialty pharmaceutical transactions. The acquisition includes the full Market Access Management Platform supporting pharma manufacturers, hub providers and pharmacies to improve patient access, speed to therapy and activation of affordability programs.

With the EvinceMed platform, OptimizeRx will be able to help patients get access to the drugs they need by simplifying the prescribing process for specialty products, automating manual steps to determine drug eligibility and affordability, and introducing electronic enrollment and medical documentation within workflow across the OptimizeRx network of over 300 electronic health record (EHR) systems, ePrescribing platforms, and account-based marketing technologies spanning more than 700 thousand providers. The integration of the EvinceMed and OptimizeRx platforms has already begun with an exclusive collaboration that began last year. Full integration of the technology assets will further the Company’s ability to help patients start and stay on therapy.

While specialty drugs account for only 2.2% of total prescription volume in the U.S, they accounted for over 45% of total pharmacy spend, or $218.6 billion in 2019 ^1,2. The cost and increasing use of specialty medications has exposed unique barriers to the prescription and patient access process. Manufacturer support programs provide much-needed services to prescription medication access, affordability, and adherence. However, a recent survey of 10,000 patients across multiple therapeutic areas found that only 20% of patients were aware of such programs³. Doctors and their staff can assist patients with enrollment into these programs, yet the enrollment process is often time-consuming, and doctors remain dissatisfied with current patient support options available. In addition, less than 10% of patient enrollment into these support programs is currently completed electronically⁴.

“We are thrilled to have EvinceMed transition from an exclusive technology partner over the last year to being part of the team. Given the success we saw working together, this combination strengthens our position to serve our pharma customers across the full HCP network and throughout the patients’ journeys – from the moment the doctor logs into their EHR right through the point of dispense at the pharmacy,” said William Febbo, CEO of OptimizeRx. “This acquisition offers significant high margin cross-selling opportunities across our growing customer base of leading life science companies, while further fortifying our business through vertical integration, and helping drive upward momentum to our key performance indicators. We expect this acquisition to benefit revenue growth in 2023 as we further develop our network around connectivity to additional partners.”

David Jackson, CEO of EvinceMed commented, “We are very excited to be joining the OptimizeRx team. The impact of our combined technologies and the reach and scale that OptimizeRx has with pharmaceutical manufacturers is a game-changer to patient access to specialty medications. By automating the processes and tasks required to be completed prior to the fill and dispense of specialty medications, we can get patients on treatment much faster and at a lower overall cost.”

OptimizeRx chief commercial officer, Steve Silvestro, added, “Our commitment to leveraging technology to assist providers and patients in accessing the tools they need to improve outcomes is a mission-driven effort. The EvinceMed assets give us additional resources to accomplish that while also expanding the network’s reach to point-of-dispense, a goal we have long pursued. Prescribing support through automation for providers will both accelerate workflows and remove barriers to the specialty prescribing process ensuring patients are able to readily access the life-changing innovative therapies that they need.”

OptimizeRx is committed to investing in innovation to bring more digital in-workflow solutions to execute against the commercialization goals of life science organizations. OptimizeRx currently provides solutions to 19 of the 20 largest pharma manufacturers and seeks to continue driving long-term, sustainable ROIs for its clients while supporting initiatives that improve health outcomes. Recent market research commissioned by OptimizeRx revealed specialty drug access support as being a $12B+ market. This acquisition further diversifies OptimizeRx revenue streams as the Company scales to address the client needs in this space.

Sources:

1. Medicine Use and Spending in the U.S., A Review of 2018 and Outlook to 2023, IQIVIA Institute, 2019
2. Specialty Drug Spend Soars. Can Formulary Management Bring It Down to Earth?, Managed Care, 2019
3. Patient Services: Pharma’s Best Kept Secret. Accenture Life Sciences, 2016.
4. Automating Specialty Pharmacy: Identifying Gaps, NCPDP, 2015. https://pocp.com/wp-content/uploads/PDF/6-%20NCPDP_2015_ED_Summit_SpecialtyRx.pdf

About OptimizeRx
OptimizeRx is the best-in-class health technology company enabling care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over 60% of U.S. healthcare providers and millions of their patients through the most intelligent technology platform embedded within a proprietary digital point-of-care network, OptimizeRx helps patients start and stay on their medications. 

For more information, follow the company on Twitter, LinkedIn or visit www.optimizerx.com. 

Important Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans and future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

OptimizeRx Contact 

Andy D’Silva, SVP Corporate Finance
adsilva@optimizerx.com 

Media Relations Contact 
Maira Alejandra, Media Relations Manager 
malejandra@optimizerx.com 

Investor Relations Contact
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com

FAQ

What is the significance of OptimizeRx's acquisition of EvinceMed?

The acquisition enhances OptimizeRx's capabilities in automating specialty medication transactions, improving patient access and streamlining the prescribing process.

How will the EvinceMed acquisition affect OptimizeRx's revenue?

OptimizeRx expects the acquisition to contribute positively to revenue growth in 2023 by expanding its network and service offerings.

What market does OptimizeRx target with the EvinceMed acquisition?

OptimizeRx targets the specialty drug market, which accounted for over 45% of pharmacy spend in 2019, highlighting significant growth potential.

How does the integration of EvinceMed benefit healthcare providers?

The integration streamlines workflows for healthcare providers, enabling quicker access to patient support and improving the efficiency of prescribing specialty medications.