MedSource Labs Awarded Peripheral Intravenous Catheter (PIVC) Agreement with Premier, Inc.

Rhea-AI Summary

MedSource Labs has secured a group purchasing agreement for Peripheral Intravenous Catheters (PIVC) Solutions with Premier's AscenDrive™ program. This partnership enables Premier members to access pre-negotiated pricing and terms for ClearSafe® and TrueSafe® products. The AscenDrive™ program aims to enhance purchasing efficiency and standardization among over 4,400 Premier member hospitals. The PIVC market in the U.S. is estimated to exceed $5 billion annually, with a significant percentage of acute care patients requiring peripheral IV catheters. This agreement positions MedSource Labs as a key player in improving safety and quality in this essential healthcare segment.

Positive

• Secured a group purchasing agreement with Premier's AscenDrive™ program.
• Allows Premier members to benefit from pre-negotiated pricing on high-quality IV catheters.
• The agreement positions MedSource Labs as a leading provider in a market worth over $5 billion annually.

Negative

• None.

Will Provide Premier Members with a Robust, Co-branded Offering of Acute Care Peripheral IV Catheters, Featuring Slide and Push-Button Activations with Blood Control Options

CHARLOTTE, N.C., Feb. 23, 2023 /PRNewswire/ -- MedSource Labs (Chanhassen, MN) has been awarded a group purchasing agreement for Peripheral Intravenous Catheters (PIVC) Solutions with Premier's AscenDrive™ program, which is designed to drive the highest-level commitment and savings for members through aggregated purchasing of high-quality products and services.

The new agreement allows Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for the ClearSafe® and TrueSafe® families of products. The AscenDrive™ program brings together Premier's most committed members to coordinate purchasing decisions and maintain standardization across their facilities. By providing additional value to Premier contracted suppliers through volume and commitment, the program is expected to achieve best-in-market pricing.

"We are thrilled to have been awarded this agreement, which can allow Premier members to secure enhanced savings and exclusive benefits on high-quality peripheral IV catheters," said Todd Fagley, Founder of MedSource Labs. "We know through this collaboration MedSource will help to shape the future of safety catheters in the U.S. and beyond."

PERIPHERAL IV CATHETER MARKET

At an estimated annual spend of over $5 billion in the US alone, Peripheral Intravenous Catheter insertion (PIVC) is a routine hospital procedure used during the administration of intravenous drugs, blood products and parenteral medication. 98% of all acute care admissions will receive at least one peripheral IV catheter on admission.

Premier, Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,400 U.S. hospitals and health systems and approximately 250,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost.

ABOUT MEDSOURCE LABS

Celebrating 20 years as a trusted provider of quality medical products, MedSource Labs specializes in customized, Class II product development, manufacturing and commercialization using our comprehensive EMERGE process—transforming good ideas into market-ready medical devices.

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SOURCE MedSource Labs

FAQ

What is the recent agreement between MedSource Labs and Premier?

MedSource Labs has entered a group purchasing agreement for Peripheral Intravenous Catheters with Premier's AscenDrive™ program.

How much is the Peripheral IV Catheter market worth in the U.S.?

The Peripheral IV Catheter market is estimated to exceed $5 billion annually in the U.S.

What benefits does the agreement provide to Premier members?

Premier members can access enhanced savings and exclusive pricing on MedSource's ClearSafe® and TrueSafe® product families.

When was the agreement between MedSource Labs and Premier announced?

The agreement was announced on February 23, 2023.

What does the AscenDrive™ program aim to achieve?

The AscenDrive™ program aims to improve purchasing efficiency and standardization across Premier’s member hospitals.