ProvideGx® Partners with Pfizer Inc. to Secure the Supply of Five Essential Medications
Premier (NASDAQ: PINC) has collaborated with Pfizer to supply five essential medications, including diazepam and fentanyl citrate, crucial for patient care amid rising COVID-19 demands. This partnership ensures a sustainable supply to healthcare providers, addressing both immediate and long-term medication needs. The demand for these drugs has surged, especially fentanyl, which has seen a 7.5X increase during peak COVID-19 periods. Premier's ProvideGx program aims to secure adequate supplies, supported by Pfizer’s investments in manufacturing capacity.
- Partnership with Pfizer strengthens supply chain for essential medications.
- Increased demand for medicines, particularly fentanyl, during COVID-19 enhances business relevance.
- ProvideGx program secures long-term contracts, ensuring adequate medication supply.
- Pfizer's investment in manufacturing increases fulfillment capacity for critical medicines.
- Financial terms of the agreement remain undisclosed, limiting transparency for investors.
Premier Inc. (NASDAQ: PINC), through its ProvideGx® program, has partnered with Pfizer Inc. to supply five essential medications to healthcare providers, helping to meet the immediate and long-term supply needs of medications necessary to a range of patient care interventions, including some that have been critical during the COVID-19 pandemic.
The five medicines include: diazepam, labetalol, lorazepam, fentanyl citrate and 0.9 percent sodium chloride injection. Labetalol is a beta blocker that is used to treat high blood pressure. Lorazepam and diazepam are controlled substances used as anti-anxiety medications. Fentanyl is a controlled substance used to prevent pain for short periods of time, usually before anesthesia is administered or immediately after surgical procedures. The 0.9 percent sodium chloride injection is used to dilute other medications before injection.
These five medications are critical for patient care and in some cases are necessary as part of COVID-19 treatments. As COVID-19 cases increase, demand for some of these medications has risen. For instance, fentanyl is often used to provide pain relief to patients receiving mechanical ventilation in their treatment for COVID-19, causing demand for this drug to spike 7.5X during peak periods.
“This past year has unquestionably placed unprecedented demand on the drug supply chain, particularly for drugs used during mechanical ventilation of COVID-19 patients,” said Premier’s President, Michael J. Alkire. “Our partnership with Pfizer will help ensure a sustainable supply of five drugs that are essential not just during the pandemic, but also for routine and elective care longer term.”
Guided by health systems with more than 1,600 hospitals across the nation, Premier’s ProvideGx program creates long-term committed buying contracts that provide participating manufacturers with the surety needed to increase production or move into new markets. Premier’s programs, including ProvideGx, currently provide members access to more than 150 drugs that are or have been recently designated as shortage drugs, with a pipeline of more than 50 additional drugs. The program has also ensured an adequate safety stock of medicines and has successfully protected supply even as demand surged more than 150 percent during the COVID-19 pandemic.
Pfizer has made significant investments in its injectables manufacturing network to support increased capacity and order fulfillment rates. The enhanced agreement with Premier helps facilitate increased access to these medicines for Premier member institutions and their patients.
“Our focus at Pfizer on delivering a consistent supply of injectable medicines took on even greater importance as patient need increased throughout the pandemic,” said Angela Lukin, Global President, Pfizer Hospital. “The addition of these injectable medicines to our Premier agreement helps secure supply for products critical to patient care during the pandemic, while driving long-term market sustainability.”
The financial terms of Premier’s agreement with Pfizer are not being disclosed.
Forward-Looking Statements
Matters discussed in this release that are not statements of historical or current facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to Premier’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside Premier’s control. More information on potential factors that could affect Premier’s financial results is included from time to time in the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Premier’s periodic and current filings with the SEC and available on Premier’s website at investors.premierinc.com. Forward-looking statements speak only as of the date they are made. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.
About Premier Inc.
Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,100 U.S. hospitals and health systems and approximately 200,000 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. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.
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