The Oncology Institute Expands its Specialty Medication Business by Opening Pharmacy Operations in California

Rhea-AI Summary

The Oncology Institute, Inc. (TOI) has started operations of its first pharmacy in California after receiving approval from the California State Board of Pharmacy. This new service allows TOI to fill critical specialty medications and chemotherapeutics for MediCal patients, as well as provide medication fill capabilities to other patient populations. The new pharmacy location in the Los Angeles area aims to significantly expand TOI's oral drug business, addressing the cancer care costs of hundreds of thousands of MediCal patients. TOI has already lowered out-of-pocket costs for patients through its medically integrated dispensaries and expects to continue this trend with the new pharmacy location.

Positive

• TOI has expanded its operations by opening its first pharmacy in California, allowing it to serve a broader patient population and address the cancer care costs of MediCal patients.
• The new pharmacy location is expected to significantly expand TOI's oral drug business, providing quicker and more convenient medication fill capabilities for patients.
• TOI has successfully lowered out-of-pocket costs for patients through its medically integrated dispensaries and aims to continue this trend with the new pharmacy location.

Negative

• None.

CERRITOS, Calif, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (TOI) announced today that it has started operations of its first pharmacy in California after receiving approval from the California State Board of Pharmacy. This new service allows TOI to fill not only critical specialty medications and chemotherapeutics for MediCal patients, but also to provide medication fill capabilities to other patient populations. Located in the Los Angeles area, this new pharmacy location comes in addition to the multiple integrated specialty medication dispensaries that TOI already uses to manage oral and injectable medications.

“We are ecstatic that we finally have the opportunity to significantly expand our oral drug business with this new pharmacy location,” shared Chief Executive Officer, Dr. Daniel Virnich. “We are seeking to address the cancer care costs of hundreds of thousands of MediCal patients that we were unable to serve through our dispensaries. Now, we expect to be able to fill their medications more quickly and conveniently.”

“TOI has proudly lowered out-of-pocket costs for patients that fill through our medically integrated dispensaries. We expect this to continue as we begin operations at our first pharmacy location,” commented Jessica Yankus, TOI’s National Vice President of Pharmacy. “This is an incredible service for both our patients and payor partners, so we anticipate similar opportunities to emerge in other states where we deliver care.”

About TOI

Founded in 2007, The Oncology Institute, Inc. (TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of more than 1.8 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With 110+ employed clinicians and over 70 clinic locations and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.

Contacts

Investors

Solebury Strategic Communications

investors@theoncologyinstitute.com

FAQ

What is the name of the company that has started operations of its first pharmacy in California?

The company is The Oncology Institute, Inc. and its ticker symbol is TOI.

What type of medications will the new pharmacy fill for MediCal patients?

The new pharmacy will fill critical specialty medications and chemotherapeutics for MediCal patients.

Where is the new pharmacy location of The Oncology Institute, Inc. located?

The new pharmacy location is in the Los Angeles area.

What is the aim of the new pharmacy location for The Oncology Institute, Inc.?

The aim is to significantly expand TOI's oral drug business and address the cancer care costs of hundreds of thousands of MediCal patients.

Who is the Chief Executive Officer of The Oncology Institute, Inc.?

The Chief Executive Officer is Dr. Daniel Virnich.

Who is the National Vice President of Pharmacy at The Oncology Institute, Inc.?

The National Vice President of Pharmacy is Jessica Yankus.