MedStart-Cool™, the pharmaceutical industry’s first fully integrated point-of-care to consumers’ home specialty pharmacy platform and a key part of the Company’s rapidly expanding HUB services offering to manufacturers and leading health systems, to be implemented within large health system in Pennsylvania.
San Diego, CA—June 7, 2016— MedVantx, Inc., a leading pharmaceutical HUB services provider focused on developing new solutions to increase speed to therapy and eliminating structural gaps in primary medication adherence, today announced the commercial launch of the Company’s MedStart-Cool™ platform for the management of specialty pharmaceuticals within physician offices. This new technology-enabled service expands the Company’s point-of-care medication management capabilities beyond traditional oral solid medicines to now also handle temperature sensitive medications including pharmaceutical samples, specialty pharmaceuticals, biologics and vaccines.
MedVantx pioneered the pharmaceutical industry’s first point-of-care channel that offered free initial samples of generic medication therapy in U.S. physician offices through the Company’s proprietary “ATM-like” medication management and sampling system, MedStart™ Connect. MedStart-Cool™ is a new proprietary refrigeration module for the MedStart™ Connect platform that provides secure control, automated ordering and stocking, consigned inventory management and reimbursement billing for cold chain products used in the physician office setting.
This new capability allows the Company to expand its HUB services offerings to physicians and medical groups allowing them to manage specialty pharmaceuticals and temperature sensitive medications at the point-of-care in a controlled, accountable manner and ensure regulatory compliance.
According to a recent UPS Annual Pain in the Chain Survey, specialty pharmaceutical drug spending in the U.S. is expected to quadruple from $87 billion in 2012 to $401 billion in 2020 and approximately 50% of the specialty market is forecast to belong to off-patent bio-similar medications. The combination of this growth and structural product mix shift creates significant opportunities for pharmaceutical manufacturers, health systems, insurers and physician groups to develop new dedicated cold chain logistical solutions and strategies to create greater access to and better manage these products at the point-of-care.
“Our industry doesn’t have effective solutions in place for the reimbursement and logistical issues surrounding cold chain biologic medications used in the physician office setting,” said Trond Waerness, VP of Business Development at MedVantx. “As such, these medications are often removed from physician offices and placed in specialty pharmacies which can be extremely disruptive to the physician-patient care administration process and lead to gaps in care. There really is no scalable sales and marketing channel or physician office sampling model in place today for the pending wave of biosimilar medications,” added Mr. Waerness. “Biosimilars will also require HUB services and their own dedicated channel development strategies with providers and consumers if they are to become effective cost management solutions for health systems,” Mr. Waerness continued. “MedVantx pioneered access to generic medications at the point-of-care and MedStart-Cool™ is a key part of our overall HUB services platform as it helps solve access, reimbursement and cold chain logistics challenges in a single integrated platform.”