Omnicell Announces Acquisition of 340B Link
Nhat H. Ngo
EVP, Marketing, Strategy & Business Development, Omnicell
For more than 25 years, the 340B Drug Pricing Program has provided financial assistance to hospitals and other healthcare facilities serving vulnerable communities to manage rising prescription drug costs. The program allows 340B covered entities to stretch limited federal resources to reduce the price of outpatient pharmaceuticals for patients and expand health services to the patients and communities they serve.
340B is just one piece of today’s complex pharmacy supply chain, which drives an estimated $508 billion in annual gross medication spend1 across the continuum of care, often with suboptimal outcomes.
Enter technology-enabled solutions. We believe embracing cloud-based intelligence and automation will help healthcare providers to not only improve safety, compliance, and efficiency, but it can also drive opportunities for significant cost savings.
This is the vision of the fully Autonomous Pharmacy—a shift from inefficient, error-prone, manual processes to intelligent technology and automated tools designed to protect patients and empower practitioners to deliver safe, effective medication therapy.
I’m pleased to announce the acceleration of this vision through Omnicell’s acquisition of the PSG 340B Link business, which is now Omnicell 340B. This solution combines industry-leading software, deep knowledge of the 340B program, and software-enabled services that help deliver superior outcomes for healthcare providers and pharmacies while significantly improving compliance. Omnicell 340B will help covered entities, and their contract pharmacy and specialty pharmacy programs, to manage therapy and support high-quality patient care through their 340B programs.
This acquisition supports our longstanding commitment to patient safety, efficiency, and provider growth, and we are excited to add 340B management capabilities to the Omnicell solutions portfolio. This is yet another step to transform the pharmacy care delivery model through technology. I am delighted to welcome the PSG 340B Link team to Omnicell, as their unique talents will drive continued innovation and support for managing the increasing complexities of the prescription drug supply chain.
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