FUTURE OF HEALTHCARE

GoodRx Agreed to Acquire VitaCare

GoodRx | March 08, 2022

GoodRx a leading consumer-focused digital healthcare platform, announced that it had reached a definitive agreement to buy TherapeuticsMD's vitaCare Prescription Services. VitaCare is a technology and services platform that assists patients in overcoming primary barriers to brand medicine access and adherence. vitaCare, in particular, helps patients understand coverage, identify savings opportunities, and facilitate communication between physicians and payors. In addition, thanks to its extensive network of third-party pharmacies, the website also makes it easy to fill a prescription. With this acquisition, GoodRx will be able to assist more patients in receiving their prescriptions in a timely, cost-effective, and transparent manner, as well as staying on their prescribed medications for as long as they need to.

According to IQVIA, FDA, and DrFirst data, hardly half of the 500 million brand prescriptions generated yearly are completed. One crucial factor is that affordability is a significant barrier to access for many people, resulting in a lack of medication adherence among patients. According to CoverMyMeds, out of all the prescriptions filled in the United States last year, 29 percent of patients were delayed in receiving their medication due to insurance processing and physician communication delays. GoodRx thinks that vitaCare will have more tools to help streamline the prescription process from beginning to end, ensuring that patients have a clear path to accessing and affording the brand-name medications they require. Furthermore, the acquisition is expected to boost GoodRx's rapidly developing, high-margin Pharma Manufacturer Solutions products, which include drug knowledge, access, and adherence as well as unique capabilities. 

Over the past decade, GoodRx has helped millions of Americans afford generic medications, but brand medications remain too expensive for too many people. Pharma manufacturers want to help patients find affordable options, but too many consumers still face affordability challenges or complex reimbursement processes. With vitaCare, we aim to grow our reach and provide new tools for consumers and providers to help ensure that more patients can access relevant savings programs and navigate prior authorization requirements. In addition, we’re excited about the potential to help patients from the point of prescribing through their ongoing refills to ensure they can stay healthy.”

Doug Hirsch, co-CEO and co-founder of GoodRx

“We couldn’t be more excited to join GoodRx and be part of a team that is working to put affordable healthcare within reach for everyone,” said John Milligan, CEO at vitaCare Prescription Services. “Consumers come to vitaCare looking for a seamless, patient-first experience that will help them get the brand medications they are prescribed. Upon joining the GoodRx team, we hope to expand our network of pharmaceutical manufacturers and put even more therapies within reach for consumers.”

GoodRx has made a significant investment in offering low-cost brand-name drug solutions to consumers. GoodRx works with pharmaceutical manufacturers through our Pharma Manufacturer Solutions business to increase patient awareness of savings programs and prescriber access to these programs directly on our site, improving patient access to these programs and increasing adherence to the brand medications patients need to stay healthy. GoodRx offers a platform for manufacturers to engage big, high-intent audiences contextually appropriate to their products through GoodRx Health, our online health information portal. GoodRx now wants to expand its solutions for pharmaceutical producers with vitaCare to help patients gain access and adhere to their medications.

GoodRx has agreed to pay $150 million in cash for vitaCare, with an extra $7 million based on the company's financial success until 2023. The acquisition is scheduled to close in mid-2022, assuming all usual closing conditions are met. In 2022, taking the acquisition closes in the middle of the year, we project the transaction to add less than 1% to overall revenue and cut the adjusted EBITDA margin by about 2%. In future years, we expect the business to expand in revenue and profitability, but this will not substantially impact our long-term outlook.
 

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FUTURE OF HEALTHCARE, MEDICAL DEVICES

Catalyst Solutions Announces Third-Party Administration White Paper Publication

Catalyst Solutions | December 22, 2022

Catalyst Solutions announces the publication of the white paper, Third Party Administration for Healthcare Payers. This white paper reviews the unique needs that self-funded and fully-insured plans might have for Third Party Administration as well as, the services and benefits TPAs provide. As an industry, healthcare continues to experience constant change. The landscape is dynamic, and new challenges are on the horizon. Mergers, acquisitions, and partnerships are occurring at an unprecedented rate - and the government continues to introduce mandates to which the healthcare plan must adhere. These factors continue to add demands on plans that are already facing budgetary and resource constraints. "To manage these challenges healthcare payers are increasingly outsourcing business processes to Third Party Administrators. Just like in organizations, outsourcing allows them to focus on what they do best, which is: improving the healthcare outcomes of their membership." Scott Martin, President of Catalyst Solutions TPAs deliver administrative support to self-funded businesses and fully-insured healthcare plans. Both are increasingly outsourcing day-to-day operational services to a TPA, which is driving significant cost savings and reducing the administrative burden. Catalyst Solutions provides a full suite of TPA services. Its team of fully-trained, US-based employees can deliver the operational and technology functions required by a healthcare plan or self-funded business. Catalyst seeks to maximize the performance of healthcare plans by taking a holistic view of people, process, and technology. "Catalyst engages plans at a strategic level," Scott Martin said, "aligning our outsourcing services to our customer's business goals. We use our industry expertise to anticipate our customers' long-term needs. Our services don't end with outsourcing – we become trusted advisors in helping our customers achieve a better future." About Catalyst Solutions Catalyst Solutions has an extensive history of exclusively serving the payer industry. With 20+ years of deep industry expertise, Catalyst provides outsourced BPO, IT, and consulting services. As a diversity-certified, woman-owned company based in the U.S., our mission is to help insurance payers drive down costs, optimize revenue, and most importantly, improve member healthcare outcomes. We deliver comprehensive and flexible solutions that meet the unique needs of payers, and we are committed to exceeding customer expectations by providing unmatched, white-glove service. We are passionate about making positive and measurable change on behalf of the clients we serve and the communities in which we live.

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DIGITAL HEALTHCARE, MEDICAL DEVICES

Sharps Technology Begins Manufacturing at its Hungary Facility for the Company's Innovative Syringe Products

Sharps Technology Inc | December 21, 2022

Sharps Technology, Inc. an innovative medical device and drug delivery Company offering patented, best-in-class syringe products, announces they have commenced manufacturing of their much-needed ultra-low waste smart safety syringe products in their European operation in Hungary. The plant has been producing products and will begin shipments to support the distribution and sales agreement with Nephron Pharmaceuticals by the end of the year, and customer agreements in Europe in early 2023. The production of these specialty syringe products will ramp up over the next several months to increase supply. Sharps innovative syringe designs provide a beneficial set of features and advantages for the healthcare industry. These syringe product features include a combination of ultra-low waste, passive and active safety, and reuse prevention. By combining all these features and building them into a portfolio of syringe offerings, it will create product platforms that can help drive down the cost of healthcare treatments. “This is a transformative point for our company as we move from a pre-revenue research & development start-up to a true manufacturing company that should generate revenue in the first half of 2023. Today’s healthcare providers are responsible for managing their supply chains and driving down their total cost of ownership (TCO) for medical treatments. Sharps Technology will be able to offer products that can directly support those programs. At Sharps Technology, we feel that by using better drug delivery technology, we can help create additional medical treatments at no additional cost for patients that need them." Robert Hayes, Sharps Technology CEO "We look forward to a bright future at Sharps Technology," concluded Mr. Hayes. "The recently signed distribution agreement with Nephron Pharmaceuticals accelerates the sales plan for our innovative syringe products that are currently being produced in the Sharps plant in Hungary. The ability to pull forward our sales plan for customers in the US will create a unique opportunity for early revenue at Sharps. We expect to have our first products available for sale in the US by the end of January 2023, with additional products to be added to the distribution network by mid-year of 2023." When healthcare providers use ultra-low waste syringes with multi-dose vials, it allows for the availability of up to 20% to 40% more medication for patients that need the treatment. This medication availability is created by using more efficient syringes designated as low-waste and ultra-low waste products, and not trapping medication within the syringe after the dose is given. The use of standard syringes that are not designated as low waste or ultra-low waste products typically creates a dead space area within the syringe where excess medication is trapped and cannot be used. This dead space then causes the healthcare provider to throw away the unused medication. The trapped medication in the dead space of a standard syringe can waste as much as 100 microliters of medication or more. The Pharmaceutical companies that fill their medication into vials understand this and must then overfill the vial with drug therapy to compensate for the problem. As the costs for medication and medical treatments rise, the discarded medication can cost the industry millions of dollars, or more, globally. The purchase of the European facility was finalized in the summer of 2022 and Sharps has invested in infrastructure and equipment upgrades to prepare the plant for a full manufacturing schedule. Syringe products produced by Sharps comply with all applicable FDA and ISO requirements and have been awarded the European Union’s CE Mark. The Sharps Hungary team, led by General Manager Filippo Filippi, brings together a dedicated and knowledgeable manufacturing force, with more than 20 years of experience in supplying the world with high quality, innovative syringe products. Prior to the GM position, Filippi’s career spanned years of building, managing, and supporting multiple manufacturing sites across Europe, Asia, and Africa. The Hungary plant is vertically integrated in that it has the capability to manufacture the syringe components by injection molding, assemble the devices on automated lines or by manual assembly if required, and to sterilize the products on-site through the Ethylene Oxide sterilization process. This last stage of the syringe manufacturing process is unique in the industry and gives Sharps an advantage in supporting shortened lead times as compared to the common need to utilize a third-party for sterilization. The plant has manufacturing capacity to supply more than 50 million units today and the facility could be expanded to produce 250 million units or more over the next couple of years. About Sharps Technology Sharps Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug delivery systems. The company’s product lines focus on low waste and ultra-low waste syringe technologies that incorporate both passive and active safety features. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from needle re-use. Sharps Technology has extensive expertise in specialized prefilled syringe systems and ready to use processing. The company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US..

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FUTURE OF HEALTHCARE

Radius XR™ Named as the CES 2023 Innovation Award Honoree for Wearable Device That Combines Therapy and Diagnostic Capabilities

Radius XR | November 17, 2022

Today at the CES Unveiled New York event, Radius XR™, a new fashion-forward wearable healthcare technology brand, was named a CES® 2023 Innovation Awards Honoree in both the Digital Health and Virtual & Augmented Reality categories. Radius was selected from among a record number of submissions to this year’s CES Innovation Awards program. The announcement was made ahead of CES 2023, the influential technology event, happening Jan. 5-8 in Las Vegas, NV. Radius XR builds on the therapeutic legacy of IrisVision, a leader in digital vision technologies and itself a 2019 CES Innovation Winner. The Radius proprietary XR assistive device brings together—for the first time—multimodal diagnostics, practice management, and patient engagement. “This is a tremendous honor for our new company. It follows on the success of our IrisVision visual assistive device, which has provided a life-changing solution for thousands of individuals living with legal blindness and low-vision conditions. Radius expands on our commitment to vision health by providing the eyecare industry with an easy-to-use wearable device capable of performing standard perimetry tests. Other exams include color vision, visual acuity, contrast sensitivity—a comprehensive suite of standard vision tests. Development of additional exams is ongoing.” Radius founder and CEO Ammad Khan Radius enables patients to quickly and easily conduct vision tests with minimal guidance or intervention by the staff. The device’s RadiusExam® software and proprietary algorithms provide diagnostic testing results equivalent to current exam gold standards. “By designing our own hardware and software, we’re able to overcome many of the challenges inherent in the off-the-shelf headsets already on the market. Matching visual field strategies, background luminance, stimulus size and dynamic range allows us to mirror the current standards, making it easy and intuitive for clinicians to transition to Radius,” said John Trefethen, Radius Chief Marketing Officer. In addition, the included Business Suite helps clinicians manage everyday aspects critical to their practice's ongoing success. Features like patient education, staff training and clinician onboarding are now possible inline with the Radius platform. Radius is the industry’s lightest wearable device and has the look and feel of a pair of stylish sunglasses. The compact, lightweight design overcomes the challenges of expensive and bulky legacy devices that force patients to sit in uncomfortable positions for testing. With Radius, exams can be conducted anywhere, even in the waiting room, eliminating the need to shuttle patients between machines, which can be challenging for individuals with mobility or vision issues. The CES Innovation Awards program, owned and produced by the Consumer Technology Association (CTA)®, is an annual competition honoring outstanding design and engineering in 27 consumer technology product categories. Those with the highest rating receive the “Best of Innovation” distinction. An elite panel of industry expert judges, including members of the media, designers, engineers and more, reviewed submissions based on innovation, engineering and functionality, aesthetics, and design. The CES 2023 Innovation Awards honorees, including product descriptions and photos, can be found at CES.tech/innovation. Radius will be on display at the Innovation Awards Showcase at CES 2023 in Las Vegas in January. About Radius XR The Radius XR platform is a portable vision diagnostic and patient engagement system that combines medical-grade diagnostics, business management, and patient education tools in a single wearable XR device. The RadiusExam® and proprietary algorithms provide diagnostic testing results equivalent to current exam gold standards, with the clinical science validated by Deming regression. As the algorithm presents stimuli to patients, it adapts to responses to maximize the algorithm's speed. The total hardware and software system helps medical professionals diagnose patients with accuracy, grow their eyecare practices, enhance patient engagement, and reduce staff workload by enabling patients to perform self-guided vision exams with minimal supervision.

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FUTURE OF HEALTHCARE, DIGITAL HEALTHCARE

MarketVector Indexes™ Licenses the MVIS® Global Bionic Healthcare ESG Index to VanEck Europe

MVIS® Global Bionic Healthcare ESG Index | December 08, 2022

MarketVector IndexesTM announced the licensing of the MVIS® Global Bionic Healthcare ESG Index to underlie the VanEck Bionic Engineering UCITS ETF. The MVIS® Global Bionic Healthcare ESG Index includes companies that generate at least 50% of their revenue from medical, dental, or vision-related implants, bioprinting, prosthesis, or preservation of organs and tissue. “We have observed sound growth in the global bionics market which includes a range of niche healthcare solutions from medical implants to prostheses and bioprinting. These innovations in medical technology open new horizons to meet the rising needs of an aging population, significantly improve the quality of life for people with disabilities, and pave the way for the discovery of potentially life-saving treatments. The MVIS® Global Bionic Healthcare ESG Index offers an investable benchmark to track the leading companies in this industry.” Mirela Stefanova, Manager of Equity Operations at MarketVector The MVIS® Global Bionic Healthcare ESG Index is weighted by free float market capitalization and reviewed on a quarterly basis. The index is calculated in USD as a price index and a total return net index. Capping factors are applied to avoid overweighting of single index components. “The proportion of the elderly population is rising and with it the demand for technical solutions such as hearing and visual aids, pacemakers, artificial joints and the like that improve the quality of life in the old age,” says Martijn Rozemuller, CEO at VanEck Europe. “At the same time, increasingly available bionic tools are helping people with chronic diseases such as diabetes or functional disorders.” About MarketVector Indexes MarketVector IndexesTM is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS® and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange Traded Product issuers and index fund managers in markets throughout the world, with approximately USD 26.99 billion in assets under management.

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You may think that IT specialists are just doing their jobs as software engineers but in fact. They are making a huge impact! Their code makes our life healthy, active and happy.

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