TCGRx acquires Parata Systems
In a move aimed at cornering a solid share of the pharmacy technology market, TCGRx, a Powers Lake, Wis.-based Frazier Healthcare Partners company, has acquired Parata Systems. Both companies offer medication adherence packaging and high-speed automated robotic dispensing technology.
“TCGRx’s merger with Parata provides a major growth opportunity for both our businesses through extended solution and service offerings for our customers,” said Duane Chudy, founder of TCGRx. “As pharmacies elevate their role in the healthcare ecosystem, we will be best positioned to support them on their journey.”
Together, the companies said they have more than 4,500 packagers, inspection systems and vial-filling robots across retail, long-term care, hospital, government and mail-order pharmacies in North America. As part of their merger, they said their focus would be on growth around central fill, inventory control and automated blister-card packaging solutions.
“Pharmacies are under intense pressure to deliver exceptional service in the most cost-effective manner possible, all while enhancing the patient experience,” said Mark Longley, Parata executive vice president of sales. “The combination of our collective resources will allow us to accelerate the pace of innovation and better meet the rapidly evolving needs of our pharmacy customers.”
The combined company will operate under the Parata Systems brand and be headquartered in Durham, N.C., with additional facilities in Wisconsin. TCGRx CEO Rob Kill will head the organization, with Chudy serving as vice chairman and a leadership team comprised of executives from both companies. D.J. Dougherty, formerly Parata CEO, has decided to pursue other interests.
“We are thrilled that we were able to bring these two outstanding organizations together and look forward to an exciting future for the company,” Kill said. “D.J. and team have done a tremendous job of building a market leader known for innovative technologies supported by an exceptional customer-centric organization. We are grateful to D.J. for his leadership and years of outstanding service to Parata.”
CVS Caremark unveils new PBM services pricing
As its integration with Aetna gets underway, CVS Health’s pharmacy benefit manager CVS Caremark is introducing a new pricing model aimed at offering better cost predictability. The Guaranteed Net Cost pricing model, CVS Caremark said, is meant to simplify financial arrangements that underlie PBM contracts and focus on such cost-management strategies as formulary, performance pharmacy networks and utilization management.
“We see a real opportunity to offer clients a simpler economic model that leverages proven PBM cost-management strategies to provide predictable drug costs,” said Derica Rice, CVS Caremark president. “As a result, CVS Health is introducing a straightforward, more holistic approach that enables plan sponsors to clearly see the net cost of their pharmacy benefit and select their PBM provider based on that criteria.”
The new model guarantees a client’s average spend per prescription — after rebates and discounts — across retail, mail-order and specialty channels. Additionally, under the model, CVS Caremark said it would pass 100% of rebates to plan sponsors and take responsibility for the impact of drug price inflation and changes in drug mix. The Guaranteed Net Cost model also will allow plan sponsors the option to implement point-of-sale rebates to offer plan members visibility into their medicines’ net cost.
“As a PBM, our job has always been to help our clients manage costs in the face of escalating drug prices without compromising clinical care, so they can continue to provide an affordable benefit to their members,” Rice said. “By simplifying the PBM economic model, we can focus on maximizing the impact of PBM strategies that help reduce costs for clients and consumers, and continue to develop additional innovative tools and approaches.”
AbbVie, Pfizer ink agreement on Humira biosimilar
Pfizer has signed licensing agreements with AbbVie, resolving all global intellectual property matters for Pfizer’s proposed Humira (adalimumab) biosimilar.
Under the terms of the agreements, AbbVie grants Pfizer a nonexclusive patent license for the use and sale of Pfizer’s proposed adalimumab biosimilar for many countries around the world.
Pfizer may launch its adalimumab biosimilar upon approval by the European Medicines Agency in Europe. In the United States, the license period will begin on Nov. 20, 2023.
“This settlement will facilitate patient access to Pfizer’s proposed adalimumab biosimilar, which we expect to be an important addition to our broad portfolio of biosimilar medicines,” said Pfizer global president of inflammation and immunology Richard Blackburn.
All litigation pending between the parties will be withdrawn. The financial details of the agreements are confidential.