NORTH CHICAGO, IL - AbbVie (NYSE: ABBV) announced today that it has completed its acquisition of ImmunoGen (NASDAQ: IMGN). With the completion of the acquisition, ImmunoGen is now part of AbbVie.

"Together with ImmunoGen, we have the potential to continue redefining the standard of care for those living with cancer," said Robert A. Michael, president and chief operating officer, AbbVie. "The addition of ImmunoGen's treatment for ovarian cancer will accelerate our ability to help patients today, expand our oncology pipeline and drive long-term revenue growth well into the next decade. I want to thank ImmunoGen for their efforts to advance science for patients and we look forward to welcoming our new colleagues to AbbVie."

ELAHERE^® (mirvetuximab soravtansine-gynx) is the first and only antibody-drug conjugate (ADC) approved by the U.S. Food and Drug Administration (FDA) in ovarian cancer. The FDA granted accelerated approval for ELAHERE in folate receptor-alpha (FRα) positive platinum-resistant ovarian cancer (PROC) patients based on response data. Results from a confirmatory trial currently under review by the FDA show that ELAHERE is the first targeted agent to offer a survival benefit in PROC, with label expansion opportunities across larger segments of the ovarian cancer market.

ImmunoGen's follow-on pipeline of ADCs further builds on AbbVie's existing solid tumor pipeline of novel targeted therapies and next-generation immuno-oncology assets, which have the potential to create new treatment possibilities across multiple solid tumors and hematologic malignancies. Through focused R&D efforts, AbbVie has developed novel ADC technology and has unique strengths in antibody engineering, drug linker chemistry and toxin research. AbbVie and ImmunoGen's combined capabilities represent an opportunity to deliver potentially transformative ADC therapies to patients.

ImmunoGen's investigational Phase 1 asset, IMGN-151, is a next-generation FRα ADC for ovarian cancer with the potential for expansion into other solid tumor indications.

Pivekimab sunirine, currently in Phase 2, is an investigational anti-CD123 ADC targeting blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare blood cancer, which was granted FDA breakthrough therapy designation for the treatment of relapsed/refractory BPDCN.

For additional background on the acquisition, please read the announcement press release here and view AbbVie's investor presentation here.

Pharmacolog AB (Publ) announces today that the company will divest it's product line Druglog™ to RaySearch Laboratories AB through a so-called asset acquisition. The total value of the transaction amounts to SEK 8.5 million, of which the cash consideration is SEK 7 million , which will be paid at the time of the closing. Through this transaction, Druglog™ gains new and better conditions to develop commercially within RaySearch, for the benefit of cancer patients and healthcare providers worldwide.

During the fourth quarter of 2024, the Board of Directors of Pharmacolog implemented a strategy with the main focus of implementing a divestment of all or part of the company's operations. The background was a combination of a significantly deteriorated financing climate for small companies, together with a continued subdued demand for the company's products and challenges in opening up the company's markets under its own auspices. During this period, Pharmacolog has continued to deliver on its commitments to its existing customer base.

RaySearch Laboratories has now acquired ownership of the Druglog™ product for use in the field of oncology, including the Measuring unit v2.0 hardware platform, and all intellectual property rights relating to Druglog™.

The asset deal significantly reduces Pharmacolog's financial risk and allows the work on continued implementation of the previously communicated strategy to continue during 2024 with full intensity. Dialogues are ongoing regarding the divestment of all or parts of Pharmacolog's remaining operations.

Lars Gusch, CEO of Pharmacolog, comments: "During the autumn and winter, the Board of Directors and management have worked intensively to execute a sale of all or parts of the business in order to strengthen the company's financial position and preserve shareholder value. A significant milestone has been reached with this asset deal and I am very pleased that RaySearch wants to continue with our Druglog™ product line and thereby honor the development work that has been done on our product to date. I am confident that Druglog™, in combination with RaySearch's other product portfolio, will continue to make an important contribution to increasing patient safety."

Johan Löf, founder and CEO, RaySearch, comments: "We are pleased to welcome DrugLog to the RaySearch product portfolio. Since its inception, RaySearch has focused on software for optimization and planning of radiation therapy. However, the long-term vision is to provide software support for all types of cancer treatments, including chemotherapy and surgery. As a first step, we intend to add support for treatment planning in RayStation and workflows in RayCare for chemotherapy management. We envision that these extensions will be launched by 2026. DrugLog will be an excellent complement to this and significantly improve and simplify quality assurance in cancer treatment with chemotherapy. We look forward to integrating DrugLog into our offering and continuing to deliver innovative solutions to cancer clinics worldwide."

BRONX, NY - Today, Montefiore Health System unveiled its new Montefiore Specialty Pharmacy in Westchester, one of the largest and most technologically advanced hospital-owned specialty pharmacies in the Tri-State area. The 17,000 square-foot facility provides complex and high-cost medications to people with rare and chronic conditions and is tackling financial barriers—establishing a new standard of care in the region.

Specialty pharmacies provide medications that have specific requirements for medication storage, dosing and management. First emerging in the 1970s, specialty pharmacies have experienced tremendous growth in recent years, with increasing rates of chronic conditions and intricate treatments that may require unique refrigeration and compounding capabilities.

Montefiore Specialty Pharmacy is comprised of a dedicated pharmacy team who advocate for patients, ensuring timely prescription fulfillment and medication management for individuals with a wide range of conditions including cancer, rheumatologic, neurologic and immune disorders, as well as gastrointestinal and other inflammatory diseases.

Key factors that distinguish Montefiore Specialty Pharmacy include:     

• Convenient options to fulfill prescriptions including direct shipping to the patient's home or easy in person pick-up
• A multidose packaging system with a camera counter that confirms prescription amounts for quality control
• A best-in-class refrigerator room to safeguard temperature sensitive medications
• Access to a pharmacist 24/7 via phone to support both patients and providers
• Low average copays for patients; approximately $13 compared to the industry benchmark of $131

This new site is Montefiore's second specialty pharmacy location. Its first specialty pharmacy, located at its Henry and Lucy Moses Division in the Bronx, opened in 2019.

"Our new specialty pharmacy is designed to be an extension of a patient's care team," said Steven Tuckman, M.B.A., director, Community and Specialty Pharmacy Operations, Montefiore. "Before dispensing medications, our clinical pharmacists communicate with our patients to help ensure they understand their treatment regimens and possible side effects. This same team follows up to confirm that medications are taken as prescribed, and by having a 24/7 answering service, we can be a resource at any hour."

Tuckman projects that nearly 100,000 scripts will be filled in the first year, primarily from the Bronx and Westchester, with plans to expand.

Enhancing Experiences for Patients & Providers

Chronic disease exacts a significant toll on the health and well-being of New Yorkers. More than 40 percent of New York adults suffer from at least one chronic disease, making medication management vital. Childhood rates of chronic health problems including asthma and diabetes have also been on the rise.

The Montefiore Specialty Pharmacy team is charged with enabling faster delivery of prescriptions as well as securing insurance authorizations for time-sensitive medications, alleviating time and stress from patients and providers alike.

"The specialty pharmacy has already made a tremendous impact on my ability to deliver the highest quality care to my patients who have cancer," says Ioannis Mantzaris, M.D., leukemia and blood cancer specialist at Montefiore Einstein Comprehensive Cancer Center. "Before the specialty pharmacy opened, my clinical team and I used to spend roughly three hours per drug for each patient to secure insurance authorizations. Now, this team is enabling more of my patients to access important first-line therapies, and they have given me great peace of mind knowing my patients are getting the prescriptions they need."

Focused on improving access to care and treatments, last year Montefiore helped secure $45.7 million in financial assistance for patient prescriptions by identifying programs available from outside organizations.

"We're always searching for opportunities across the health system to better support the community," said Susan Green-Lorenzen, R.N. M.S.N., system senior vice president of operations at Montefiore. "Just because someone has cancer does not mean their other chronic illnesses like heart disease or inflammatory diseases go away. This new specialty pharmacy brings us one step closer toward making sure people with the most complicated conditions get the very best and most comprehensive care, easier and faster than ever before."

TAMPA, FL - Pacira BioSciences, Inc., (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, has been awarded a national group purchasing agreement for Brand Pharmaceuticals with Premier, Inc. Effective January 1, 2024, the new agreement allows Premier members, at their discretion, to take advantage of special pricing and terms pre-negotiated by Premier for EXPAREL^® (bupivacaine liposome injectable suspension).

This collaboration is aimed at improving patient care and optimizing cost savings to healthcare organizations and will allow Premier members to access EXPAREL, a single-dose local and regional analgesic that provides prolonged postsurgical pain control while reducing reliance on opioids.

“Premier has an impressive network of U.S. hospitals and health systems, and this collaboration provides Pacira an excellent opportunity to expand reach while improving patient safety and care,” said Frank D. Lee, Chief Executive Officer of Pacira BioSciences. “We are proud to collaborate with organizations like Premier as we continue to advance our mission to provide a non-opioid pain management option to as many patients as possible.”

Pacira and Premier share the common goals of advancing innovation, improving patient care, and pursuing value in healthcare. This collaboration will allow Pacira to further achieve these important objectives while making a lasting impact on healthcare providers and patients across the country.

Premier is a leading healthcare improvement company, uniting an alliance of approximately 4,350 U.S. hospitals and 300,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, consulting and other services, Premier enables better care and outcomes at a lower cost.

About Pacira BioSciences
Pacira BioSciences, Inc. (Nasdaq: PCRX) is committed to providing a non-opioid option to as many patients as possible to redefine the role of opioids as rescue therapy only. The company is also developing innovative interventions to address debilitating conditions involving the sympathetic nervous system, such as cardiac electrical storm, chronic pain, and spasticity. Pacira has three commercial-stage non-opioid treatments: EXPAREL® (bupivacaine liposome injectable suspension), a long-acting, local analgesia currently approved for postsurgical pain management; ZILRETTA® (triamcinolone acetonide extended-release injectable suspension), an extended-release, intra-articular, injection indicated for the management of osteoarthritis knee pain; and ioveraº®, a novel, handheld device for delivering immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.

About EXPAREL®
EXPAREL (bupivacaine liposome injectable suspension) is indicated to produce postsurgical local analgesia via infiltration in patients aged 6 years and older, and postsurgical regional analgesia via an interscalene brachial plexus block in adults, a sciatic nerve block in the popliteal fossa in adults, and an adductor canal block in adults. The safety and effectiveness of EXPAREL have not been established to produce postsurgical regional analgesia via other nerve blocks besides an interscalene brachial plexus nerve block, a sciatic nerve block in the popliteal fossa, or an adductor canal block. The product combines bupivacaine with multivesicular liposomes, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the multivesicular liposome platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain scores with up to a 78 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.

BASEL – Novartis today announced that it has entered into an agreement to make a voluntary public takeover offer to acquire MorphoSys AG (FSE: MOR; NASDAQ: MOR), a Germany-based, global biopharmaceutical company developing innovative medicines in oncology. The acquisition, which is subject to customary closing conditions, including a minimum acceptance threshold of 65% of outstanding shares tendered in the takeover offer and regulatory approvals, further expands and complements Novartis pipeline in oncology, one of its priority therapeutic areas, while also enhancing Novartis global footprint in hematology.

Upon completion of the acquisition, Novartis will own pelabresib (CPI-0610), a novel and potentially practice changing treatment option with a well-tolerated safety profile provided in combination with ruxolitinib for patients with myelofibrosis (MF). It will also include tulmimetostat (CPI-0209), an early-stage investigational dual inhibitor of enhancer of zeste homolog 1 and 2 (EZH1 and EZH2) proteins currently being tested in patients with solid tumors or lymphomas.

Pelabresib in combination with ruxolitinib recently met its primary endpoint of spleen volume reduction in the Phase 3 MANIFEST-2 study in JAK inhibitor-naive MF patients¹. The combination also demonstrated favorable trends in symptom improvement as evidenced by key secondary endpoints of absolute and 50% change in total symptom score (TSS) at week 24 compared to baseline. All four clinical hallmarks of disease in myelofibrosis – splenomegaly, disease-associated symptoms, anemia and bone marrow fibrosis – were improved with the pelabresib and ruxolitinib combination. In the earlier Phase 2 MANIFEST trial, the third arm of the study with a patient population comparable to MANIFEST-2, showed durable improvements in both spleen volume and total symptom score up to week 60². Regulatory filing with the U.S. FDA is planned for the second half of 2024.

“We are excited about the opportunity of bringing pelabresib, a potential next-generation treatment combined with ruxolitinib, to people living with myelofibrosis, a rare and debilitating form of blood cancer,” said Shreeram Aradhye, M.D., President, Development and Chief Medical Officer of Novartis. “With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology, adding to our capabilities and expertise. Building on our long-standing development partnership with MorphoSys, we look forward to continuing our work together to realize the full impact and value of their investigational medicines for patients with unmet needs.”

Pelabresib is an investigational small molecule designed to promote anti-tumor activity by selectively inhibiting the function of bromodomain and extra-terminal domain (BET) proteins to decrease the expression of abnormally expressed genes in cancer. Pelabresib is also being studied in patients with essential thrombocythemia (ET), which is currently in Phase 2 in second line of treatment. Besides pelabresib, MorphoSys’ pipeline includes a broad portfolio of partnered assets of which some are in partnership with Novartis, including ianalumab (VAY736) which is studied across multiple immunological diseases and in hematology.

Transaction Details
Under the agreed transaction, which has been unanimously approved by the Board of Directors of both companies, Novartis will make a voluntary public takeover offer for all no-par value bearer shares of MorphoSys AG for EUR 68 per share (or an aggregate of EUR 2.7bn).

The transaction is subject to customary closing conditions, including acceptance of the takeover offer by at least 65% of MorphoSys AG’s outstanding shares and receipt of regulatory approvals and is expected to close in the first half of 2024. Until the transaction closes, MorphoSys AG will continue to operate as a separate, independent company.

About Pelabresib (CPI-0610)
Pelabresib (CPI-0610) is an investigational small molecule designed to promote anti-tumor activity selectively by inhibiting the function of bromodomain and extra-terminal domain (BET) proteins to decrease the expression of abnormally expressed genes in cancer. Pelabresib is being investigated as a treatment for myelofibrosis and has not yet been approved by any regulatory authorities. The development of pelabresib was funded in part by The Leukemia and Lymphoma Society®.

About Myelofibrosis
Myelofibrosis is a blood cancer – belonging to a group of diseases called myeloproliferative neoplasms – caused by genetic abnormalities in bone marrow stem cells and characterized by four hallmarks: enlarged spleen, anemia, impaired bone marrow microenvironment causing fibrosis, and debilitating disease-associated symptoms, including severe fatigue, night sweats, itching, increased bleeding and significant pain caused by their enlarged spleen. For many living with myelofibrosis, the combination of symptoms often severely impacts their quality of life. At diagnosis, several factors, such as age, genetics and bloodwork, help determine a patient’s long-term prognosis. About 90% of newly diagnosed patients have intermediate- to high-risk disease, which has a worse prognosis and a higher likelihood of disease-associated symptoms. While JAK inhibitors, the current standard of care, address some aspects of the disease, no agent provides broad disease control. There is an urgent need for novel, well-tolerated therapeutic options capable of changing the natural course of myelofibrosis to provide patients with deep and durable responses across its four hallmarks.

About Tulmimetostat (CPI-0209),
Tulmimetostat (CPI-0209) is an investigational compound designed to exert anti-tumor activity by inhibiting the function of enhancer of zeste homolog 1 and 2 (EZH2 and EZH1) proteins to reactivate silenced genes like tumor suppressor genes. Tulmimetostat is being tested as a once-daily oral treatment in a Phase 1/2 trial (NCT04104776) in patients with advanced solid tumors or lymphomas, including ARID1A-mutated ovarian clear cell carcinoma and endometrial carcinoma, diffuse large B-cell lymphoma, peripheral T-cell lymphoma, BAP1-mutated mesothelioma and castration-resistant prostate cancer.

PRINCETON, NJ - Bristol Myers Squibb (NYSE: BMY) is honored to announce it has been recognized as One of America's Most JUST Companies. The ranking, presented by JUST Capital and CNBC, recognized BMS for its commitment to key social responsibilities, including employees, customers, communities, and environmental impact. Bristol Myers Squibb earned a spot on the top 100 list and ranked six in the Pharmaceuticals and Biotech industry overall.

This achievement is reflective of BMS’ focus on delivering long-term value through our efforts to address unmet patient needs, advance equitable access to life-transforming medicines and foster a high performing, inclusive global workforce. It also underscores our commitment to operating with effective governance, uncompromising quality and compliance, and the highest ethical standards to deliver our mission.

“We are proud to be recognized as a leader by JUST 100, reinforcing our focus on community impact, employee well-being and ethical practices to best serve our patients,” said Cari Gallman, Executive Vice President, Bristol Myers Squibb. “This achievement reflects our collective passion for excellence in what we do– not only by bringing forward innovative medicines, but also by making a positive impact on society.”

Out of nearly 1,000 analyzed companies, BMS’ leadership on community issues, particularly job creation and economic development, contributed to its inclusion in this prestigious ranking. Among the notable achievements are BMS’ efforts to invest more than one billion dollars with small and diverse-owned businesses, creating economic opportunities in underrepresented communities.

Additionally, BMS was recognized for its ethical interactions with stakeholders, noting efforts to protect customer privacy, which are guided by the company’s Principles of Integrity and Standards of Business Conduct and Ethics.

Learn more about Bristol Myers Squibb’s ESG progress and sustainability commitments in the latest Environmental Social and Governance Report.

About JUST Capital 
The mission of JUST Capital, an independent nonprofit, is to demonstrate how just business – defined by the priorities of the public – is better business. Our goal is to help companies create value for all their stakeholders – their workers, customers, communities, the environment, and shareholders – by focusing on the issues that matter most to Americans.

For the annual Rankings, JUST Capital collects and analyzes corporate data to evaluate the 1,000 largest public U.S. companies across 20 Issues identified through comprehensive, ongoing public opinion research on Americans’ attitudes toward responsible corporate behavior. JUST Capital has engaged more than 170,000 participants, on a fully representative basis, since 2015.

CNBC will delve into the data, highlighting company-specific results and showcasing key stakeholder performance stories about this year’s JUST 100 leaders across the network’s broadcast and digital platforms at cnbc.com/just100. An exploration of the JUST 100 companies can be found at justcapital.com/rankings.

DUBLIN - Mallinckrodt plc ("Mallinckrodt" or the "Company"), a global specialty pharmaceutical company, today announced the appointments of Paul Bisaro, Katina Dorton, Abbas Hussain and Wesley Wheeler to its Board of Directors, effective immediately. Mr. Bisaro has also been reappointed to his previous role as Board Chair. In addition, the Company announced that Siggi Olafsson has entered into a new employment agreement and will continue in his roles as Mallinckrodt's President and Chief Executive Officer and a member of the Board.

Mr. Olafsson said, "The actions we took in 2023 have made Mallinckrodt a stronger company. As we move forward with renewed determination to help serve public health needs and deliver for our patients, we are thrilled to welcome back Paul as Board Chair. He brings deep familiarity with our business and our team, and we know we will benefit greatly from his insights. We are equally pleased about the appointments of Katina, Abbas and Wes. Our ability to attract these accomplished directors is a testament to what we have achieved so far and the opportunities ahead for Mallinckrodt." 

Select professional highlights of Mallinckrodt's new directors include: 

• Paul Bisaro is a healthcare industry leader with more than three decades of leadership experience at generic and branded pharmaceutical companies. He served as Mallinckrodt's Board Chair from June 2022 to November 2023. Mr. Bisaro previously served as President, CEO and a director of Impax Laboratories, Executive Chairman of Amneal Pharmaceuticals, Executive Chairman of Allergan, President and CEO of Actavis (formerly Watson Pharmaceuticals), and President, Chief Operating Officer and a director of Barr Pharmaceuticals. Mr. Bisaro serves on the boards of Zoetis and Myriad Genetics and previously served on the boards of TherapeuticsMD and Zimmer Biomet. 
• Katina Dorton has more than 20 years of finance and healthcare experience across fundraising, mergers and acquisitions, and business development, most recently serving as Chief Financial Officer of NodThera, a private biotechnology company. She previously served as CFO of Repare Therapeutics, AVROBIO and Inmatics and, earlier in her career, was a healthcare investment banker at Morgan Stanley and Needham. Ms. Dorton serves on the boards of Fulcrum Therapeutics and TScan Therapeutics and previously served on the boards of Pandion Therapeutics and US Ecology, among others. 
• Abbas Hussain has more than 30 years of leadership and operating experience in healthcare, most recently serving as CEO of Vifor. He previously served as GlaxoSmithKline's Global President, Pharmaceuticals & Vaccines, and, earlier in his career, in various leadership roles at Eli Lilly and Company. Mr. Hussain also has served on the boards of Teva Pharmaceuticals, Aspen Pharmacare, Vifor, ViiV Healthcare and Cochlear, among others. 
• Wes Wheeler has more than 40 years of diversified leadership experience in healthcare, including business turnarounds and transformations, manufacturing, marketing, engineering, R&D and supply chain. He is currently a Pharmaceutical Services Consultant to KKR. He previously served as President of UPS Healthcare and its subsidiary Marken LLP, CEO, President and a director of Patheon (now a Thermo Fisher Scientific company), and President, R&D and Global Manufacturing at Valeant Pharmaceuticals. Earlier in his career, he held various leadership roles at GlaxoSmithKline and ExxonMobil in engineering, marketing and manufacturing. 

Mr. Bisaro said, "Mallinckrodt plays an important role addressing unmet patient needs and providing therapies with high clinical value. I am pleased to rejoin the Board and once again work alongside Siggi, the Executive Committee, as well as my colleagues on the Board of Directors, to continue this meaningful work and further improve execution and performance. We are all fully focused on unlocking Mallinckrodt's full potential and delivering benefits to patients, employees, shareholders and all other stakeholders." With the appointment of Messrs Bisaro, Hussain and Wheeler and Ms. Dorton, Mallinckrodt's Board comprises seven directors. In addition to Mr. Olafsson, the other incumbent directors are David Stetson and Jon Zinman, who were appointed in November 2023.

CHARLESTON, SC - QuicksortRx, a technology company helping health systems improve pharmacy purchasing and reduce medication costs, has announced that its clients have achieved over $100 million in medication cost savings through the platform since the company launched in late 2018.

Founded by pharmacists and technologists from the Medical University of South Carolina (MUSC), QuicksortRx empowers health systems to instantly assess medication price, availability, and purchasing trends across multiple facilities. By streamlining pharmaceutical market analysis, QuicksortRx clients use the business intelligence platform to drive faster, more informed decisions and to improve efficiency in medication procurement.

The $100 million figure represents realized savings tracked by health systems using QuicksortRx to identify and operationalize changes in their medication procurement. Savings are most often achieved by health system pharmacy staff acting on insights from the platform to optimize product selection, identify and correct contract issues, and target strategic 340B interventions. The platform monitors initiatives identified and executed by the health system in real time, capturing savings as they are achieved.

"Having spent my entire career before QuicksortRx at MUSC, I know the financial constraints hospitals work under," said Jonathan Yantis, CEO and Co-Founder of QuicksortRx. "There are limited resources to go around to important projects that affect lives. The impetus for QuicksortRx was to help free up capital that could be more efficiently invested in patient care. It's difficult to put into words what it means to know we have enabled non-profit health systems to redeploy over $100 million into initiatives that benefit their communities. It feels really good."

QuicksortRx began as a project when Yantis, an MUSC network engineer, teamed up with Matt Hebbard and MUSC's pharmacy department to develop software that would help the health system better manage their medication spend. In the early stages of the platform's development, the inventors envisioned a solution that could be used outside MUSC.

"We knew other pharmacy departments were struggling with this work just like we were," said Hebbard, Vice President of Pharmacy and Co-Founder of QuicksortRx. "From the outset, Jonathan had the mentality that we could scale and share this solution to grow its positive impact. It's amazing to know what we built to help our own hospital is helping others in the same way."

Today, the platform helps more than 30 health systems manage over $8 billion in annual hospital pharmacy spend. To support its rapid growth, QuicksortRx recently moved to a larger corporate headquarters in Charleston, South Carolina. The company has plans to add more than 40 new team members over the next three years to help further scale services and maintain QuicksortRx's high-touch customer support.

"These savings would not have been possible without our amazing team and incredible clients," says Hebbard. "They are real experts who share our passion for bringing positive change to this industry and for reducing the cost of quality healthcare."

Yantis adds, "One hundred million dollars represents a lot of work within and outside of our team at QuicksortRx. We are incredibly grateful to the people who have trusted and had faith in us along this journey. Thank you to these health systems for rolling up your sleeves with us and putting in the work. This milestone is your accomplishment as well."

IRVING, TX – Vizient, Inc. projects drug price inflation to grow at 3.8% in the latest Pharmacy Market Outlook. Driven in part by specialty pharmacy, including the increasing utilization of weight loss drugs, it is the highest projected increase since July 2019. In addition, the anticipated expansion of gene therapies will increase provider spend even more. View the Pharmacy Market Outlook.

"Many hospitals around the country experienced a challenging 2023, including drug shortages and rising drug costs," said Carina Dolan, associate vice president, clinical oncology, pharmacoeconomics and market insights, Vizient. "Managing pharmacy expenditures and strengthening the supply chain is more important than ever."

Specialty pharmaceuticals, which treat high-cost, complex or chronic conditions such as cancer, infectious-, autoimmune- and pulmonary conditions, make up the majority of the top 15 medications in spend among Vizient pharmacy program participants. With 42 novel specialty drugs approved in 2023 — and 2024 likely to see a record number of approvals — the projected price increase for specialty medications is 4.18%.

What's driving the increase in provider spending?

• Weight loss drugs: Spending and utilization of glucagon-like peptide receptor 1 agonists (GLP-1s), which treat type 2 diabetes and obesity, have increased dramatically over the past few years. Semaglutide, a GLP-1 agonist, has risen to the No. 5 spot in total Vizient customer spend, making its way up from No.18 a year ago.
  
  Competitors in this space are making strides to gain market share, including the new indication for tirzepatide (Zepbound™) for weight loss, launched in the U.S. in December 2023. In its most recent annual Impact of Change Forecast, Sg2, a Vizient company, forecasts a 4% reduction in bariatric surgery volumes by 2033 due to anti-obesity medication use.
   
• Gene therapy: One dose of gene therapy, a rapidly growing field that involves modifying the expression of genes for therapeutic purposes, can exceed $2 million. There are currently 11 approved gene therapy products (excluding chimeric antigen receptor (CAR)-T therapies).  
  
  Vizient is tracking more than 170 gene and cellular therapies in the pipeline and expects they will have a significant impact on disease prevention and treatment in the coming years. However, their novelty presents challenges, including cost, proper coding for reimbursement and ultra-low-temperature storage requirements.

Biosimilars expected to grow in market share

Biosimilars made up 24.93% of purchasing volume for originator products and their corresponding biosimilars and are expected to increase in price by only 0.55%. While Humira® still represented 99% of Vizient customer adalimumab purchases through September 2023, biosimilar adalimumab products are expected to gain market share throughout 2024 as pharmacy benefit managers finalize their formulary strategy. However, Humira may continue to be a top spend until biosimilars are mandated at the payer level.

Remdesivir continues to drop

Remdesivir, an anti-viral agent used in the treatment of COVID-19, which first appeared on the top of the Vizient customer spend list in the summer 2021 Outlook, has finally dropped out of the Vizient overall top 15 medications. It remains the top spend agent in the acute care segment of the market.

Projections for this edition of Pharmacy Market Outlook are based on total Vizient Pharmacy program participant spend from October 2022 through September 2023. Price change estimates are projected for July 1, 2024 through June 30, 2025. Read more about the Pharmacy Market Outlook.

STOUGHTON, MA & SAN DIEGO, CA - Shields Health Solutions (Shields), the premier specialty pharmacy accelerator in the country, announced today that it has partnered with Sharp HealthCare (Sharp), a not-for-profit regional healthcare group in San Diego, to collaborate on an expansion of a specialty pharmacy program that provides patients with complex, chronic conditions access to specialized pharmacy services designed to lower costs, expand treatment options, enhance medication management, and improve overall health.

The partnership between Sharp and Shields will offer support services for the unique needs of patients with an initial focus on four key disease states: hematology, oncology, rheumatology, and cardiology. Patients filling their prescriptions at Sharp Specialty Pharmacy Services will receive personalized, patient-centered care complete with side effects management, increased adherence, regular follow-ups, access to financial assistance, and medication delivery at no charge.

"Our new partnership with Sharp HealthCare reaffirms the health system’s unwavering commitment to providing superior patient care," said Stephen West, Chief Executive Officer. "As a Shields partner, Sharp will improve its therapy management and care coordination by securing access to 90 percent of the limited distribution drugs that complex patients need. Our work together will also open restricted payer networks and elevate access to affordable care for Sharp patients."

Sharp HealthCare, San Diego County’s most comprehensive health care delivery system, serves a broad patient population across its system, which includes four acute-care hospitals, three specialty hospitals, three affiliated medical groups, and a full spectrum of facilities and services. The health system consists of 2,700 affiliated physicians and 19,000 employees.

"Our partnership with Shields specifically supports Sharp Specialty Pharmacy’s goal to enhance and grow this vital pharmacy service for Sharp HealthCare’s patients," said Suzanne Shea, vice president of System Pharmacy and Clinical Nutrition at Sharp HealthCare. "This focused support allows our pharmacy team to expand care for Sharp patients and extend our high-quality services throughout the patients’ health care journey."