Top 10 Pharmacy Management Solution Companies - 2020
 Ascellahealth: A Patient Centric Approach to Specialty Pbm

Top 10 Pharmacy Management Solution Companies - 2020

The digital revolution and the emerging sophisticated technologies have a profound impact on the pharmaceutical market. Leading global pharmaceutical companies are restructuring their business models and reimagining their processes to implement the latest advanced technologies.

From enhancing R&D to improving clinical trials and upgrading drug discovery, big data has an immense scope to remodel the pharmaceutical operations. Utilizing big data, pharmaceutical companies are gaining insights into historical and real-time data sources such as social media, IoT sensors, log files, and patient data. The pharma firms are taking a data-driven approach and are leveraging big data to streamline the processes and improve efficiency across the board. Big data can also be the key enabler of precision medicine, where diagnosis and treatment of disorders are carried out using relevant information about the patient’s genetic make-up, environmental factors, and behavioural patterns.

Furthermore, AI has also emerged as the prime driver of efficiency for forward-looking pharmaceutical companies. AI ramps up R&D and data-driven decisions through its automated algorithms, that earlier used to rely on human intelligence. Integrating AI with healthcare, pharmaceutical vendors are able to identify medicines that would be appropriate for patients. AI also boosts clinical success rates, lowers costs, drives operational efficiency by powering in-depth data mining, and also shortens the drug testing-validation cycle.

Integrating IoT and AI into patient management solutions helps improving medication adherence and treatment outcomes. Pharmaceutical vendors are also employing technologies that can boost company sales productivity and revenue. With IoT powered wearables, physicians can determine the success rate of their therapies and accordingly take suggestions from pharmaceutical companies based on available patient data and medicines.

Pharmaceutical companies can also mine social media platforms and medical forums for ADRs and patient reviews. Using sentiment analysis and natural language processing, pharmaceutical businesses analyze the collected data with the help of machine learning analytics and gather insights about adverse drug reactions. This simplifies the process of reviewing drugs and gives a holistic view of the patient scenario. With cloud computing securing a foothold in the market, pharmaceutical companies can manage data security and compliance concerns with the huge amount of data generated by their processes. Cloud technology’s capacity to decrease overhead costs is enabling enterprises to make balanced investments.

The amount of technology influencing Pharma companies is a lot to comprehend, and so, the search for a suitable technological solution provider for effective collaboration continues.

In this edition of Healthcare Tech Outlook, we bring to you “Top 10 Pharmacy Management Solution Providers - 2020.”

Top Pharmacy Management Solution Companies

AscellaHealth is an innovative, pharmacy benefit manager (PBM), serving commercial, Medicare and Medicaid segments by offering high-quality prescription drug management services along with various customizable services, such as bespoke specialty pharmacy services and cost-savings programs. AscellaHealth works with physicians, pharmacies, drug manufacturers, TPAs, and healthcare providers to manage treatments in a way that supports affordable and qualitative care. A key component of AscellaHealth's pharmacy benefits program is its specialty coordinators. These coordinators play a significant role in ensuring the seamless collaboration of various entities such as the patient, the physician, and the pharmacy

ascellahealth.com

Gateway Health Partners (GHP) is a leading independent provider of rebates and formulary management services. Through various levels of P&T support ranging from drug detail support (monographs) to fully out-sourced administrations and multiple formulary options ranging from broad national to exclusionary-based, GHP generates the best outcomes for its clients. ProOptimizer, GHP’s dynamic contract management system technology, stores key contractual information, and provides a seamless invoicing experience for its customers by integrating customer databases. The robust tool conjointly analyses market demands and prepares a comprehensive net-cost modeling and reconciliation report. Through the effective implementation of its agile solutions and tools, GHP has become the growth engine of its client’s success

www.gatewayhealthpartners.com

PharmSaver.net is a unique pharmacy analytics website designed to manage the purchasing function and enhance profit margins for pharmacies. The site allows pharmacies to compare their primary purchase order against 14 top-name wholesalers securely and check which drug they should be buying. PharmSaver’s system assures savings on a drug by identifying items by package size, generic substitution, product dating, and pharmacy specific historical purchasing. This also offers advanced analytics and optimization feature that makes it easier to move items to a specific wholesaler to meet the minimum order requirements

pharmsaver.net

RxSense offers a holistic insight into the current pharmacy benefits market by architecting a transparent and efficient approach through its flexible pharmacy benefit enterprise platform. The company brings to the table improved transparency and access to affordable medications while enabling clients to optimize business savings through its transformative enterprise software. RxSense presents a twofold advantage with RxAgile providing enterprise solutions that are fast and easy to use so operations teams can manage changes to plans and formularies without the need for IT support or waiting out long development timelines. RxIQ is the powerful analytics solution, which provides convenient and secure access to actionable health plan performance insights and pharmacy claims data in near real time. RxSense is revolutionizing the way businesses manage pharmacy benefits and improve the value for sponsors as well as consumers

rxsense.com

ScriptPro powers successful retail and ambulatory pharmacy operations through innovative, end-to-end pharmacy software, automation, and financial solutions that include robotics, operating systems, and strategic consulting services

www.scriptpro.com

SRX

SRX

SRX offers a powerful and data-driven technology platform to realize the lowest net cost on drug spend. The company’s innovative technology integrates drug databases, facility formularies, pharmacy contracts, and regulatory and compliance considerations into its web-based application that is designed to identify areas for improving efficiencies and analysing trends, as well as help facilities receive the maximum eligible rebates. SRX technology addresses three specific areas that impact the lowest net cost on pharmacy spend: formulary management, reconciliation and reporting, and rebate administration. On the formulary management side, SRX helps clients to not only choose the right mix of recommended drugs, but also works to establish rules that hold pharmacies accountable for the drugs they are able to dispense

srx-tech.com

VativoRx manages patients’ prescription medication care to avoid the occurrence of further medical costs on hospitalization or long-term physician visits. For bringing down the cost of specialty management, besides developing clinical programs, the company builds relationships with different specialty pharmacies across the country to help streamline the services and educate the patients sufficiently about their medical conditions, thereby reducing the additional medical costs associated with specialty medicines and the post-medication care attached to it. As opposed to the standard cookie-cutter offerings, VativoRx takes care of the pharmaceutical clients’ fiduciary responsibility of giving its employees, and customers access to discounted medication

www.vativorx.com

CastiaRx

CastiaRx

CastiaRx is the industry’s prominent speciality benefit manager. Combining full-service pharmacy benefit manager capabilities with speciality expertise, the company invests for the benefit of medical and pharmacy. The company leads with compassion, striving to simplify speciality treatment. They provide better treatment, better care, and a better path to a healthier future. CastiaRx is making investments in people, infrastructure and technology for bringing the much-needed, middle-market leader to the industry. Led by a team of pharmacists and PBM veterans, and they bring a keen understanding of today’s pharmacy benefit challenges and ways to solve them

LexisNexis Risk Solutions

LexisNexis Risk Solutions

The healthcare business of LexisNexis Risk Solutions has mastered the art of combining, analyzing and delivering data and analytics to optimize quality, performance, and impact across health care entities. The company’s solutions leverage the industry’s most robust and accurate provider data, comprehensive public records, proprietary linking and claims analytics, predictive science, and computing platform to transform the business of healthcare

ShiftRx

ShiftRx

ShiftRx is a strategic partner, investor and pharmacy transformation company focused exclusively on the healthcare industry pharmacy sector. The company specializes in collaborating with healthcare partners in creative new ways to accelerate growth and value creation. They align their industry expertise and resources with health systems to transform their pharmacy businesses into market leaders. ShiftRx also provides the capital and expertise focused exclusively on growing markets in ambulatory pharmacy, speciality pharmacy and pharmacy benefits administration. Their management team also thoroughly understands and can execute on their willingness to take back control of their client’s scripts. From clinical expertise, retail operations, concierge services and payer reimbursement, companies will partner with an organization that can create long-lasting, sustainable value in this ever-growing market