SAN DIEGO, June 19, 2002 (PRIMEZONE) -- MedVantx(SM), Inc., a pioneer of internet-enabled, automated point-of-care systems for dispensing generic first-line therapy in physician offices, and Wellpartner, Inc., a state-of-the-art home delivery pharmacy, today announced that they will collaborate to improve the delivery of affordable prescription drugs for physicians, patients and payors. According to the multi-year partnership agreement, MedVantx will provide point-of-care systems that allow physicians to offer patients high-quality, affordable generic drugs at the time of their office visit, while Wellpartner will refill prescriptions and deliver them to a patient's home.
"The introduction of generic versions of prescription medicines is creating unprecedented opportunities to reduce drug costs," said Robert J. Feeney, Jr., MedVantx president and chief executive officer. "MedVantx solutions empower physicians to control drug costs by delivering affordable, high-quality generic medications in the physician's office. Our solutions are complemented today by our relationship with Wellpartner to offer patients who initiate drug therapy in their doctor's office the option to continue to receive affordable medication refills using home delivery."
Prescription medications are a major and growing part of patient treatment costs. During 2001, U.S. spending for prescription drugs increased 17 percent to $151 billion. Prescription volume is expected to double every four years as the population ages and biopharmaceutical companies continue to launch innovative drugs backed by influential direct-to-consumer advertising. This rapid growth has led to a dramatic rise in health plan premiums and increased financial strain for uninsured seniors struggling to afford their prescription medications.
The partnership announced by MedVantx and Wellpartner is focused on managing the rising cost of prescription medications and accelerating a growing trend toward generic drug use. In the next three years, over $50 billion of blockbuster branded drugs in nearly every major therapeutic class will have an affordable generic equivalent, providing an opportunity for significant cost savings for health plans and consumers. Savings can be as much as 25 percent to 80 percent less than brand name drugs.
The MedVantx system, writeSTART(tm), enables physicians to start patients on their first course of drug therapy during their office visit. Using writeSTART, physicians can check benefit plan, dosing and drug interaction information and provide patients with lower cost alternatives to brand name drugs. Independent payor data from MedVantx's beta sites have demonstrated that use of the MedVantx system can substantially increase adoption of generic drugs, improve adherence to drug benefit plans, and lead to a decline in average prescription cost.
Wellpartner operates a technologically advanced mail order pharmacy that features automated fulfillment systems and highly personalized customer service to reduce prescription costs and improve pharmacy care with better health outcomes. Working with MedVantx, Wellpartner will process prescription refills for patients who receive their initial supply of medication at their physician's office. Wellpartner will fill and mail the prescription refill request to the patient's home or other designated address. Regular refills can be established so the patient never has to wait in line at the local pharmacy for medications taken on a regular and ongoing basis.
"Our partnership with MedVantx is a natural extension of our commitment to managing prescription costs while improving pharmacy care for patients with chronic health conditions," said Mike Wright, president and chief executive officer of Wellpartner. "We look forward to working with MedVantx to bring innovative cost management solutions to new markets."
About MedVantx, Inc.
MedVantx develops and markets systems that enable the delivery of high-quality, generic first-line drug therapy in physician offices. Using MedVantx's system, physicians save time by reducing time-consuming prescription rework and increase patient satisfaction while decreasing the risk of medication errors.
The writeSTART system is the first internet-enabled, fully automated point-of-care system for managing the clinical, supply chain management and financial aspects of dispensing generic first-line drug therapy in physician offices. The system includes proprietary software, hardware and services that combine automated drug purchasing and inventory management, clinical pharmacy information, insurance benefit management, real-time insurance claims processing, credit card processing, and ongoing clinical and financial reporting. Physicians may add features that include e-prescribing, interfaces to practice management systems and electronic medical records.
Based in San Diego, MedVantx is a privately held company with total venture-backed funding to date of more than $25 million. The company's founders include former senior members of the leading provider of medication and supply automation to healthcare. For additional information, please visit the company's website at www.medvantx.com.
About Wellpartner
Based in Portland, Ore., Wellpartner is a unique home-delivery pharmacy focused on lowering pharmacy costs for payors of prescription drugs while improving pharmacy care and health outcomes for individuals with chronic medication requirements. The company is re-engineering pharmacy with the conviction that technology and automation can be combined to deliver personalized pharmacy more effectively. Launched in February 2001, Wellpartner operates a state-of-the-art, automated, high-volume pharmacy that is supported with centralized clinical knowledge and personal customer service. The company is led by an executive team with more than 100 years of combined health care and pharmacy management experience. For additional information, please visit the company's website at www.wellpartner.com.