We know that there are a limited number of specialty pharmacies in the US. A small number of customers makes it hard for any new product or service to have enough customers to enable a product to break even….. let alone be profitable. So, we are curious when we see new products coming to market that target SPs. Today we are talking about software programs that manage the upstream / downstream patient journey that SPs have managed for decades (often using Excel spreadsheets and even index cards back in the day.)
The new ‘state-of-the-art’ platforms are fairly sophisticated. They capture loads of patient data that can include patient electronic medical records (with permission), physician ordering portals, prescribing protocols that go down to the specific medication profile, patient financial assistance, obtaining prior-authorizations, refills, patient reported side effects / adverse reactions / dosing schedules / dose reductions, and on-and-on-and-on.
As noted in the article below, Henry Ford Health sees new opportunity in this small segment. Why? Because the segment is suddenly much bigger. Hospitals and health systems are increasingly opening owned and operated specialty pharmacies enabling them to rapidly catch up with well-established specialty pharmacies by installing one of these software platforms. There are a lot more hospitals than stand alone SPs.
The Henry Ford platform was first developed a decade ago and it sounds like its newest mousetrap is on par with other leading providers of comparable platforms.
Henry Ford Health’s Specialty Pharmacy Software Goes National
Platform developed by Henry Ford Health now serves systems in seven states, with plans for expansion
DETROIT/PRNewswire/ — Henry Ford Innovations (HFI), one of the nation’s leading healthcare innovation programs, announced today that its specialty pharmacy software platform, DromosPTM™, now serves pharmacies and patients across the country. Developed and implemented by Henry Ford Health in 2013 to address an internal need, the platform quickly grew beyond Detroit and is now used by seven leading specialty pharmacies and healthcare systems from Massachusetts to Utah. Additionally, more systems are planning to adopt the platform in the coming months.
Signifying its progression in technology- and consumer-impacted healthcare, DromosPTM™ fills a long-existing gap in the specialty pharmacy industry by offering efficient patient-focused care and service. Specialty pharmacies differ from traditional pharmacies by coordinating aspects of patient care and disease management. They deliver medications that demand special handling, storage and distribution for often chronic and rare conditions.
These partnerships allow increased functionality and provide patients across the country a better experience and care.
This first-of-its-kind application solves several problems regularly seen in specialty pharmacy cases such as finding financial assistance for costly prescriptions, enhanced monitoring and emphasizing best practices. For example, organizations are leveraging the platform by expanding their pharmacy capabilities within patient portals, allowing patients to easily request often-complicated prescription refills and transfers.
“We are proud to have leading healthcare organizations joining our DromosPTM™ network to transform lives through advanced patient therapy management,” said Lisa Prasad, Henry Ford Health’s Chief Innovation Officer and leader of Henry Ford Innovations. “These partnerships allow increased functionality and provide patients across the country a better experience and care.”
DromosPTM™ was designed and developed at Henry Ford Health’s specialty pharmacy, Pharmacy Advantage, which is supported by CarepathRx LLC. At the time, Pharmacy Advantage team members recognized an opportunity to improve care administration and outcomes, resulting in the development of the platform and partnership with HFI for licensing and distribution.
“DromosPTM™ is helping the specialty pharmacy industry scale their businesses and improve both operational and clinical outcomes as their organizations continues to grow” said David Shepherd, President and CEO of Community Care Services. “By helping remove barriers from patients, like cost and prior authorizations, DromosPTM™ has created positive patient outcomes already.”
Established in 2011 to develop and commercialize its intellectual assets, HFI has enacted more than 30 licensing agreements, representing over $100 million in future revenue. HFI remains committed to creating best-of-class partnering programs with early-stage and corporate collaborators and serving as a gateway to international healthcare companies.
To learn more about DromosPTM™ please visit https://dromosrx.com or call (888) 376-6670.
SOURCE Henry Ford Health