Many drugs currently available and many drugs still in development are special drugs for complex diseases.OmniCell, a drug management technology company, wants to make sure it becomes part of these prescriptions and pays $100 million for Acquired ReCept Pharmacy, A well-established company in the professional pharmacy market.
Special drugs are drugs that are difficult or complicated to handle and manage. These drugs include biological agents administered in the form of infusion or injection, but some oral small molecule drugs also fall into this category. This category has been growing steadily. The total sales of specialty pharmacies in 2020 totaled 269 billion US dollars, accounting for 51% of all drug sales-this is the first time that specialty drugs accounted for the majority of overall drug sales.These data are quoted in Omnicell Investor introduction, From IQVIA, a pharmaceutical services and analysis company.
Located in Grapevine, Texas, ReCept provides technology and services to help professional pharmacies manage and dispense these drugs. Its clients include groups of healthcare providers, federally qualified medical centers and medical systems.
“As medical innovation drives new and more complex drugs, pharmacies need more specialized tools and expertise to help manage the patient’s treatment process,” Omnicell CEO Randall Lips said in a prepared statement . “The acquisition of ReCept is a strategic investment to expand our product portfolio to meet the huge market demand for professional pharmacy solutions.”
Omnicell stated in the investor introduction that ReCept’s services will complement its own services. Omnicell is headquartered in Mountain View, California, and provides hardware and software to help pharmacies manage the way they process and dispense medicines. These products include robotic systems that automate and simplify pharmacy operations. According to Omnicell’s 2020 annual report, more than 7,000 institutions worldwide use the company’s technology, while more than 50,000 retail pharmacies and retail pharmacies in North America and the United Kingdom use its medication compliance and population health products.
According to Omnicell, in the 12 months ended September 30, ReCept’s specialty pharmacy business revenue was approximately $24 million. Omnicell’s financial statements show that revenue in the same period exceeded $1 billion.
ReCept is Omnicell’s second major acquisition announced this year. In September, the company completed Acquired FDA Amplicare for US$177 million, Pharmacy and health system software manufacturers for medication management and compliance. The ReCept acquisition is a cash transaction. Omnicell said it will use its available cash for the transaction, and the two companies expect to complete the transaction by the end of this year.
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