Centene Corp. introduced on Wednesday that it accomplished its acquisition of PANTHERx, a pharmacy specializing in manufacturing orphan medication and instruments to deal with uncommon ailments.
Centene mentioned PANTHERx is likely one of the largest and fastest-growing pharmacies of its variety within the U.S. Along with manufacturing medicines, the Pittsburgh-based specialty pharmacy presents compliance, logistics and analytics instruments to assist payers and suppliers ship care to sufferers.
Centene first introduced its plan to purchase PANTHERx in mid-December. The corporate will function independently as a part of the insurer’s drug administration program, Evolve Pharmacy Options, which incorporates pharmacy profit administration and specialty pharmacy capabilities. Orphan medication are therapies authorized by the Meals and Drug Administration to deal with uncommon circumstances or ailments that have an effect on fewer than 200,000 individuals within the U.S. Drugmakers that develop medicines to deal with these circumstances usually obtain a number of incentives to take action, together with years of market exclusivity and tax credit.
The acquisition represents the newest transfer by a payer to accumulate a specialty pharmacy that dispenses high-cost medication, all in an effort to manage patient-care prices. A 12 months in the past, UnitedHealth Group paid $300 million to purchase Diplomat specialty pharmacy. That very same month, Humana acquired pharmacy profit supervisor Enclara Healthcare.
Centene CEO Michael Neidorff mentioned the PANTHERx acquisition will assist the payer present care to extra complicated—and infrequently extra expensive—affected person populations. Centene’s complete enrollment tops 25 million.
“PANTHERx provides a novel functionality to our complete pharmacy portfolio,” Neidorff mentioned in a press release. “We share a typical purpose of serving to to take away obstacles and scale back the burden for our members dwelling with complicated and uncommon ailments.”
Throughout its most up-to-date third-quarter earnings report on Sept. 30, Centene reported internet earnings of $565 million, up $95 million year-over-year.