Omnicell, Inc.OMCL recently announced innovation in its Patient Engagement platform. The upgraded Patient Engagement platform now includes Omnicell Medication Therapy Management (MTM), Omnicell Targeted Patient Interventions, Omnicell Medication Synchronization Health Plan Dashboard and Omnicell Interactive Voice Response (IVR). It is designed to deliver value-based and patient-centered care.
Notably, the latest development is likely to boost the company's core Medication Adherence unit. Omnicell is a leading provider of full suite of scalable medication adherence solutions.
A Sneak Peek in to Patient Engagement Unit
Omnicell Patient Engagement platform is a cloud-based solution that enables pharmacists to effectively deliver interventions to improve medication use.
With the latest development, the company aims to address medication adherence which is one of the biggest healthcare challenges in the United States. Notably, $300 billion in healthcare costs is attributed to non-adherence annually. Per a study published in the U.S. Pharmacist, nonadherence can account for up to 50% of treatment failures, around 125,000 deaths and up to 25% of hospitalizations each year in the United States.
Hence with the latest move, Omnicell aims to serve the greater community.
Share Price Movement
Following the announcement, Omnicell's shares price inched up 1% to close at $68.20. In the past year, shares of Omnicell have rallied 39.1% compared with the industry 's 11.8% rise.
Going by an article in Prescient & Strategic Intelligence, the global medication adherence market size was valued at $1.6 billion in 2016 and is projected to see a CAGR of 12.3% by 2023. Research further shows that North America has been the largest contributor to the global market due to factors such as the presence of a well-established healthcare infrastructure and ramped up R&D activities.
Hence the latest move has been a well-timed one for the California-based medical solutions provider.
Omnicell has lately seen a slew of developments.
Earlier this month, the company showcased its leading edge supply chain solutions at the Association for Healthcare Resources & Materials Management (AHRMM) Conference & Exhibition in Chicago. This is likely to provide hospital supply chain leaders a better and efficient way to manage their resources.
Additionally, Beaumont Health, the largest health system in Michigan, recently selected Omnicell's medication management platform to support eight hospitals across the system. Furthermore, the addition of Omnicell Analytics along with the XT Series Automated Dispensing Cabinets is likely to enhance safety and security of all classes of medications.
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