Omnicell, Inc. ( OMCL Quick Quote OMCL - Free Report) recently partnered with Chartwell Pennsylvania, LP, to install Omnicell’s IVX Workflow sterile compounding technology to manage chemotherapy drug product preparations. Chartwell is a health system-based provider of home infusion, specialty pharmacy and enteral nutrition.
Omnicell’s IVX Workflow solution is an advanced intravenous (IV) compounding technology which is imperative to enhance safety, ensure dosing accuracy, quality and standardization in providing dose-specific admixtures. This technology is expected to enable Chartwell to conduct zero-error medication management.
Last December, Chartwell and UPMC announced a partnership with CarepathRx to expand patient access to innovative specialty pharmacy and home infusion services. Thus, the Omnicell-Chartwell partnership is expected to implement the IVX Workflow technology in a home-infusion application.
According to Omnicell, Advanced IV compounding technology is a critical component to ensure quality, accuracy and standardization in producing dose-specific admixtures. The company believes that its recent combination with Chartwell and CarepathRx will help transform pharmacy operations and deliver improved clinical and operational outcomes.
Enhanced IV Preparation With IVX Workflow
Under the pact, Omnicell’s IVX Workflow will be used by Chartwell to implement a step-by-step preparation of chemotherapy that employs gravimetric verification and barcode-scanning. Orders from the clinical pharmacist are administered directly to Chartwell’s state-of-the-art cleanrooms by computer processing through the IVX Cloud.
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Chartwell also introduced automated photography in coordination with Omnicell’s expert staff to help pharmacists review each stage of the IV preparation as an additional safety measure.
Industry Prospects Per a report published in Market Data Forecast, the global pharmacy automation systems market is expected to see a CAGR of 8.3% from 2020-2025. These systems are known to aid in measuring and compounding medications amid other functions. Factors driving market growth include growing inclination of pharmacists toward automation systems given their ability to automate time-consuming and routine tasks; reduced risk of medication errors; product innovation and surge in hospitalization cases.
Given the substantial market prospects, the latest adoption of Omnicell’s IVX Workflow by Chartwell seems well-timed.
Omnicell witnessed a number of significant developments in April 2021.
Its EnlivenHealth division partnered with Twilio to accelerate the creation and launch of transformative patient engagement solutions. Under the partnership, EnlivenHealth is expected to leverage Twilio's cloud communications platform to expand its Omnichannel Communications solutions.
Omnicell’s advanced medication management platform was selected by Scripps Health to improve pharmacy supply chain management across the latter’s San Diego-based network. Under this partnership, Omnicell is expected implement its XT Automated Dispensing Systems and its cloud-based intelligence service to help Scripps Health improve medication management workflows in patient care areas, support safety and efficiency while allowing nurses to spend more time with patients.
The company’s cloud-based solutions and technology-enabled services were chosen by its long-term sole source partner, Aultman Health Foundation. Under the collaboration, Aultman is expected to leverage technology to automate critical workflows in central pharmacy with Omnicell’s Central Pharmacy Dispensing Service. Aultman also intends to use Omnicell’s XT Automated Dispensing Systems to enhance safety and efficiency in patient care areas.
Share Price Performance
The stock has outperformed its
industry over the past year. It has rallied 133.9% against the industry’s 1.8% decline. Zacks Rank and Key Picks
Currently, Omnicell carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space include
Computer Programs and Systems, Inc. ( CPSI Quick Quote CPSI - Free Report) , National Vision Holdings, Inc. ( EYE Quick Quote EYE - Free Report) and Teleflex Incorporated ( TFX Quick Quote TFX - Free Report) .
Computer Programs and Systems, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 14%. You can see
the complete list of today’s Zacks #1 Rank stocks here.
National Vision Holdings, which carries a Zacks Rank #1, has a long-term earnings growth rate of 23%.
Teleflex, sporting a Zacks Rank # 2 (Buy), has a long-term earnings growth rate of 11%.
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