Omnicell, Inc. ( OMCL Quick Quote OMCL - Free Report) , in its Summer 2021 Release, announced a new advancement in its automation, intelligence and technology-enabled services portfolio of medication management solutions. The Summer 2021 Release will help Omnicell’s healthcare partners to recognize the maximum value for their technology investment quicker.
The Summer 2021 Release is intended to offer better process efficiency, expand automation to support medication workflows, and greater intelligence for workflow optimization. The release also provides better platform deployment options, offering customers more flexibility.
The latest development will support Omnicell’s efforts to accelerate digital pharmacy transformations and enhance medication management solutions.
More on Summer 2021 Release
The Summer 2021 Release features advancements intended to improve medication management workflows and patient safety, enabling clinicians to provide better patient care and minimize job-related stress and burnout.
Omnicell’s new enhancements to Controlled Substance Dispenser, provided by the Summer 2021 Release, are intended to offer customers added flexibility with their medication supply chain and improve controlled-substance management initiatives.
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With the Summer 2021 Release, Omnicell One – a technology-enabled service delivered through the cloud – has extended inventory optimization through new advancements developed to simplify operations, including Intra-system Stockout Dashboards, industry-sourced COVID-19 lists to help better manage and track critical medications, and cabinet benchmarking.
Significance of the New Release
In the healthcare industry, medication management continues to be one of the greatest challenges, with overall pharmaceutical expenditures in the United States reaching a total of $535.30 billion in 2020. With the Summer 2021 Release, Omnicell is further improving the advanced hardware, software, and technology-enabled services that support the progress of Autonomous Pharmacy – a roadmap intended to create a zero-error, fully automated medication management infrastructure.
Health system leaders now have the choice to raise their pharmacy operations through Cloud-Hosted OmniCenter with the Summer 2021 Release. The new platform flexibility will enable health system pharmacies to access data securely, minimize IT burden, project predictable monthly costs, offer a seamless user experience and provide enhanced space optimization.
The Summer 2021 Release will help health systems navigate the complications of incorporating innovative solutions, and deliver the structured approach required to enable healthcare providers manage costs, enhance quality, and boost human efficiency across the continuum of care.
Industry Prospects Per a report by Grand View Research, the global medication management system market size was $1.20 billion in 2016 and is projected to grow at a CAGR of 20.5% by 2025. Rise in investments by hospitals to improve workflow, rapid advancement in medical technology and an increase in focus on reducing medication errors are the factors driving the market. Recent Developments
In July 2021, Omnicell announced that the company’s medication management platform has been selected by South Carolina-based Spartanburg Regional Healthcare System to enhance efficiency, control, and safety across the care continuum. Through Omnicell One, Spartanburg Regional expects to expand the visibility, insights, and workflow tools required to drive enhancements in medication inventory optimization, medication waste reduction, and drug diversion monitoring.
In the same month, Omnicell entered into a definitive agreement with FDS Amplicare to acquire its business for total cash consideration of $177 million, subject to customary adjustments. The acquisition will add a complete and distinguished range of financial management, analytics and population health solutions to Omnicell’s EnlivenHealthTM division.
Shares of the company have gained 130.7% in a year’s time against the
industry’s fallof 17.7%. Zacks Rank and Other Key Picks
Currently, Omnicell carries a Zacks Rank #2 (Buy).
A few other similarly ranked stocks from the broader medical space are
Envista Holdings Corporation ( NVST Quick Quote NVST - Free Report) , BellRing Brands, Inc. ( BRBR Quick Quote BRBR - Free Report) and Henry Schein, Inc. ( HSIC Quick Quote HSIC - Free Report) , each carrying a Zacks Rank #2 as well. You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
BellRing Brands has an estimated long-term earnings growth rate of 22%.
Henry Schein has a projected long-term earnings growth rate of 14%.