Omnicell, Inc. (OMCL - Free Report) has announced its participation in the American Society of Health-System Pharmacists 2019 Midyear Meeting at Las Vegas (from Dec 7-11). At the meet, the company will be showcasing advancements made in its medication management solution platform.
Per the company, these innovations and service capabilities will take forward its vision for autonomous pharmacy — the blueprint for betterment of patient outcomes and operational efficiencies. Notably, the autonomous pharmacy is driven by a cloud data platform and integrates a comprehensive set of solutions across the key areas of Automation, Intelligence and Expert Services.
With the advancements made by Omnicell, the company aims to strengthen foothold in the global medication management solutions, a segment of the company’s Automation and Analytics business.
Significance of Participation
Per the company, pharmacists and clinicians face significant challenges on a daily basis regarding the deliverance of quality patient care. Hence, the company aims to deliver innovation in Automation and Intelligence, supported by Expert Services, to empower care providers.
The average health system pharmacy model is based on manual and inefficient processes, which perpetuate one of the greatest drivers of cost and risk for error in a hospital. Omnicell claims that pharmacy professionals are required to spend roughly 75% of their time on non-clinical work, thus affecting patient care and clinical activities.
The company believes that making the pharmacy practice models more patient-centric (rather than focusing on drug distribution) will greatly improve the quality of patient care.
The company, through its medication management platform, is currently working on developing a vision for a fully-automated infrastructure. Omnicell believes that the value it is creating through the Autonomous Pharmacy vision, is being realized successfully due to increasing customer adoptions. The company is striving toward revolutionizing the pharmacy care delivery model by continuing its investment in technology, thus advancing its vision.
Per a report by Grand View Research, the global medication management market was valued at $1.20 billion in 2016 and is expected to see a CAGR of 20.5% between 2018 and 2025. The key drivers of the market are higher investments by hospitals to improve workflow, rapid advancement in medical technology and increasing focus on reduction in medication errors.
Given the growing potential of the market, the company's innovations are being unveiled at the right time.
Recent Developments in Automation and Analytics
Omnicell signed a sole source partnership agreement with Med Center Health in October to streamline and secure its medication management process. In the same month, Omnicell partnered with Mercy (one of the top five U.S. health systems serving Arkansas, Kansas, Missouri and Oklahoma) to support medication management across Mercy’s service network through Omnicell Automation and Intelligence solutions.
Omnicell partnered with Salem Health Hospitals & Clinics in October to improve safety and efficiency in Salem Health’s medication management processes through Omnicell’s Automation and Intelligence solutions at their flagship Salem Hospital, in Salem, OR.
Shares of Omnicell have gained 15.1% in the past year compared with the industry’s 12.5% growth.
Zacks Rank & Other Key Picks
Currently, Omnicell carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks from the broader medical space are Haemonetics Corporation (HAE - Free Report) , National Vision Holdings, Inc (EYE - Free Report) and ResMed Inc (RMD - Free Report) .
Haemonetics currently has a Zacks Rank #2 and a projected long-term earnings growth rate of 13.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
National Vision’s long-term earnings growth rate is estimated at 17.8%. The company currently sports a Zacks Rank #1.
ResMed’s long-term earnings growth rate is estimated at 12.9%. It currently flaunts a Zacks Rank #1.
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