) recently announced that its Avive multiple-medication patient adherence solution has won the Compliance Package of the Year award from the Healthcare Compliance Packaging Council.
According to studies, 32 million patients use three or more medicines daily. The average 75-year old has three chronic conditions and takes five medicines daily. It is a well known fact that approximately half of patients around the globe do not follow the prescribed medication regimen and do not take medicines as directed. To solve this, MeadWestvaco along with its pharmacy innovation partner, LTCPCMS, Inc., developed Avive based on input from patients and pharmacists.
Avive offers a patient-customized solution that helps patients take the right medication at the right time. All prescriptions are picked up on the same day each month from a single pharmacy and MeadWestvaco’s Avive system synchronizes the patients’ medications. The system creates a customized schedule for each patient, which consolidates dosage times as per the Universal Medication Schedules and aligns with patients’ current daily habits. It arrives at the local pharmacy ready to dispense, following a final inspection from the pharmacist. Each Avive package features a month’s supply of pre-filled medication packets, labeled with medication names and dosing instructions for the medications inside.
Avive is one of the five MeadWestvaco adherence solutions that received recognition in the last three Compliance Package of the Year Awards by Healthcare Compliance Packaging Council. The development of Avive is in line with MeadWestvaco’s long-standing commitment to solve medication non-adherence. According to MeadWestvaco, medication packaging can play a unique and effective role in patient adherence, providing important information ensuring the correct intake of medicines.
In June last year, MeadWestvaco completed the acquisition of AARDEX Group, a leader in measuring patients’ adherence to medications. AARDEX Group is engaged in developing, manufacturing and marketing of MEMS (Medication Event Monitoring System). The system helps in measuring, analyzing and facilitating patients’ adherence to prescribed drugs and dosing regimens in clinical trials.
The acquisition was in line with the company’s strategy to fortify its leadership position and gain market share in the growing end markets. MeadWestvaco’s portfolio expanded in the complete range of packaging, data analysis and service solution that help in rectifying the habit of non-adherence to medications among patients.
We appreciate MeadWestvaco’s strategy of becoming more of a packaging company moving forward with its investments in adding capacity and expansion in the emerging markets. However, sluggish global demand, unfavorable foreign currency and start-up expenses from the expansion activities will put pressure on the company.
MeadWestvaco retains a Zacks Rank #3 (Hold). Graphic Packaging Holding Company
(GPK - Free Report
) , Bemis Company, Inc.
(BMS - Free Report
) and Sonoco Products Co.
(SON - Free Report
) are other players in the same industry.