UMC Health System in Lubbock, Texas, has selected a comprehensive portfolio of advanced services solutions provided by Omnicell Inc. to support key pharmacy initiatives, including acute care, outpatient, retail, and 340B program strategies.
Per the press release issued on Monday by Omnicell (OMCL), a provider of medication management and adherence tools for health systems and pharmacies, UMC has signed a 10-year sole source agreement for Omnicell’s cloud-based portfolio of solutions, including central pharmacy automation and point of care dispensing systems. The partnership is also expected to support UMC’s goals of expanding community pharmacy services through opportunities with Omnicell’s 340B services and EnlivenHealth’s patient engagement solutions.
Omnicell is the top holding in the Invesco S&P SmallCap Health Care ETF (PSCH), a fund that gives investors exposure to the small-cap healthcare industry.
“At UMC, our top priority is patient safety and ensuring healthy outcomes for our community,” said John Lowe, vice president of support services at UMC Health System. “Partnering with Omnicell, we are building an advanced pharmacy technology strategy that aligns with our vision to streamline and advance the pharmacy and nursing practice across our system. Most importantly, we are laying a technology foundation that will enable the best patient care.”
Scott Seidelmann, executive vice president and chief commercial officer at Omnicell, added: “As medication management becomes more complex, we believe health systems need end-to-end, cloud-based solutions that will allow them to work smarter, while supporting safe, efficient pharmacy care. We’re confident that Omnicell’s partnership with UMC will provide comprehensive solutions that bridge acute and ambulatory care to help enhance performance and that are designed to deliver the highest levels of patient safety across the health system.”
News of this partnership came on the same day that Omnicell reported that its total GAAP revenues for the fourth quarter of 2021 were $311.0 million, up 25% from the fourth quarter of 2020.
According to Invesco, PSCH will normally invest at least 90% of its total assets in the securities that comprise the S&P SmallCap 600 Capped Health Care Index, which is designed to measure the overall performance of common stocks in the healthcare sector. Included are healthcare companies principally engaged in the business of providing healthcare-related products, facilities, and services, including biotechnology, pharmaceuticals, medical technology, and supplies.
PSCH has an expense ratio of 0.29%.
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