Imprimis Pharma (IMMY) Enters Purchase, Supply Agreement with Large PBM Unit
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Imprimis Pharmaceuticals, Inc. (Nasdaq: IMMY) announced it has entered into a product purchase and supply agreement with the specialty pharmacy division of one of the nation's largest pharmacy benefit managers (PBMs) to supply Imprimis' complete formulary of low-cost compounded medications through the PBM's national network of specialty pharmacies. Under the agreement:
- The Imprimis Cares® formulary will be made available through the specialty pharmacy division of the PBM, which includes more than 65 million covered lives.
- Imprimis will supply all formulations included under its Imprimis Cares® formulary including the patent-pending tiopronin delayed-release formulations, a lower cost alternative to Thiola®; pyrimethamine and leucovorin formulations, an alternative to Daraprim®; the company's proprietary Dropless Therapy® injectable and LessDrops® topical formulations; as well as additional compounded drug formulations for patient populations that may not have available alternatives to increasingly expensive branded medications and lacking meaningful generic competition.
- Prescription orders will flow through Imprimis' MaxRx Prescriber Portal™, allowing for customer ordering and tracking ease.
- Both parties shall ensure that patients continue to receive expert personalized support needed to manage their specific conditions.
Mark L. Baum, CEO of Imprimis, stated, "Healthcare payors in the U.S. and their patients are concerned about the rising costs of prescription drugs. This agreement represents a new approach to more efficiently deliver medications from the manufacturer directly to the consumer, thereby eliminating several layers of inefficiencies for the tens of millions of Americans whose prescription drug benefits are managed by this renowned PBM. We believe this new model is going to drive down costs significantly for our partner's insurance company customers, and that other payors we are working with will see this as a viable approach to lower costs while providing patients with safe, high quality, innovative solutions."
"We expect our state-of-the-art New Jersey facility, which we recently registered with the U.S. Food and Drug Administration (FDA) as a 503B outsourcing facility, will play an important role as we begin to dispense our Imprimis Cares formulary under this new relationship. We also look forward to expanding into new markets in which our partners seek solutions," Mr. Baum concluded.
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