The FINANCIAL — Xerox and inVentiv Health today announced Xerox’s acquisition of inVentiv Patient Access Solutions (iPAS), an inVentiv Health company. The acquisition will expand Xerox’s pharmacy solutions portfolio with an offering to help pharmaceutical companies drive product adoption and support patients in minimizing or eliminating financial and reimbursement hurdles.
iPAS serves as a patient access and reimbursement services hub for more than 17 major pharmaceutical companies. iPAS helps its clients expand sales by identifying uninsured and underinsured patients, and working with them to eliminate financial obstacles to obtaining medications prescribed by physicians. iPAS’ patient advocates investigate and verify benefits on behalf of a patient, and in cases with limited options, arrange for alternative means for the patient to receive the medication, according to Xerox.
“The U.S. spends over $2.9 trillion annually on healthcare – or 17.5 percent of our gross domestic product,” said Steve Roden, industry leader, Pharmaceuticals and Life Sciences, at Xerox. “The entire healthcare ecosystem – from pharmaceutical companies to providers and payers – has a responsibility to make healthcare more affordable. With this acquisition, Xerox will expand affordable access to medications, which has the potential to significantly improve health outcomes in the U.S.”
iPAS will operate under TMS Health, A Xerox Company, one of the largest providers of customer care, medical information and inside sales support services to the pharmaceutical, biotech and life sciences industries. Through an ongoing relationship with Xerox, inVentiv will continue providing the iPAS reimbursement offering to clients as part of its Contract Commercial Organization (CCO). The iPAS management team and its employees will join Xerox and report to Roden.
Terms of the agreement were not disclosed.