The deal 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.
Presently, iPAS serves as a patient access and reimbursement services hub for more than 17 major pharmaceutical companies. The company 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. Its patient advocates investigate and verify benefits on behalf of patients, and in cases with limited options, arrange for alternative means for the patients to receive the medication.
“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, which is based in Norwalk, Conn. “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.”
As part of the deal, iPAS will operate under TMS Health, a Xerox company, one of the world’s 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, Burlington, Mass.-based inVentiv will continue providing the iPAS reimbursement offering to clients as part of its contract commercial organization. The iPAS management team and its employees will join Xerox and report to Roden.
Terms of the agreement were not disclosed.