Diplomat Pharmacy (NYSE:DPLO)
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1 Year : From Feb 2019 to Feb 2020
FLINT, Mich., Aug. 8, 2019 /PRNewswire/ -- Diplomat Pharmacy, Inc. (NYSE: DPLO), is pleased to announce an exclusive agreement between Diplomat and Allergy Partners, P.A., to manage in-office and in-home delivery and administration of infusion drugs and biologics. The agreement will cover treatments for primary immunodeficiency, alpha-1 antitrypsin deficiency, hereditary angioedema, and more.
Allergy Partners is the nation's largest independent, single-specialty practice for allergic disease, asthma, and immunology. Their fast-growing national network consists of 161 providers across 128 locations and 20 states.
The five-year agreement, which includes renewal provisions, should allow both organizations to leverage their consolidated purchase volume within the growing marketplace for allergy and immunology biologics. It also creates a unique and preeminent treatment platform for patients that supports both companies' core value of putting patients first. Under this management agreement, Diplomat will provide clinical oversight and staffing, nursing services, information technology, materials management, reimbursement, and certain finance and accounting services on behalf of Allergy Partners' 128 practice locations.
The agreement includes the integration of both parties' information technology platforms to support close care coordination between Allergy Partners' physicians and the pharmacy and nursing service teams that Diplomat will be managing.
"Diplomat's significant experience and expertise in managing patients in the allergy and immunology space puts us in a unique position to complement the mission of Allergy Partners," said Brian Griffin, chairman and CEO of Diplomat. "This innovative agreement will support Diplomat's growth in infusion therapies, and we are looking forward to collaborating with Allergy Partners."
"Allergy Partners is excited for this partnership with Diplomat," said David A. Brown, M.D., president and CEO of Allergy Partners. "This relationship between a specialized practice and an infusion service provider is one of the first of its kind, a natural complementary relationship. It furthers our goal of being the leader in the development of high-quality care for patients with allergic and immunologic disorders."
About Allergy Partners
Founded in 1977, Allergy Partners was established in Asheville, North Carolina, by J. Spencer Atwater Jr., M.D., specializing in the practice of allergy, asthma, and immunology. In 1987, David A. Brown joined the practice to fill the area's growing need for high quality medical care. In the early 1990s, the practice began to pursue a national growth strategy that has continued to this day. To learn more about Allergy Partners, visit allergypartners.com.
Diplomat (NYSE: DPLO) is the nation's largest independent provider of specialty pharmacy and infusion services. Diplomat helps people with complex and chronic health conditions in all 50 states, partnering with payers, providers, hospitals, manufacturers, and more. Rooted in this patient care expertise, Diplomat also serves payers through CastiaRx, a leading specialty benefit manager, and offers tailored solutions for healthcare innovators through EnvoyHealth. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: "Take good care of patients and the rest falls into place." Today, that tradition continues — always focused on improving patient care. For more information, visit diplomat.is.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and may include Diplomat's expectations regarding market share, the expected benefits and performance of growth strategies, specifically for infusion therapies, leveraging purchase volumes for allergy and immunology biologics (and any implied financial impact), our ability to provide pharmacy management services (and any implied financial impact), and integrating information technology platforms and coordinating care between physicians and Diplomat. The forward-looking statements contained in this press release are based on management's good-faith belief and reasonable judgment based on current information. These statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. These risks and uncertainties include: the volume of management services utilized; our ability to adapt to changes or trends within the specialty pharmacy industry; a significant increase in competition from a variety of companies in the health care industry; our ability to leverage purchase volumes for allergy and immunology biologics; supply disruption of specialty drugs; bad publicity about, or market withdrawal of, specialty drugs; disruption in our operations as we integrate information technology and operational platforms to coordinating care between physicians and Diplomat; complying with complex and evolving requirements and changes in state and federal government regulations, including Medicare and Medicaid; current or proposed legislative and regulatory policies designed to manage healthcare costs or alter healthcare financing practices; investments in new business strategies and initiatives, including with respect to data and analytics capabilities, could disrupt our ongoing business and present risks not originally contemplated; and the additional factors set forth in "Risk Factors" in Diplomat's most recent Annual Report on Form 10-K and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Except as may be required by any applicable laws, Diplomat assumes no obligation to publicly update such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments, or otherwise.
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