In a press release Xerox (NYSE: XRX) 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.
“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.
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. We conduct business in 180 countries, and our more than 130,000 employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients – and their customers.
About inVentiv Health
inVentiv Health is a top-tier professional services organization that accelerates the clinical and commercial success of biopharmaceutical companies worldwide. Our combined Clinical Research Organization (CRO) and Contract Commercial Organization (CCO) help clients improve their performance to deliver much-needed therapies to market. With 14,000 employees providing services to clients in 70 countries, inVentiv Health designs best practices, processes and systems to enable clients to successfully navigate an increasingly complex environment. inVentiv Health, Inc. is privately owned by inVentiv Group Holdings, Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv Health management team. For more information, visit inVentivHealth.com.