Inovalon announced a multi-year agreement with Value Specialty Pharmacy, an innovative leader in the pharmaceutical industry, providing a continuum of care and specialty medications across 50 states for thousands of patients. This engagement will provide cloud-based capabilities delivered through the Inovalon ONE® Platform and will support Value Specialty's data-driven strategy to improve clinical and quality outcomes and economics for its patients. Specialty pharmacy is a uniquely high-value segment of the healthcare ecosystem that is of increasing importance to payers, pharmaceutical companies, and patients alike.

Driven by accelerating discoveries in pharmacological treatments, the rising number of patients with complex therapy needs, the expansion of approved drug use indications, and the increasing application of precision medicine, the U.S. specialty pharmacy market now accounts for over 50% of the national prescription drug spend. Specialty drug spend has grown from approximately $98 billion in 2010 to $267 billion in 2020, with accelerated growth predicted in this critical category of healthcare. All segments of the healthcare ecosystem – payers, providers, life sciences organizations, patients, and the elements of their associated care delivery matrix – rely on the capabilities of specialty pharmacy for their own respective care, quality, and economic goals.

The high-complexity and high-cost nature of specialty pharmacy stands to benefit significantly from the capabilities enabled through the Inovalon ONE® Platform. ScriptMed® Cloud is a configuration of the Inovalon ONE® Platform for pharmacy organizations that leverages Inovalon's deep data, connectivity, analytics, intervention toolsets, business process reporting, and data visualization capabilities optimized for the pharmacy marketplace. The Platform's leading capabilities provide a SaaS solution to empower meaningful impact for pharmacy organization clients and the patients they serve by enabling greater operational flexibility, scalability, significant cost efficiencies, improved clinical and quality outcomes, and reduced cost-to-fill and time-to-therapy performance.

ScriptMed® Cloud is a game-changing solution for the complex management challenges specialty pharmacy customers face each day.