CastiaRx unites the full-service pharmacy benefit manager (PBM) capabilities of recently acquired LDI Integrated Pharmacy Services and National Pharmaceutical Services with Diplomat's specialty pharmacy and infusion expertise.
According to the IQVIA Institute for Human Data Science, the late-phase development pipeline recently included more than 800 specialty drugs. The Pharmacy Benefit ManagementInstitute projects that more than 50 percent of U.S. drug spend will be specialty by 2020.
Albert Thigpen, president and chief operating officer of CastiaRx, said specialty drugs are life-changing for people with complex diseases—including cancer and rare genetic conditions—but often require more expert support.
"The current PBM model wasn't designed to address the challenges that come with specialty drugs," Thigpen said. "While CastiaRx offers traditional PBM services, we also bring broader depth to address the intricacies of specialty pharmacy management—under both the pharmacy and medical benefit. With 24/7 patient support, advanced analytic capabilities, and clinical expertise founded on a centers-of-excellence approach, we can help patients achieve the best possible outcomes."
Joel Saban, president of Diplomat, said CastiaRx simplifies the patient journey by tailoring support based on the patient's stage of illness, clinical status, and communication preferences. He said the brand focuses on anticipating member needs, increasing adherence, closing gaps in care, and ultimately enabling better outcomes. CastiaRx offers a range of service levels, with high-touch support for patients who need it and digital tools for those who prefer self-service.
"Managing specialty drug spend is part of our company's DNA," Saban said. "We saw tremendous synergies between Diplomat's longstanding efforts in this area and those of our PBMs. Uniting all this under CastiaRx can relieve the complexity of specialty drug management for small and midsize payers as we provide a true solution to help them prepare for what's ahead."
CastiaRx combines 50 years of PBM service with more than 40 years' experience handling specialty pharmaceuticals.
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 benefits of business and growth strategies. 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: our ability to adapt to changes or trends within the specialty pharmacy industry; increasing consolidation in the healthcare industry; our ability to successfully integrate acquired businesses; and the additional factors set forth in "Risk Factors" in Diplomat's Annual Report on Form 10-K for the year ended Dec. 31, 2017, 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.
Diplomat (NYSE: DPLO) is the nation's largest independent provider of specialty pharmacy services—helping patients and providers in all 50 states. The company offers medication management programs for people with complex chronic diseases and delivers unique solutions for manufacturers, hospitals, payers, providers, and more. 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 and clinical adherence. For more information, visit diplomat.is.
CastiaRx is the industry's leading specialty benefit manager. Combining full-service pharmacy benefit manager capabilities with specialty expertise, CastiaRx addresses spend across the benefit spectrum. The company leads with compassion, striving to simplify specialty management for its partners. Believe in better with CastiaRx—better treatment, better care, and a better path to a healthier future. For more information, visit castiarx.com.
Terri Anne Powers, Vice President,
312.889.5244 | [email protected]
Jenny Cretu, Senior Vice President,
Pharma Services and Marketing
810.768.9370 | [email protected]
SOURCE Diplomat Pharmacy, Inc.