Healthcare Industry News: Novation
News Release - September 26, 2007
Novation's New Pharmacy Portfolio Includes Over 9,600 Products
Novation's Pharmacy Portfolio Is the Largest in the IndustryIRVING, TX--(Healthcare Sales & Marketing Network)--Sep 26, 2007 -- Novation, LLC, the health care contracting services company of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances, has a broad range of pharmaceutical products and distribution agreements that covers more than $12 billion in annual pharmacy spend. The new Novation pharmacy portfolio features contracts with 149 manufacturers and includes more than 9,600 items. The three-year agreements are effective October 1, 2007.
"Novation's pharmacy portfolio has always been one of the most competitive offerings in the industry and we believe the most competitive in terms of pricing," said Mick Hunt, vice president, pharmacy contract and program services at Novation. "Novation has maintained a significant price advantage on the most purchased line items."
Novation's competitive bid process followed a phased approach that considered quality, service and price. Novation's member-based Pharmacy Business Council and pharmacy staff reviewed multiple bids and created the new pharmacy portfolio.
This extensive member input helped establish rigorous award criteria for product and supplier quality. These high standards ensure VHA and UHC members get the best value available, and can then transfer this to high-quality patient care. More than 225 line items in the pharmacy portfolio will be offered under the Novation private label, NOVAPLUS®, which provides competitive prices and also offers additional benefits such as standardization rebates, unique inventory stock availability and quality assurance.
About Novation
Based in Irving, Texas, Novation is the leading health care contracting services company, delivering unmatched savings and value to nearly 2,500 members of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances and 10,000 members of Provista, LLC (formerly known as Healthcare Purchasing Partners International, LLC (HPPI)). Through its competitive bid process, Novation develops and manages contracts with more than 500 suppliers, both large and small. By combining scale and agility with clinical knowledge and product expertise, Novation offers the most extensive range of advanced contracting services, including: contract development, contract and supplier management, custom contracting, enhanced savings programs, online contract management and analytical tools, order management and online supplier connectivity. VHA, UHC and Provista members used Novation and alliance purchased services contracts to purchase $31.6 billion in 2006.
Source: Novation
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