Amgen Enters into Agreement with Inovalon and Avalere to Engage Value-based Contracting Opportunities
Bowie, Md. – March 29, 2017 – Inovalon (Nasdaq: INOV), a leading technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the healthcare ecosystem, today announced it has entered into an agreement with Amgen, one of the world's leading independent biotechnology companies and leader in instituting innovative, value-based contracts across its product portfolio to better manage healthcare costs and enable access to therapeutic solutions that deliver value to patients, payers, and providers. Under the agreement, Inovalon and Avalere Health, an Inovalon Company, will deploy its data, analytics capabilities, and subject matter expertise with Outcomes Based Contracts (OBCs) to support further development of OBCs based on the value of Amgen’s products.
The agreement will focus specifically on rheumatoid arthritis (RA), a chronic, high-cost autoimmune disease affecting more than two million Americans. As the healthcare landscape continues to rapidly transform from fee-for-service and volume-based models to value and outcomes-based models, OBCs have become increasingly prevalent in the marketplace.
Inovalon’s Outcomes-Based Contracting Platform supports the creation, deployment and management of value-based contracts between payers and life sciences companies through data aggregation and management, predictive analytics, data-driven patient and provider engagement platforms, and data reporting capabilities.
Inovalon is a leading technology company providing cloud-based platforms empowering a data-driven transformation from volume-based to value-based models throughout the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and industry-leading subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem. From health plans and provider organizations, to pharmaceutical, medical device, and diagnostics companies, Inovalon’s unique achievement of value is delivered through the effective progression of “Turning Data into Insight, and Insight into Action®.” Providing technology that supports nearly 500 healthcare organizations, Inovalon’s platforms are informed by data pertaining to more than 848,000 physicians, 371,000 clinical facilities, and more than 150 million Americans. For more information, visit www.inovalon.com.
Kim E. Collins
George Price (Investors)