Inovalon Announces Agreement with Daiichi Sankyo, Inc. to Support Outcome-Based Contracting
Inovalon’s Advanced Analytics and Large Scale, Real-World Dataset to Empower Expanded Insight Focusing on Pain Management Outcomes
Bowie, Md. – September 21, 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 that it has entered into an agreement with Daiichi Sankyo, Inc., to understand the potential role of abuse-deterrent formulations of opioid medications for health plan engagement and support the development of outcomes-based contracts that deliver value to patients, providers and payers. Insights will be gathered through Inovalon’s large-scale, real-world MORE2 Registry® dataset, advanced analytic capabilities of the Inovalon ONE™ Platform, and Avalere’s combined breadth of healthcare capabilities and expertise.
Opioid addiction is one of the most common public health problems in the United States with more than two million people suffering from substance use disorders related to prescription opioid pain relievers. According to the National Institute on Drug Abuse (NIDA), abuse and misuse of prescription opioids costs our healthcare system $26 billion annually. While abuse-deterrent technology is not expected to address all aspects of the opioid epidemic, it is one of a variety of approaches to address this complex problem.
“Daiichi Sankyo is committed to responsibly bringing innovative medicines to patients in pain, and we believe abuse-deterrent formulations are an important part of a comprehensive approach to addressing the inappropriate use of opioid medications,” said Ken Keller, president, administrative and commercial, Daiichi Sankyo, Inc. “Our partnership with Inovalon and Avalere will allow us to achieve innovative approaches to engage health plans and fulfill this commitment.”
“We believe strongly in the benefits of data-driven healthcare and the impact that it can bring to improving desired outcomes,” said Keith Dunleavy, M.D., chief executive officer of Inovalon. “We are pleased that our partnership with Daiichi Sankyo, informed by Inovalon’s MORE2 Registry® dataset and the advanced analytics capabilities of the Inovalon ONE™ Platform, provides an opportunity to expand the applications of our capabilities into the important arena of abuse–deterrent formulations of opioids.”
“Data and analytics are playing an increasingly critical role in helping payers and providers navigate the shift to quality and value-based care models,” said Dan Mendelson, president of Avalere Health. “Applying data-driven insights to major issues such as prescription opioid addiction will help to drive important impact on care quality and, more importantly, patient and societal outcomes.”
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. Through the Inovalon ONE™ Platform, Inovalon brings to the marketplace a national-scale capability to interconnect with the healthcare ecosystem on massive scale, aggregate and analyze data in petabyte volumes to arrive at sophisticated insights in real-time, drive impact wherever it is analytically identified best to intervene, and intuitively visualize data and information to inform business strategy and execution. Leveraging its platform, unparalleled proprietary data sets, 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 858,000 physicians, 377,000 clinical facilities, and more than 230 million Americans. For more information, visit www.inovalon.com.
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