Genesis Health Systems Announces Collaboration With Tech, Pharma Companies
Genesis Health System announced today a new collaboration with Premier Inc. (NASDAQ: PINC), a leading technology-driven healthcare improvement company, and Exela® Pharma Sciences, LLC to secure vital supply of pharmaceutical products and support domestic production.
Genesis, along with Premier and 10 other U.S. health systems, acquired a minority stake in Exela Holdings, Inc., the holding company of 
Exela® Pharma Sciences, LLC. Via the collaboration, Genesis and its partners will gain expanded access to 19 pharmaceutical products, including several generic injectables that frequently appear on the U.S. Food and Drug Administration’s drug shortage list, as well as 503B pharmaceutical products made by Exela.
“With this investment, Genesis is helping create new domestic and diverse sources of vital therapeutics to help insulate these drugs from shortages and build supply chain resiliency for the future,” said Doug Cropper, President and CEO, Genesis Health System. “The ability to quickly secure high-quality, affordable medicines from Exela delivers on our commitment to ensuring the highest-quality care for our patients and communities.”
Pervasive drug shortages for more than a decade have led to sub-optimal patient outcomes and approximately $230 million in additional annual drug costs. COVID-19 has exacerbated pharmaceutical sourcing challenges as overseas manufacturing, export bans from large producers of active pharmaceutical ingredients (APIs) and demand spikes have, at times, left providers struggling to secure basic, life-saving therapies for patients.
Exela primarily sources APIs from the United States or Europe and manufactures finished dose products in a recently expanded, state-of-the-art U.S. manufacturing facility in Lenoir, NC. Exela’s manufacturing capacity provides participating Premier members with a unique opportunity to bolster the supply of critical products and support domestic manufacturing infrastructure.
“Genesis Health System is stepping up to help change the way we source critical medicines,” said Michael J. Alkire, President and CEO of Premier. “Genesis is a true innovator, as this partnership and the added domestic supply it provides would not be possible without the commitment from Genesis. Genesis deserves recognition for their leadership and for their contribution to helping bring drug manufacturing back to America.”
About Exela
Exela Pharma Sciences, LLC is a fast-growing US-based integrated specialty pharmaceutical company, that develops, manufactures and markets proprietary and generic sterile injectable products with the healthcare provider and patient in mind. We are passionate about alleviating or eliminating drug shortages. Exela receives awards for its supply chain commitment and dedication to creating hundreds of high-value jobs in rural America. All of Exela’s development and manufacturing operations are in Lenoir, North Carolina. Please visit www.exelapharma.com to learn more.
About Premier, Inc.
Premier, Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,100 U.S. hospitals and health systems and approximately 200,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.
About Genesis Health System
Genesis Health System, its affiliates and partners, offer a continuum of health care services for a 12-county region of Eastern Iowa and Western Illinois. Our affiliates include: hospital care at Genesis Medical Center, Davenport and DeWitt, Iowa and at Genesis Medical Center, Silvis and Genesis Medical Center, Aledo, Ill.; home health and hospice services through Genesis VNA and Hospice; Genesis Workplace Services, including occupational health, employee assistance program and wellness services for employers and their employees; the Clarissa C. Cook Hospice House; senior living communities; Genesis Health Group, with more than 200 health care providers; the Genesis Quad Cities Family Medicine Residency program; Genesis Psychology Associates; Genesis Convenient Care clinics; and Genesis Home Medical Equipment. Partners include Crow Valley Surgery Center, Bettendorf; Center for Digestive Health, Bettendorf; Spring Park Surgery Center, Davenport; and, Genesis Imaging Centers. Genesis manages Jackson County Regional Health Center, Maquoketa, Iowa. Genesis is one of the largest employers in the Quad Cities region with more than 5,000 employees. For more information, visit our website at www.genesishealth.com
