CareRx to Deploy State-of-the-Art BD Rowa™ Dose Medication Packaging Technology at its First High-Volume Pharmacy in Burlington
Use of innovative technology expected to further increase quality and safety while driving efficiencies in clinical workflow
TORONTO, Dec. 16, 2021 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors, today announced that it will be the first pharmacy in Canada to use the BD Rowa™ Dose medication packaging system from BD (Becton, Dickinson and Company) (NYSE: BDX), which will be the centerpiece technology at the Company's new state-of-the-art high-volume fulfillment centre that is scheduled to be opened in Burlington, Ontario in the spring of 2022. The BD Rowa™ Dose technology is a leading innovation for pharmacies and is one of the most advanced high-speed medication packaging technologies available in the market. After implementation, CareRx expects to generate additional operating efficiencies and enhance its operating margins.
CareRx will initially purchase two BD Rowa™ Dose medication packaging systems. BD Rowa™ Dose optimizes the high-volume dispensing of medications at speeds that exceed the capabilities of conventional packaging solutions currently utilized by CareRx and other institutional pharmacies throughout Canada. BD Rowa™ Dose's innovative design and functionality allow for meaningfully higher prescription volumes without the need to add head count resources, while improving safety by reducing the likelihood of medication packaging errors and reducing waste.
"Our expanded footprint from recent acquisitions and organic growth has given us the scale that we have long sought and has enabled us to open high-volume fulfillment centres and adopt state-of-the-art technologies like BD Rowa™ Dose," said David Murphy, President and Chief Executive Officer of CareRx. "BD Rowa™ Dose is currently being used by large institutional pharmacies in the United States and Europe, and we are proud to be the first pharmacy in Canada to utilize this exceptional technology. We expect BD Rowa™ Dose to help drive safety and quality improvements in our operations, free up pharmacist time to focus on resident-facing initiatives, and further enhance our service offering to our home operator partners and residents."
"We share CareRx's commitment to driving workflow efficiencies and improving safety in the medication management process across the care continuum," said Ivy Parks, President of BD Canada. "The COVID-19 pandemic has further underscored the importance of providing vulnerable resident populations with high-quality and safe health care solutions. Implementing BD Rowa™ will enable our teams to work together to enhance CareRx processes, which will ultimately create better outcomes for the partners and residents they serve."
The operational efficiencies expected to be realized from CareRx's new high volume fulfillment centre and adoption of BD Rowa™ Dose are in addition to the synergies CareRx expects to generate following the acquisition of the long-term care pharmacy operations of Medical Pharmacies Group Limited on August 23, 2021 (the "MPGL LTC Pharmacy Business"). To date, CareRx has consolidated five pharmacy fulfillment centres and continues to expect the MPGL LTC Pharmacy Business to contribute run-rate annualized revenue of approximately $150 million and Adjusted EBITDA of $10 million to $12 million, as well as cost savings synergies of a minimum of $5 million, which is consistent with CareRx's initial expectations.
CareRx is Canada's leading provider of pharmacy services to seniors living communities. We serve over 96,000 residents in over 1,600 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events, including in respect of the opening of the Burlington high-volume site and expected revenue, Adjusted EBITDA and cost savings expected to be realized from the acquisition of the MPGL LTC Pharmacy Business. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE CareRx Corporation
For further information: For more information, visit www.carerx.ca or contact: David Murphy, President & Chief Executive Officer, CareRx Corporation, 416-927-8400; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, 416-519-4196, firstname.lastname@example.org