Medication Management Systems, a University of Minnesota spinout, has been acquired for an undisclosed sum.
Pharmacy chain Genoa has purchased Medication Management Systems, a US-based spinout of University of Minnesota that helps patients use drugs more efficiently, for an undisclosed amount, according to the Star Tribune.
The university has stated it does not yet know what the acquisition will mean financially.
The spinout has developed technology and services for healthcare insurance providers to help patients use prescription drugs more cost efficiently. The approach is based on research into medication therapy management.
Genoa currently operates some 370 pharmacies across the US, with 16 located in Minnesota. The company hopes to retain the 80 staff working for Medication Management Systems.
John Figueroa, chief executive at Genoa, said: “There is a strong belief at [the federal government] and certainly in the payer community that these types of services reduce costs significantly in taking care of these chronically ill patients, and increases their quality of life.”
