Cardinal Health, one of the largest drug distributors in the U.S., has announced its agreement to acquire Specialty Networks, a private healthcare technology company, for a whopping $1.2 billion. This strategic move further strengthens Cardinal Health’s commitment to its specialty pharmacy business.
Specialty Networks specializes in developing software that analyzes patient data for healthcare professionals in urology, gastroenterology, and rheumatology practices. Additionally, the company operates group purchasing organizations within these specialized fields.
Cardinal Health’s focus on its specialty pharmacy business stems from its recognition of the sector’s “higher growth” potential compared to its other pharmaceutical distribution operations. Cardinal CEO Jason Hollar expressed his enthusiasm for expanding in specialty by stating, “The acquisition of Specialty Networks enhances our specialty strategy.”
Notably, Cardinal Health already offers a similar tool through its existing service called Navista, which caters to physicians in oncology practices.
Through this significant investment, Cardinal Health solidifies its position in the specialty pharmacy domain and reinforces its commitment to providing high-end, complex medications that are not typically available at regular retail pharmacy counters.