The platform will combine and analyze datasets for live purchasing decision support of pharmaceuticals
DUBLIN, Ohio and DENVER, Jan. 26, 2023 /PRNewswire/ -- Cardinal Health (NYSE: CAH) announced today that it has entered into a strategic collaboration with Palantir Technologies Inc. (Palantir) (NYSE: PLTR), a leading builder of operating systems for the modern enterprise, to design a solution that will give health systems and hospitals dynamic purchase decision insights in order to quickly improve their bottom line.
The Cardinal Health solution, which will be integrated into Foundry, Palantir's industry-leading operating system, will deploy artificial intelligence (AI) and machine learning (ML) to bring together diagnosis and clinical data with real-time customer purchasing and consumption data for pharmaceutical products with best-in-class data and privacy protections. Future iterations of the tool are expected to help inform purchasing decisions for therapeutic utilization, reimbursement insights and predictive drug inventory needs – to help further improve the connection between health system purchasing and supply chain support.
"We are taking a proactive role in pharmaceutical decision support to provide support to our customers as they continue to manage rising drug expenses, supply chain volatility and continued drug shortages," said Peter J. Siavelis, senior vice president and general manager of Health System and Provider Distribution & Services at Cardinal Health. "By utilizing Palantir's platform, we are working to reshape the pharmaceutical supply chain with innovative processes, products and solutions to improve access to critical medications and streamline pharmacy inventory management."
As hospitals balance increases in drug expenses due to the growth of specialty therapies and biosimilars, health systems are struggling to right-size pharmacy inventory together with constantly evolving payer formulary updates. Cardinal Health's data-driven solution will mitigate some of these challenges by analyzing real-time clinical and purchasing data to effectively create a clinically-integrated supply chain for pharmaceuticals.
"Our partnership with Cardinal Health further shows our commitment to improve patient outcomes across the full healthcare value chain and Palantir's ability to create resilience within the complex challenges of supply chain uncertainty," said Palantir chief operating officer Shyam Sankar. "We're excited to work with Cardinal Health to achieve their mission-critical objective of expanding access to the medications patients need, by utilizing the software built to handle the toughest problems."
A leader in the data and analytics industry, Palantir launched its Health & Life Sciences division in 2020. Since then, the company has continued to support federal, public and private organizations and is a proven leader in delivering mission-critical software across the public health supply chain.
About Cardinal Health
Cardinal Health is a distributor of pharmaceuticals, a global manufacturer, and distributor of medical and laboratory products, and a provider of performance, and data solutions for healthcare facilities. With more than 50 years in business, operations in more than 30 countries and approximately 46,500 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.
About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customers; the failure of our platforms to satisfy our customers or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
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SOURCE Cardinal Health