Omnicell, Inc. (OMCL), a leading developer and marketer of end-to-end automation solutions for the medication-use process, recently showcased its newly launched fourth-generation G4 solutions at the Midyear Clinical Meeting and Exhibition of American Society for Health-System Pharmacists (ASHP) in Louisiana. The entire suite of solutions includes Automated Dispensing Cabinets with an integrated Medication Label Printer, Controlled Substance Management System (CSM), Savvy Mobile Medication System and the newly redesigned Anesthesia Workstation.
Omnicell is highly optimistic about this comprehensive set of applications, which are developed on the industry leading G4 platform. The company strongly believes that the products will enhance patient safety, streamline enterprise-wide workflows and attain cost efficiency, thus driving significant market share.
Further, Omnicell is also introducing its new Pandora Financials solution, a system with customized analytics software for hospitals, to maximize financial outcomes and efficiency. This financials application integrates Pandora Clinicals on the PandoraVIA platform.
Earlier, in May this year, Omnicell launched its new G4 platform, which consists of the Modular EHR certified automated dispensing system and is compatible with all Hospital Information System (HIS) vendors. The platform's single unified database curtails the risk of administrative errors and inefficiencies and facilitates time management by eliminating the need for repetitive entry of drug formularies in multiple locations.
Omnicell expects this platform to be the backbone for all its products and enhance the company’s medication management system. This platform also supports a decentralized drug dispensing model that puts medication stock for first doses and other scheduled doses close to the end users.
Omnicell stands to benefit from favorable demographic trends, regulatory environments and a lack of nursing staff. As the information technology market is growing in leaps and bounds coupled with increasing investment from healthcare industries, Omnicell is confident about its success in the near to medium term, specially aided by its G4 platform, SinglePointe and Anywhere RN products.
Notwithstanding the concerns based on constrained hospital spending, tough economic conditions in Europe as well as intense competition from major players such as CareFusion Corporation (CFN) and McKesson Automation (MCK), we are optimistic about Omnicell’s growth prospects globally. Currently, Omnicell retains a short-term Zacks #2 Rank (Buy). However, over the long term, we remain ‘Neutral’ on Omnicell.
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