Hannover Re announces partnership for personalized medication services
Hannover Re announces partnership for personalized medication services | Insurance Business Asia
Insurance News
Hannover Re announces partnership for personalized medication services
It will aim to address issues surrounding preventable ADEs
Insurance News
By
Kenneth Araullo
Hannover Re US has entered a partnership with GalenusRx which aims to offer healthcare clients solutions to ensure the safety and appropriateness of medication regimens.
The collaboration also addresses the critical issue of preventable adverse drug events (ADEs), a leading cause of morbidity and mortality in the US and a concern globally.
What does GalenusRx bring?
GalenusRx introduces a medication safety technology designed to arm patients and healthcare providers with insights to avert ADEs.
The company’s platform, APPRAISE, conducts analyses of potential drug interactions — including drug-drug, multi-drug, drug-gene, and drug-disease interactions — to deliver a personalized risk assessment.
This, and the consulting service Lifesaving Insights, shows how each patient’s unique genetic makeup affects their response to medications, providing assessments and recommendations to optimize medication use, reduce the practice of polypharmacy, and cut healthcare costs.
Julian Whitekus, vice president of health solutions at Hannover Re US, expressed enthusiasm about the partnership and what it brings to both brokers and consultants.
“We believe that GalenusRx will help avoid the harmful effects of taking multiple drugs and reduce insured losses,” he said. “Through this partnership with GalenusRx, Hannover Re US will support its healthcare clients to improve quality and outcomes. Clients participating in accountable care and other value-based programs will also generate additional savings and will benefit from reduced total medical expenditures through GalenusRx method of avoiding predictable ADEs, thus improving their bottom line while providing better care for their policyholders.”
Peter Panageas, chief commercial officer at GalenusRx, also highlighted the partnership’s potential.
“We are proud to start an expansive partnership with Hannover Re US that enhances the member experience while supporting healthcare organizations to meet their clinical, economic, and humanistic goals,” Panageas said. “Through this collaboration, we are demonstrating the unique value proposition of GalenusRx and supporting the provider-pharmacist collaboration in a novel way to improve outcomes.”
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