Press Release: Precision for Medicine Acquires Hobart Group HoldingsNews
(BETHESDA, MD) March 25, 2014 – Precision for Medicine, Inc., formed in 2012 to support next generation approaches to drug development and commercialization, announces the acquisition of Hobart Group Holdings, LLC (Hobart), a leading market access firm. With this addition, Precision for Medicine (Precision) has established the foundation for its next phase of growth in providing integrated solutions focused on demonstrating value in the era of precision medicine.
“A primary aim of precision medicine is to improve the value proposition of medical products and ultimately improve patient outcomes,” said Ethan Leder, CEO of Precision. “With the acquisition of Hobart, we continue to build a unique service offering that integrates evidence generation, analytics, and communications to address the needs of the patient-centric, multipayer landscape that characterizes modern healthcare. Hobart is an ideal platform as it offers a leading team of payer experts and a proven capability to guide the strategy and content that’s needed to substantiate value and ensure product access in a rapidly changing environment.”
Hobart was founded in 2003, and has grown into the largest managed markets firm dedicated exclusively to the issues of product value. The company supports more than 60 biopharmaceutical brands with extensive experience in supporting successful product launches. Hobart has a unique service model that combines deep in-house subject matter expertise across payer, provider, and distribution systems with state-of-the-art content creation and delivery. The company has approximately 140 employees with offices in Gladstone, New Jersey, New York City, and Chicago.
“We are delighted to join Precision for Medicine and know there is a unique opportunity to create a valuable integrated service offering that addresses the critical issues related to value and access for medical products,” said Dan Renick, RPh, President of Hobart, and newly named Co-President of Precision. “Demonstrating value is increasingly complex as required metrics shift from large populations to individual patients, and payers work to address the needs of consumers, health insurance exchanges, integrated delivery systems, and accountable care entities. Bridging the value gap that often exists between the pharmaceutical and life sciences industry and its customers requires next generation approaches to scientific evidence, analytics, and communications. Precision is ideally positioned to help clients address these issues, creating a positive impact for healthcare consumers everywhere.”
Lisa B. Bair, founder of Hobart, has left the company to pursue other interests. “We all wish Lisa the best in her new ventures and recognize her vision and leadership in founding Hobart more than 10 years ago with the goal of becoming the undisputed leader in payer marketing, which is indeed the case,” said Renick.
Formed in 2012, Precision is a specialized services company supporting next generation approaches to drug development and commercialization. It provides integrated services and infrastructure to support pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. Precision brings expertise, technology, and project execution to support innovative, patient-centric solutions from discovery through commercialization. The company is headquartered in Bethesda, Maryland, with offices in Frederick, Maryland, and Cambridge, Massachusetts.
Hobart is the leading payer-focused strategic communications firm in the United States. Founded in 2003, Hobart is a consortium of full-service, thought-leader agencies with unrivaled executive teams, innovative capabilities, and customized solutions. Hobart’s subject matter experts have more than 150 years of direct experience working as pharmacy directors, medical directors, contracting managers, case managers, and quality directors within managed care organizations, pharmacy benefit management, government payers, integrated delivery networks, hospitals, and long-term care facilities. The company’s services include value message development, payer market research, health economics and outcomes research support, managed markets sales training, and strategic contracting and pricing support. Hobart manages access and reimbursement challenges with top-ranked pharmaceutical and biotechnology companies, including a market-leading presence in oncology and specialty products.