Irving, TX, and Denver, CO—May 4, 2022—Vizient Inc. and RISCS, Inc. today announced a joint pilot program aimed at enhancing assurance of pharmaceutical supply. Once implemented, the program would use a rating system to enable the evaluation of critical aspects of a resilient supply chain and provide increased transparency.
During the pilot, pharmacy suppliers will be asked to provide key information on their supply chains through the request-for-proposal process. The information provided will enable visibility into supply chain aspects such as redundancy in raw material supply, available production capacity and production flexibility, inventory practices, location differentiation and geopolitical risks.
“Our mission at RISCS is to help ensure a sustainable supply of essential medicines and Vizient has been a critical member of our RISCS Advisory Panel, which has developed our RISC Rating System™ framework,” said Stephen Colvill, Executive Director of RISCS. “We welcome Vizient’s partnership in piloting the incorporation of the RISC Rating System™ into their contracting decisions.”
Vizient is the largest member-driven health care performance improvement company in the U.S. Vizient’s diverse membership and customer base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers
“Transparency throughout the health care supply chain is key to mitigating disruptions. From the sourcing of raw materials to the delivery of the finished product, providers need that visibility to mitigate potential supply disruptions that impact their ability to care for patients,” said Mittal Sutaria, Vizient Senior Vice President, Pharmacy Contract and Program Solutions. “Solving drug shortages is within reach, and improving transparency is the first step toward the solution.”
Learn more about the Vizient-RISCS pharmaceutical supply chain resilience evaluation program and the RISC Rating System™ at www.RISCratings.com.
About Vizient Inc.
Vizient, Inc., the nation’s largest health care performance improvement company, serves more than 50% of the nation’s acute care providers, which includes 97% of the nation’s academic medical centers, and more than 20% of ambulatory care providers. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $130 billion in annual purchasing volume. Vizient’s solutions and services improve the delivery of high-value care by aligning cost, quality and market performance. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at www.vizientinc.com.
About RISCS, Inc.
RISCS, Inc. is a nonprofit rating and certification organization that evaluates pharmaceutical supply chain resilience. The mission of RISCS is to prevent drug shortages by promoting resilient pharmaceutical supply chain practices using the RISC Rating System™. By evaluating raw materials, fill-finish, and inventory practices for critical essential medicines, RISCS helps drug purchasers to make more effective contracting and purchasing decisions. RISCS is proud to play a part in helping patients access the medicines they need.