HCIT Disruptor/Private Company Series: EVERSANA/Waltz Story Update from the Management Team

研报英文原文证据摘录

HCIT Disruptor/Private Company Series: EVERSANA/Waltz Story Update from the Management Team

Truist Securities

and payer infrastructure. Management believes that meaningful change in pharmacy benefits requires a detailed understanding of claims

adjudication, reimbursement flows, deductibles, pharmacy workflows, and benefit administration. Accordingly, Waltz’s strategy is not to

disrupt or replace existing systems, but rather to integrate into those systems and improve decision-making through intelligent routing

and pricing optimization.

Manufacturers Are Seeking More Direct Access to Buyers. Management identified pharmaceutical manufacturers as a major force

driving change in the pharmacy ecosystem. As employers and patients become more focused on drug costs, manufacturers are

increasingly challenging traditional rebate-based models, arguing that they inflate list prices and distort access decisions. Mr. Park believes

pricing pressures from the Inflation Reduction Act and other regulatory changes have reduced the economics of new drug launches,

prompting manufacturers to rethink rebates, patient-support programs, and commercialization strategies. As a result, direct-to-consumer

and direct-to-employer models are gaining traction. GLP-1s represent one of the clearest examples of this trend. Waltz Health has

partnered with Eli Lilly and Novo Nordisk to bring direct GLP-1 pricing into employer-sponsored health plans, replacing traditional rebate

reconciliation with upfront net pricing. While the program remains in its early stages, covering approximately 300K lives at the time of

the discussion, Mr. Park views it as an important proof point that manufacturers are actively testing alternative access channels that

could eventually expand into other therapeutic categories.