FRANKLIN LAKES, N.J., June 23 /PRNewswire-FirstCall/ -- Medco Health Solutions, Inc. (NYSE: MHS) announced it will provide pharmacy services for Coventry Health Care, Inc. (NYSE: CVH), a national managed health care company headquartered in Bethesda, Md.
Medco, the leading independent pharmacy benefits manager, will provide mail, retail and specialty pharmacy services for all of Coventry's Medicare programs, covering approximately one million members with annual drug spend exceeding $2 billion. The agreement will commence on January 1, 2009 and is a multi-year arrangement.
"Coventry viewed our Medco Therapeutic Resource Centers(R) as an important advantage for its members," Chairman and CEO David B. Snow Jr. said. "Our specialist pharmacists help patients manage chronic conditions with a higher level of personalized care. The breadth of our service offerings and our capabilities to meet the needs of Medicare beneficiaries, while making overall health care costs more manageable, truly resonates with clients."
Medco provides its Medicare programs for employers, unions, health plans and individuals. Medco collaborates with clients to ensure they maximize the value from benefits tailored to their budgetary, tax, administrative, and employee needs, as well as their need to manage future obligations to retirees. Medco's programs also provide clinical expertise for seniors, who are the most frequent users of chronic medications.
Last year the company completed the roll out of the Medco Therapeutic Resource Centers (TRCs), culminating three years of development and the process of training specialist pharmacists in specific chronic and complex conditions. At the TRCs, more than 1,100 specialist pharmacists are trained and uniquely experienced to care for patients with specific chronic conditions, including diabetes, heart disease, asthma and neurological disorders. Specialist pharmacists counsel patients about medication safety, minimizing side effects, improving drug compliance, and helping them find the lowest cost alternatives for their medications.
The parties are working towards signing a definitive agreement.
About Coventry Health Care
Coventry Health Care (http://www.cvty.com) is a diversified national managed healthcare company based in Bethesda, Maryland, operating health plans, insurance companies, network rental and workers' compensation services companies. Through its Commercial Business, Individual Consumer & Government Business, and Specialty Business divisions, Coventry provides a full range of risk and fee-based managed care products and services to a broad cross section of individuals, employer and government-funded groups, government agencies, and other insurance carriers and administrators.
Medco Health Solutions, Inc., (NYSE: MHS) is the nation's leading pharmacy benefit manager based on its 2007 total net revenues of more than $44 billion. Medco's prescription drug benefit programs, covering approximately one in five Americans, are designed to drive down the cost of pharmacy health care for private and public employers, health plans, labor unions and government agencies of all sizes, and for individuals served by the Medicare Part D Prescription Drug Program and those served by its specialty pharmacy segment, Accredo Health Group. Medco, the world's most advanced pharmacy(R), is positioned to serve the unique needs of patients with chronic and complex conditions through its Medco Therapeutic Resource Centers(R), including its enhanced diabetes pharmacy care practice through the Liberty acquisition. Medco is the highest-ranked independent pharmacy benefit manager on the 2008 Fortune 100 list. On the Net: http://www.medco.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
|SOURCE Medco Health Solutions, Inc.|
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