LISLE, IL, Oct. 8 /PRNewswire-FirstCall/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefits management ("PBM") services, announces that its informedRx division has been recertified to provide PBM services to members of the HR Policy Association (HRPA). HRPA's pharmaceutical coalition is made up of more than 60 large employers, representing 50% of the large employer market segment, who collectively purchase pharmacy benefits for more than five million Americans. This certification represents SXC's commitment to HRPA's stringent transparency test to help employers determine the true cost they pay for their prescription drugs.
"SXC is proud to have been recertified by HRPA," said Mark Thierer, President and CEO of SXC Health Solutions. "We believe that the traditional model for managing pharmacy benefit programs and pharmaceutical purchases is undergoing a fundamental shift. Employers are demanding transparency along with tech-enabled services that help them to optimize their pharmacy benefit programs by reducing pharmacy costs and enhancing the level of patient care. SXC is a pioneer in delivering transparency to the market and with our widely respected tools and technology we are well positioned to lead the charge toward redefining pharmacy benefit management."
Each year the Coalition issues a market-wide request for proposal
(RFP), and PBMs that respond must verify that they will comply with the
Coalition's transparency standards and agree to rigorous audit rights to
guarantee compliance. The TIPPS standards promote contracting that makes it
easier for employers, their beneficiaries and dependents to understand the
true price of a drug. This initiative has proven over the past four years
to be a powerful tool that employers can use to control their
In order to be recertified, informedRx has agreed to:
- Provide employers the acquisition cost for brand and generic drugs
dispensed at retail pharmacies;
- Provide employers acquisition-based pricing for brand and generic
drugs delivered through mail service;
- Disclosure and passing through all revenue from drug manufacturers
that relates to utilization under an employer's contract;
- Provide acquisition cost and the same level of transparency for
especially costly specialty pharmacy drugs; and
- Allow rigorous audit rights to ensure compliance with the TIPPS
HR Policy Association brings together the chief human resource officers of more than 250 of the largest corporations in the United States. Representing nearly every major industry sector, HR Policy members have a combined market capitalization of more than $7.5 trillion and employ more than 18 million employees worldwide. The association's mission is to assist large employers in using the collective leverage of the membership to further critically important business and societal objectives.
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefits management (PBM) services and Health Care Information Technology (HCIT) solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as Federal, provincial, and, state and local governments, pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with 13 locations in the US and Canada. For more information please visit http://www.sxc.com.
|SOURCE SXC Health Solutions Inc.|
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