Navigation Links
Express Scripts Strives to Make Prescription Drugs Affordable and Accessible to American Families
Date:6/21/2011

ST. LOUIS, June 21, 2011 /PRNewswire/ -- Express Scripts, Inc. (NASDAQ: ESRX) said today it is open to continued negotiations with Walgreens to make prescription drugs affordable and accessible for American families.  

(Logo:  http://photos.prnewswire.com/prnh/20080827/EXPRESSSCRIPTSLOGO

"In these challenging economic times, it is critical that we all work together to keep medicines affordable and accessible," said Express Scripts' chairman and CEO George Paz.  "It is shocking to us that Walgreens would back away from the table with six months to go in the current agreement, especially considering that negotiations are part of the normal course of business."

Walgreens made a series of assertions earlier today. Here is the Express Scripts perspective:

Market Conditions Require Competitive Rates

  • Walgreens' current rates are not competitive with its pharmacy peers. We are negotiating for Walgreens to provide competitive market rates.  Over the next three years, the costs of non-specialty branded medications are projected to increase approximately 10 percent per year (more than 30 percent over three years), the costs of branded specialty medications are projected to increase more than 14 percent per year (nearly 50 percent over three years), and more than $60 billion worth of branded medications will lose patent protection, opening the door to more affordable generic alternatives. Without Walgreens providing reasonable adjustments to its rates, our clients and patients will bear the financial burden of branded price inflation, while not receiving the full economic benefit of increased generic utilization. Under Walgreens' current proposal, the added cost burden to our clients would result directly in profits to Walgreens.

Express Scripts Seeking No Other Changes to Contract Terms

  • Express Scripts has requested the same contract terms that were mutually agreed upon in the existing contract. To be clear, Express Scripts has not asked to change the definitions of branded and generic medicines.  

Control of Pharmacy Benefit Plan Design Should Remain with Plan Sponsors

  • Walgreens wants to dictate which clients and members to serve, focusing on the most profitable patients.  Neither network providers nor Express Scripts should control pharmacy benefit plan design.  This is the sole responsibility of plan sponsors to represent the best interests of their members.

If Walgreens maintains its current stance, Medicare prescriptions filled at Walgreens would cost the federal government an additional $300 million for the exact same prescriptions that can be filled at more than 50,000 other pharmacies for a lower price, on average. Likewise, our other clients – including Medicaid and the Department of Defense – would experience comparable cost increases.

On average, another pharmacy within the Express Scripts network is within one-half mile of a Walgreens pharmacy. Even without Walgreens in our network, we meet all client guarantees for access.  

Express Scripts is optimistic that Walgreens will return to the table and negotiate in good faith toward a common goal of providing optimal care at a reasonable and competitive rate for tens of millions of Americans.  

About Express Scripts

Express Scripts, Inc., one of the largest pharmacy benefit management companies in North America, is leading the way toward creating better health and value for patients through Consumerology®, the advanced application of the behavioral sciences to healthcare. This approach is helping millions of members realize greater healthcare outcomes and lowering cost by assisting in influencing their behavior. Headquartered in St. Louis, Express Scripts provides integrated PBM services including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services. More information can be found at http://www.express-scripts.com/ and http://www.consumerology.com/.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual events may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-K filed with the SEC on February 16, 2011 and in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-Q filed with the SEC on April 25, 2011. A copy of these forms can be found at the Investor Relations section of Express Scripts' web site at http://www.express-scripts.com.

The Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Media contact: Thom Gross
314.684.6321 or 314.922.6226
RTGross@express-scripts.com


'/>"/>
SOURCE Express Scripts, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. ALS TDI Completes Gene Expression Profile of Lou Gehrigs Disease in Mice
2. BiPar Genomic Biomarker Data Demonstrate Overexpression of PARP-1 Gene in Multiple Cancer Types
3. BiPar Begins Phase 2 Study of Lead PARP Inhibitor in Triple-Negative Breast Cancer Based on Overexpression Biomarker Data
4. TAXUS(R) Express(TM) Stent Shows Similarly Low Re-intervention Rates in Diabetic Patients Compared to Non-Diabetics in ARRIVE 1 and 2 registries
5. SPIRIT III Results Reaffirm Strong Performance of Boston Scientific PROMUS(TM) and TAXUS(R) Express(R) Stents
6. Video: Resveratrol-based Nutriceutical (Longevinex(R)) Induces Favorable Changes on Gene Expression in Mouse Heart At Doses 17-320 Times Lower Than Prior Studies
7. Genomic Health Announces Data Supporting Use of Oncotype DX(R) to Accurately Assess HER2 Gene Expression in Breast Cancer Patients
8. International Medical Corps Matched with Top 25 American Express Members Project, Saving the Lives of Malnourished Children
9. TAXUS(R) Express(R) Stent Shows Similarly Low Re-Intervention Rates in Patients With Diabetes Compared to Non-Diabetics in Arrive Registry Program
10. SYNTAX Data Show Comparable Safety for Complex Patients Treated with TAXUS(R) Express2(TM) Stents and Bypass Surgery
11. Diagenic Announces Launch of First Breast Cancer Gene-Expression Blood Test
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/17/2017)...  In a letter to President-elect Donald J. ... outlines AARP,s priorities for Americans age 50 and older ... affordable health care coverage, and lowering the cost of ... to President-elect Trump that "Our nearly 38 million members ... to protect their Medicare and Social Security benefits, protect ...
(Date:1/17/2017)... 17, 2017  In a preview of the upcoming Society ... Astute Medical, Inc., developer of the NephroCheck Test, today highlighted ... identifies hospital patients at risk of developing moderate to severe ... month at the Hawaii Convention Center ... January 25. AKI is one of the top ...
(Date:1/17/2017)... Research and Markets has announced the addition of the "The ... ... identifies and profiles the leading 200 manufacturers and distributors of molecular diagnostics ... the United States and Europe to ... Profile information for each company in The Top 200 Molecular ...
Breaking Medicine Technology:
(Date:1/17/2017)... ... ... A prescription medication bottle, pocket knife, luggage and a solar-powered aluminum casting process ... , the Cradle to Cradle Products Innovation Institute has announced. , This ... through early 2018. The challenges are presented by the Institute in partnership with Autodesk ...
(Date:1/17/2017)... ... January 17, 2017 , ... SC&H Group, a leading audit, tax, and consulting ... IT Advisory Services practice . Rossi is the third technology consulting leader to ... IT guidance grows, and the practice continues to expand.     , Bringing more than 25 ...
(Date:1/17/2017)... ... 17, 2017 , ... The Sharie Withers Agency, a full-service ... latest beneficiary of their thriving community involvement program. The current campaign fundraises to ... dreams of terminally ill patients. Donations to this worthy cause may now be ...
(Date:1/17/2017)... ... January 17, 2017 , ... Twelve (12) years ago ... Training Education program forged a relationship built upon the foundation of sports safety. ... consists of both student members and certified members of the Athletic Trainers’ Society ...
(Date:1/16/2017)... ... January 16, 2017 , ... Gym Source, America’s leading retailer of premium residential ... Hanover, New Jersey. , “We are elated to be opening this new showroom,” explains ... designed to give clients a seamless and motivating shopping experience.” , Every fitness journey ...
Breaking Medicine News(10 mins):