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.
"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
Express Scripts Seeking No Other Changes to Contract Terms
Control of Pharmacy Benefit Plan Design Should Remain with Plan Sponsors
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
|SOURCE Express Scripts, Inc.|
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