RESEARCH TRIANGLE PARK, N.C., and FRANKLIN LAKES, N.J., March 22
/PRNewswire-FirstCall/ -- GlaxoSmithKline and Medco Health Solutions, Inc. today announced an innovative collaboration designed to provide broad access to GSK's medicines through Medco's proposed CMS offering as a National Prescription Drug Provider (PDP).
The collaboration, which is subject to the parties entering into a definitive agreement, is designed to provide Medicare beneficiaries who enroll in Medco's program with broad, affordable access to market leading prescription medicines. In addition to affordable access, the collaboration encourages patient adherence to their prescribed drug regimen, continuity of care and formulary compliance.
"This creative alliance helps us integrate the traditional PBM model with the consumer-driven Medicare Part D drug program to meet the cost and quality objectives of the Medicare population," said David B. Snow Jr., Medco's chairman, president and CEO. "Working with GlaxoSmithKline, we can reinforce cost-saving strategies, such as formulary compliance, while providing broad access to medicines."
Added GSK President, Chris Viehbacher: "GlaxoSmithKline is continuing its leadership role in serving this largely underserved population with creative, market-based solutions. This will allow us to deliver on the promise of an affordable prescription benefit for Medicare patients and to ensure that seniors have access to a broad range of GSK medicines. We also believe it's important for seniors to have continuous access to the medicines that work for them, and not be at risk of having to change medicines whenever formularies are reviewed and contracts renegotiated."
One innovative aspect of the Medco-GSK agreement is that this arrangement will balance broad access to medicines with market proven pharmacy management tools. In this way, Medicare patients will have the benefit of a cost effective program, while preserving the choice of medicines prescribed by their physicians.
In February, Medco announced its intent to be involved in the Medicare prescription drug benefit as a National PDP in 34 regions, with a focus on supporting its health plan clients with Medicare Advantage and PDP programs, and its employer clients who offer retiree benefits.
GlaxoSmithKline, with U.S. operations in Philadelphia, PA, and Research Triangle Park, N.C., is one of the world's leading research-based pharmaceutical and healthcare companies and is committed to improving the quality of human life by enabling people to do more, feel better and live longer. In October, 2001, GSK introduced the Orange Card, which is the first industry card to provide savings on medicines for seniors and the disabled without prescription drug coverage. Continuing in this spirit and in the interest of Medicare patients, GSK was a founding member of Together Rx. More information is available at http://www.gsk.com/.
About Medco and Medicare
Medco is one of the nation's leading Medicare prescription discount card administrators, with nearly 1 million Medicare beneficiaries enrolled in one of the various Medco-administered discount card programs.
Medco Health Solutions, Inc., a leading pharmacy benefit manager with the nation's largest mail order pharmacy operations, assists its customers to moderate the cost and enhance the quality of prescription drug benefits provided to members nationwide. Its customers include private- and public- sector employers and healthcare organizations. Medco is traded on the New York Stock Exchange under the symbol MHS. 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. Medco undertakes 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 presentation should be evaluated together with the risks and uncertainties that affect Medco's business, particularly those mentioned in the Risk Factors section of Medco's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Medco Health Solutions, Inc.