FRANKLIN LAKES, N.J., Nov. 23 /PRNewswire-FirstCall/ -- Medco Health Solutions, Inc. has established a leadership position among Medicare-approved prescription discount card sponsors, with more than 800,000 Medicare beneficiaries enrolled to save on their prescription medications using one of the various discount cards administered by Medco. Since the program began in June, these patients have received 2.1 million prescriptions representing nearly $130 million in drug spend. Drug spending next year by holders of cards administered by Medco is estimated to reach $400-$500 million.
“The Medicare discount card program has become a proven way for seniors to significantly reduce the cost of their prescription medications as we await implementation of the Medicare Part D prescription drug benefit,” said Medco Chairman, President and CEO David B. Snow Jr. “The debate is over. The results are in. And the doubters have been proven wrong. The card program works.”
Enrollees in discount card programs administered by Medco, which include Medco’s own Preferred Prescription Discount Card, have saved, on average, 61 percent on generic medications and 17 percent on brand-name medications, compared to average wholesale price. Snow says additional savings can be attained with greater use of mail order and generics.
“Our priority in the coming year is to help our Medicare members reap even greater savings,” said Snow. “We are launching a targeted education campaign to our members to communicate the additional cost-savings that can be attained through the appropriate use of mail order and generic alternatives.”
For more information about Medco’s Medicare prescription discount card offerings, visit http://www.medco.com/, or contact the Centers for Medicare and Medicaid Services (CMS) by calling 1-800-MEDICARE or visiting http://www.medicare.gov/.
About Medco
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. 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 presentation 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 filed with the Securities and Exchange Commission.
Editor’s Note: Medco records as revenue mail service drug spend and enrollment fees, which is only a small portion of the Medicare spend. Medco does not record retail drug spend.
Medco Health Solutions, Inc.
CONTACT: Jennifer Leone of Medco, +1-201-269-6402,jennifer_leone@medco.com, or Kevin Lamb or Amanda Naiman of Coyne PublicRelations, +1-973-316-1665
Web site: http://www.medco.com/