FRANKLIN LAKES, N.J., Sept. 30 /PRNewswire-FirstCall/ -- Medco Health Solutions, Inc., today released the following statement related to the withdrawal from the marketplace of Vioxx(R), one of the nation’s most widely prescribed medicines for treating pain and arthritis.
“Medco does not foresee any negative financial short-term or long-term impacts from the loss of product sales related to Vioxx(R). There are therapeutic alternatives that provide potential financial opportunities for the company, its clients and members related to rebates and discounts available on other competing COX-2 branded medicines and generic non-steroidal anti-inflammatory drugs (NSAIDs),” said JoAnn Reed, Medco’s Chief Financial Officer.
Within minutes of the announcement by Merck & Co., Inc. that it had withdrawn Vioxx(R) from the market, Medco suspended all dispensing of the medication from its mail order pharmacies. Additionally, Medco began placing alerts into its retail computer systems, which are in place at about 60,000 retail pharmacies nationwide.
The company has begun communications processes to advise its members who are Vioxx(R) users that Merck has recommended that they discontinue Vioxx(R) use and notify their doctors for guidance on possible alternative therapies.
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 disclosed in the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC File No. 1-31312). Those risk factors include but are not limited to:
-- Developments in the healthcare industry, including changes in drug utilization and cost patterns and the introduction of new branded and/or generic drugs; -- Competition in the PBM industry and in the healthcare industry generally; -- Pressure on discounts and rebates from pharmaceutical manufacturers and margins in the PBM industry; The impact on our business and competitive position of our managed care agreement with Merck & Co., Inc.; and -- Possible contractual or regulatory changes affecting pricing, rebates, discounts, or other practices of pharmaceutical manufacturers.
Medco Health Solutions, Inc.
CONTACT: Investors: Susan Cramer, +1-201-269-6187,susan_cramer@medco.com, or Media: Jeffrey Simek, +1-201-269-6400,jeffrey_simek@medco.com, both of Medco Health Solutions
Web site: http://www.medco.com/
