Nation's Leading Specialty Pharmacy Changes Name to PharmaCare Specialty Pharmacy
LINCOLN, R.I., April 20 /PRNewswire/ -- PharmaCare announced today that the name of CVS ProCare, its specialty pharmacy division, has changed to PharmaCare Specialty Pharmacy. The name change will reduce market confusion and convey the synergies that exist between offering pharmacy benefit management services along with specialty pharmacy services.
"We are one of the first companies to recognize the tremendous need for combining specialty pharmacy into our suite of cost containment programs," says Greg Weishar, President and CEO of PharmaCare. "By combining our expertise in prescription benefit management, we are uniquely able to provide better care. At the same time, we lower costs for payors and improve satisfaction for patients."
PharmaCare is the nation's fourth-largest prescription benefit manager, helping health plans and employers make safe, cost-effective drug decisions for over 15 million Americans. In 2001, the company took over management of CVS ProCare, one of the country's largest specialty providers, serving 120,000 patients and close to 50,000 doctors across the country.
"While we are changing our name, our patients, doctors and managed care partners will continue to receive the same level of outstanding service they have come to expect," says Weishar. "The name change will also help reduce market confusion and permit us to provide one face to the physician, payor and pharmaceutical market and, most importantly, to our managed care customers."
PharmaCare Specialty Pharmacy serves patients who require complex drug therapies that treat autoimmune disorders, hepatitis, cancer, multiple sclerosis, respiratory ailments, rheumatoid arthritis and other conditions. These drugs sometimes require injections and complicated dosing instructions, and can cost anywhere from $10,000 to $250,000 a year. To better support the financial and healthcare needs of patients, PharmaCare Specialty Pharmacy offers a variety of advanced services such as medication adherence monitoring, expert medication counseling, drug interaction monitoring, reimbursement assistance and patient counseling and education programs.
New signs reflecting the name change are up at the company's 38 retail apothecaries coast to coast and at its mail order facility in Pittsburgh, which together dispense up to 10,000 specialty drug prescriptions each day. All locations and services will continue to operate as before, staffed by the same professionals who've provided expert advice on complicated, high-cost therapies. According to Knowledge Source, Inc., the specialty pharmacy market is expected to grow to $35 billion next year - making it the fastest-growing portion of drug spending in the United States.
On April 5, 2004, the Company entered into a definitive agreement under which it will acquire 1,260 Eckerd drug stores, located mainly in the southern United States, in addition to Eckerd Health Services, which includes Eckerd's mail order and pharmacy benefit management businesses. The transaction will double the size of PharmaCare to 30 million lives served with annual revenues in excess of $2 billion. The transaction is subject to review under the Hart- Scott Rodino Act as well as other customary closing conditions, and is expected to close in June of 2004. More information can be found at www.pharmacare.com.