PharmaCare's Aggressive Outreach Successfully Shifts 95% of its Zocor(R) Market Share to Generic Simvastatin in One Month, Generating Significant Savings for Clients
LINCOLN, R.I.--(BUSINESS WIRE)--Aug. 17, 2006--PharmaCare, one of the nation's leading pharmaceutical benefit managers (PBMs), announced today that it has successfully shifted nearly 95% of its members utilizing Zocor, the worlds' second largest-selling cholesterol drug, to the new generic alternative, simvastatin.
PharmaCare credits this significant shift in utilization to several factors, including:
- The aggressive roll out of the company's patient-centric programs PatientAlert(TM) and GENesis(TM), which are designed to encourage patients to shift from brand-name therapies to their generic equivalents
- Automated generic substitution through mail service for patients who authorize the process
- Timely communication to PharmaCare's national network of more than 56,800 pharmacies so they were ready to fill scripts immediately when generic simvastatin became available
"Shifting members to a generic as quickly as possible is critical to saving our patients and clients money, and that's one way we measure our success," said Greg Weishar, President and CEO of PharmaCare. "Our ability to rapidly drive generic usage to almost 100% is testament to our superior service offerings."
PharmaCare estimates its market share for Zocor will continue to decline to less than one half of one percent. Projected savings, currently at 25%, should increase throughout 2007 as additional simvastatin competitors emerge.
PharmaCare is a wholly-owned subsidiary of CVS Corporation (NYSE:CVS). Founded on the principles of value, trust and integrity, PharmaCare is one of the largest pharmaceutical benefit managers in the country. The company helps large employers, managed care organizations, insurance companies, unions and government agencies provide safe, cost effective prescription drug coverage for millions of Americans. PharmaCare's comprehensive offerings include fully integrated, state-of-the art mail-service, one of the nation's largest specialty pharmacies with a unique model that includes specialty mail services as well as 52 retail/clinic pharmacy locations, and a network of more than 56,800 pharmacies in all 50 states, and in nearly every city. Additional information on PharmaCare can be found at www.pharmacare.com.