Catalyst Rx Announces PBM Contract Award by State of Louisiana
March 04 2010 - 8:45AM
Business Wire
Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of
Catalyst Health Solutions, Inc. (NASDAQ: CHSI), announced the award
of a new service contract with the State of Louisiana Office of
Group Benefits (OGB) following the State’s competitive bid process.
The new contract, effective July 1, 2010, covers approximately
225,000 members.
Catalyst Rx first began administering pharmacy benefits for OGB
on July 1, 2004. “Catalyst Rx appreciates the opportunity to extend
our relationship with OGB and manage pharmacy benefits for the
State of Louisiana’s active and retired employees and their
dependents,” said David T. Blair, Chief Executive Officer of
Catalyst Health Solutions. “We remain firmly committed to building
on our collaborative partnership and driving the most
care-effective, cost-effective solutions for the State.” In 2008,
Catalyst Rx and the OGB were the recipients of a Pharmacy Benefit
Management Institute (PBMI) Rx Benefit Innovation Award for their
physician outreach program that significantly increased the
prescribing and utilization of generic drugs, resulting in a
three-year savings of $28 million for the OGB.
About Catalyst Health Solutions, Inc.
(www.chsi.com)
Catalyst Health Solutions, Inc. is built on strong, innovative
principles in the management of prescription drug benefits and
provides an unbiased, client-centered philosophy resulting in
industry-leading client retention rates. The Company's subsidiaries
include Catalyst Rx, a full-service pharmacy benefit manager
serving more than 6 million lives in the United States and Puerto
Rico; HospiScript Services, LLC, one of the largest providers of
pharmacy benefit management services to the hospice industry; and
Immediate Pharmaceutical Services, Inc., a fully-integrated
prescription mail service facility in Avon Lake, Ohio. The
Company's clients include self-insured employers including state
and local governments, managed care organizations, unions,
hospices, third-party administrators and individuals.
This press release may contain "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks and uncertainties that
might materially affect our results, particularly those risks
referred to in our Annual Report on Form 10-K for the year ended
December 31, 2008 under "Item 1A. Risk Factors." Readers are urged
to carefully review and consider the various disclosures made in
our Annual Report on Form 10-K and our other filings with the
Securities and Exchange Commission that attempt to advise
interested parties of the risks and uncertainties that may affect
our business. Catalyst Health Solutions, Inc. does not undertake
any obligation to update forward-looking statements, whether as a
result of new information, future events, or other
developments.
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