Catalyst Rx and Medical Card Systems, Inc. Announce Pharmacy Benefit Management Agreement
October 28 2010 - 9:00AM
Business Wire
Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of
Catalyst Health Solutions, Inc. (NASDAQ: CHSI), and Medical Card
Systems, Inc. (MCS) announced today that they have reached
agreement for Catalyst Rx to continue managing the pharmacy
benefits for MCS’ commercial and Medicare Part D business lines
through December 31, 2012.
MCS’ commercial business is comprised of approximately 138,000
lives and the Medicare business consists of approximately 120,000
lives. Under the new terms, which will be further set forth in
definitive agreements, certain delegated services being
administered by Catalyst will be transitioned to MCS. The term of
the commercial agreement may, at MCS’ option, be extended for an
additional two years through December 31, 2014.
“We thank MCS for the opportunity to continue managing their
pharmacy benefits. Through personalized service, quality and
efficiency in clinical care, MCS is the leading health plan in
Puerto Rico . . . we are fortunate to be a part of MCS’ product
offerings. Catalyst will continue to provide MCS with transparent,
innovative, and lowest net cost solutions,” said David T. Blair,
Chief Executive Officer of Catalyst Health Solutions, Inc.
“We are pleased to put this dispute behind us and look forward
to continuing our relationship with Catalyst,” said Mark Rishell,
Chief Financial Officer and Co-Chief Executive Officer of MCS.
The Catalyst management team will provide additional detail on
this announcement and other corporate developments in conjunction
with its third quarter investor call scheduled for November 4, 2010
at 10:00 am (ET).
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 7 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, 2009, and in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2010, 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, our Forms 10-Q, 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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