Catalyst Rx Announces PBM Contract Award by State of Nevada
May 12 2011 - 9:00AM
Business Wire
Catalyst Rx, the pharmacy benefit management (PBM) subsidiary of
Catalyst Health Solutions, Inc. (NASDAQ: CHSI), today announced the
award of a new service contract with the State of Nevada Public
Employees’ Benefits Program (PEBP), following the State’s
competitive bid process.
The new contract, covering 42,000 participants, is effective
July 1, 2011 through June 31, 2015, with an optional one-year
extension. Catalyst Rx first began administering pharmacy benefits
for PEBP on January 1, 2002. During that time, Catalyst Rx provided
the State with a fully transparent pricing model and unbiased trend
management solutions focused on improving quality outcomes while
reducing costs for consumers and taxpayers.
“Catalyst Rx has enjoyed a strong partnership with the State of
Nevada for the past nine years and we are pleased to have the
opportunity to continue to serve its participants,” said David T.
Blair, Chief Executive Officer of Catalyst. “We remain firmly
committed to building on our collaborative partnership and driving
continued care- and cost-effective solutions for the State.”
About Catalyst Health Solutions, Inc.
Catalyst Health Solutions, Inc., the fastest growing national
PBM in the U.S., 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 (PBM) serving more than 7
million lives in the United States and Puerto Rico; HospiScript
Services, LLC, one of the largest providers of PBM services to the
hospice industry; FutureScripts, LLC, a full-service PBM serving
approximately one million lives in the mid-Atlantic region, 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.
Forward Looking Statements
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, 2010, and in our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2011, 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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