Medco Awarded One-Year Extension of BCBSA Federal Employees Program(R) Mail-Service and Specialty Pharmacy Benefit Management Contract
FRANKLIN LAKES, N.J., Nov. 2 Medco Health Solutions, Inc. (NYSE: MHS) announced today that it has been awarded a one-year extension to the existing three-year agreement by The Blue Cross and Blue Shield Association's (BCBSA) government-wide Service Benefit Plan, also known as the Federal Employee Program® (FEP) for its mail-service and specialty prescription drug program. The contract has been in effect since January 1, 2008 and will continue through December 31, 2011.
Medco will continue to administer a government-wide mail-service and specialty pharmacy benefit program for more than four million federal employees, retirees and their families enrolled in the FEP Standard Option Benefit delivered through its leading edge technologies and its advanced pharmacy practices. Approximately 11 million prescriptions are being delivered to FEP members by Medco through its advanced pharmacy practices designed to improve clinical outcomes and reduce costs.
"Medco has enjoyed a strong working relationship with BCBSA and FEP and appreciates the confidence placed in us by extending our mail-order and specialty agreements to four years. We have provided access to high-quality, affordable drug benefits with world-class service to all FEP members through a specialized care setting designed to create value clinically and financially," said David B. Snow Jr., Medco chairman and chief executive officer.
Medco Health Solutions, Inc. (NYSE: MHS) is pioneering the world's most advanced pharmacy® and its clinical research and innovations are part of Medco making medicine smarter(TM) for more than 60 million members.
With more than 20,000 employees dedicated to improving patient health and reducing costs for a wide range of public and private sector clients, and 2008 revenue exceeding $51 billion, Medco ranks 45th on the Fortune 500 list and is named among the world's most innovative, most admired and most trustworthy companies.
For more information, go to http://www.medcohealth.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
SOURCE Medco Health Solutions, Inc.
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