LISLE, IL, Jan. 12 /PRNewswire-FirstCall/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefit management (PBM) and technology services, announces that it's informedRx PBM unit has been awarded a three-year contract to provide PBM services to the 110,000 member UFCW & Employers Benefit Trust (UFCW Trust) based in Walnut Creek, California. The contract is expected to generate approximately $80 million in annual revenue for SXC.
Under terms of the contract, informedRx will provide claims processing, specialty pharmacy services, mail order pharmacy services, network management and a suite of clinical programs designed to help the UFCW Trust contain the costs within its prescription drug programs and enhance the level of care and service for its members. informedRx expects to launch its services with the UFCW Trust in the first quarter of 2009.
"We are pleased to expand our reach into the labor market with a highly respected organization such as UFCW Trust," said Mark Thierer, President and Chief Executive Officer at SXC. "Our flexible suite of PBM services and fee-for-service business model are an ideal fit for the labor market where transparency and accountability are in high demand."
"After a rather exhaustive RFP selection process we determined informedRx matched our goals and objectives moving forward the best," said Jacque Lovell, Chairmen of UFCW & Employers Benefit Trust. "informedRx's unique model fit perfectly with what our members have come to expect in the delivery and service of the Pharmacy benefit."
About informedRx(R), a SXC Company
informedRx(R) is a broad suite of a la carte pharmacy benefit services that provide a flexible and cost-effective alternative to traditional PBM offerings. informedRx is built around SXC's industry leading technology solutions including pharmacy claims processing and reporting, rebate management system and near real-time alternative therapy messaging. informedRx also provides clinical intervention programs and drug utilization reviews which feature a coordinated approach with plan sponsors allowing input and control for specific client and market situations.
About UFCW & Employers Benefit Trust
Located in Walnut Creek, California, the UFCW & Employers Benefit Trust provides pension, health and welfare benefits and services for members of UFCW Union locals in Northern California and Hawaii who are employed in grocery, retail drug, and general retail businesses. Benefits and services are also provided to retirees and eligible dependents.
About SXC Health Solutions
SXC Health Solutions Corp. is a leading provider of pharmacy benefits management (PBM) services and Health Care Information Technology (HCIT) solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of PBM services, software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as employers, health plans, Federal, provincial, and, state and local governments, pharmacy benefit managers, retail pharmacy chains and other healthcare intermediaries. SXC is headquartered in Lisle, Illinois with 13 locations in the US and Canada. For more information please visit www.sxc.com.
SOURCE SXC Health Solutions Corp.