Medco Health Solutions
 |
|
| Defunct, formerly public | |
| Traded as | MHS on the NYSE |
| Industry | Pharmacy Benefit Management |
| Founded | 2003 |
| Headquarters | Franklin Lakes, New Jersey |
|
Key people
|
David B. Snow, Jr., Chairman and Chief Executive Officer Kenneth O. Klepper, President and Chief Operating Officer |
| Revenue |
 $70 Billion USD (2011) |
|
$1.46 Billion USD (2011) |
|
|
Number of employees
|
24,000 |
| Website | www |
Medco Health Solutions, Inc. was an American Pharmacy Benefits Management (PBM) company which served more than 65 million people, before it was ultimately acquired by Express Scripts in April 2012. Medco provided pharmacy services for private and public employers, health plans, labor unions, government agencies, and individuals served by Medicare Part D Prescription Drug Plans. Medco was a member of the S&P 500 and ranked number 34 on the 2011 Fortune 500 list, with 2011 revenues of more than $70 billion. It earned the No. 1 ranking in the Healthcare: Pharmacy and Other Services category on Fortune magazine’s World’s Most Admired Companies list for five consecutive years (2008-2012).
Medco was founded as National Pharmacies in 1983. In 1984, after an IPO, National Pharmacies became Medco Containment Services, LLC. In 1993, Medco Containment was acquired by Merck & Co., Inc. and became Merck-Medco. In August 2003, Medco Health Solutions, Inc. became an independent company in one of the largest domestic spin-offs at the time. In April 2012 it was acquired by Express Scripts.
In Oct, 1999, Medco announced to team with the American College of Gastroenterology (ACG) to improve care for its members who suffer from digestive health conditions, and to raise awareness of gastrointestinal diseases through its Digestive Health Solutions(TM) health management program.
On October 2, 2001, UnitedHealth Group, Merck-Medco and Accenture launched Xceleron Health LLC, a company created to deliver consulting and business acceleration services to emerging technology-based companies in the healthcare industry. On August 28, 2005, Medco Health Solutions of Fort Worth, Texas, contributed $5,000 to the Southwestern Oklahoma State University College of Pharmacy Scholarship Fund.
In October, 2005, Medco was selected as the finalist of a three-year pharmacy benefit contract for the California Public Employees' Retirement System (CalPERS) Self-Funded Health Plans to begin July 1, 2006.
In 2004 Medco settled a lawsuit brought by 20 states alleging that they failed to disclose incentives they received from drug companies and improperly switched or pressured doctors to switch patient's medication in pursuit of profit. In 2005, Medco Health Solutions agreed to pay the United States $155 million plus interest to settle allegations that it defrauded the government. There was no admission of guilt or finding of wrongdoing in either settlement.
In 2005 Medco acquired Accredo Health for $2.2 billion, a large specialty pharmaceutical operation, including a division that Accredo Health purchased from Gentiva Health Services in 2002.
In 2007, Medco acquired diabetes care leader Liberty Medical Supply, Inc., creating a leading provider of diabetes care services with approximately 4 million patients under treatment.
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Wikipedia