Medco Health Solutions
Encyclopedia
Medco Health Solutions, Inc (NYSE: MHS) is a health care company currently serving the needs of more than 65 million people. Medco provides pharmacy services for private and public employers, health plans, labor unions, government agencies, and individuals served by Medicare Part D Prescription Drug Plans. Medco is a member of the S&P 500
and is ranked number 35 on the Fortune 500 list, with 2009 revenues of more than $59.8 billion.
. It was named one of Fortune magazine’s 2010 World's Most Admired Companies.
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.
In 2009, Medco established the Medco Research Institute – an evidence-based research organization
In 2010, Medco acquired DNA Direct, a leader in providing guidance and decision support to
payors, physicians and patients on a range of complex issues related to genomic medicine.
• In March 2008, Medco launched a collaboration with Sweden’s (then) government-operated retail pharmacy authority, Apoteket, to develop and deliver the first automated electronic prescription review system to improve clinical and financial outcomes for Swedish patients and the country’s healthcare system.
• In April 2008, Medco acquired a majority interest in Europa Apotheek, a privately held
company based in the Netherlands that primarily provides mail-order and specialty pharmacy services in Germany. In December 2009, Europa Apotheek Venlo acquired shop-apotheke.com - one of Germany’s online OTC and healthcare product sites.
• In August 2009, Medco formed a joint venture with United Drug plc, a pan-European healthcare leader, to provide home-based pharmacy care services in the United Kingdom for patients covered by the country’s National Health Service.
• In June 2010, Medco formed a joint venture with Celesio AG, one of the international service providers within the European pharmaceutical and healthcare markets.
Medco’s mail-order business generated $22 billion in 2009 net revenues and is one of the largest pharmacy operations in the United States. In 2009, 103 million of the 695 million prescriptions Medco filled were processed through its mail-order pharmacies.
Medco holds 31 U.S. patents for patient data management, front-end pharmacy technology and automated pharmacy technology, and 33 international patents for automated pharmacy-dispensing technology.
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
and is ranked number 35 on the Fortune 500 list, with 2009 revenues of more than $59.8 billion.
History
Medco became an independent company in August 2003. Medco Containment Services, Inc., founded in 1983 by Martin WygodMartin J. Wygod
Martin J. Wygod is an American businessman and a prominent Thoroughbred racehorse owner/breeder. A business administration graduate from New York University, he joined a Wall Street stock brokerage firm before becoming a managing partner in a similar firm.In 1964, Wygod became involved with...
. It was named one of Fortune magazine’s 2010 World's Most Admired Companies.
Lawsuit
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. Medco Health Solutions has agreed to pay the United States $155 million plus interest to settle allegations that it defrauded the government.Acquisitions
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 ServicesGentiva Health Services
Gentiva Health Services , formerly based in Melville,Long Island, New York and now in Atlanta, Georgia, is one of the largest providers of home health care and related services in the United States....
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.
In 2009, Medco established the Medco Research Institute – an evidence-based research organization
In 2010, Medco acquired DNA Direct, a leader in providing guidance and decision support to
payors, physicians and patients on a range of complex issues related to genomic medicine.
• In March 2008, Medco launched a collaboration with Sweden’s (then) government-operated retail pharmacy authority, Apoteket, to develop and deliver the first automated electronic prescription review system to improve clinical and financial outcomes for Swedish patients and the country’s healthcare system.
• In April 2008, Medco acquired a majority interest in Europa Apotheek, a privately held
company based in the Netherlands that primarily provides mail-order and specialty pharmacy services in Germany. In December 2009, Europa Apotheek Venlo acquired shop-apotheke.com - one of Germany’s online OTC and healthcare product sites.
• In August 2009, Medco formed a joint venture with United Drug plc, a pan-European healthcare leader, to provide home-based pharmacy care services in the United Kingdom for patients covered by the country’s National Health Service.
• In June 2010, Medco formed a joint venture with Celesio AG, one of the international service providers within the European pharmaceutical and healthcare markets.
Pharmacies
Medco operates nine mail-order pharmacies and six call center pharmacies, and it partners with a nationwide network of approximately 60,000 retail pharmacies. Medco’s automated pharmacies located in Las Vegas and Willingboro, NJ, together have the capacity to fill more than 2 million prescriptions per week. Medco commenced construction of a third, next-generation automated dispensing pharmacy in Whitestown, Indiana, which is expected to be operational in 2010.Medco’s mail-order business generated $22 billion in 2009 net revenues and is one of the largest pharmacy operations in the United States. In 2009, 103 million of the 695 million prescriptions Medco filled were processed through its mail-order pharmacies.
Medco holds 31 U.S. patents for patient data management, front-end pharmacy technology and automated pharmacy technology, and 33 international patents for automated pharmacy-dispensing technology.