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View More Press Releases by Express Scripts

Press release:

Combining Express Scripts and Medco Health Solutions Will Help Protect Americans From the Rising Costs of Prescription Medicine

Issued by: Express Scripts

Date: Dec. 8, 2011

- Merger will accelerate the ability to drive out wasteful spending, lower cost of medicine, detect and close gaps in care, and increase safety and affordability for consumers

- Complementary innovative approaches to patient care align with needs of business, labor, health plan and government clients to preserve and enhance the pharmacy benefit

WASHINGTON, Dec. 6, 2011 -- Bringing together innovative pharmacy benefit managers Express Scripts, Inc. (NASDAQ: ESRX) and Medco Health Solutions (NYSE: MHS) will lead to safer, better and more affordable pharmaceutical coverage care for Americans, company executives state in testimony prepared today for members of a Senate subcommittee.

Appearing today before the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, Express Scripts chairman, president and CEO George Paz and Medco chairman and CEO David B. Snow, Jr., offered the following insights and observations in their prepared oral and written testimony:

George Paz, Chairman, President and CEO, Express Scripts:

"We will lower drug costs that are far too high and improve health outcomes for consumers. As the big drug companies merge, as large chain drug stores buy up their competition and demand higher prices, we must become more effective representing the interests of plan sponsors and consumers. Patients not profits must come first."

"As healthcare spending continues on an unsustainable trajectory, pharmacy benefit managers have reduced drug costs by 30 percent or more each year through innovative technology and products. These savings are passed on to plan sponsors and consumers."

"Before a consumer ever receives their medicine, my company runs over 100 safety checks through our innovative advanced technologies. This is critical because the PBM is the only one with visibility across all pharmacies used by the consumer. Our systems identify and prevent dangerous drug interactions across all of these pharmacies."

"Beyond wasteful prescription drug spending, waste includes unnecessary hospitalizations, testing and treatment in costly emergency rooms. These are very real problems with costs across the entire health system, and PBMs are the most advanced partners to provide common-sense solutions."

"Express Scripts and Medco have complementary clinical capabilities to serve all patient groups. By combining these offerings, we can pioneer new drug safety systems, create new resources for public health, and continue to advance evidence-based medicine to better serve our patients."

"We are at the forefront of providing specialized care to patients with chronic, complex diseases with medications that can cost tens or even hundreds of thousands of dollars per year. Our specialty pharmacy programs keep patients adherent to injectable and infusible therapies, avoid more costly treatment settings, and improve the livelihood of our patients."

"Simply and most accurately put, we are successful when our clients save money through lower employer and employee health premiums and/or reduced out-of-pocket costs, while at the same time enhancing safety and more positive medical outcomes."

David B. Snow, Jr., Chairman and CEO, Medco:

"As the healthcare industry necessarily focuses on reducing costs; as Congress seeks to find healthcare savings without compromising patient care; and as all participants in the system are faced with the prospect of doing more with less, we must make our healthcare dollars work more effectively. We believe that the services that Medco and Express Scripts, working together, will provide are critical to achieving this goal."

"With the combined expertise and capabilities of Medco and Express Scripts, we will be able to speed the pace of delivering value-added solutions that address the pressing need to reduce overall costs and raise the standard for quality care."  

"The clinical programs designed by our pharmacists and nurses ensure that we deliver the right medicine, in the right dose, to address the right conditions, and then that those medicines are taken as prescribed by the patient's physician."

"Medco's clinical solutions keep patients healthier, out of the hospital, and on the job and ensure affordable care is more accessible for all. Combining these capabilities with Express Scripts' focus on improving patient compliance will allow the collective impact we make to enhance the quality of life for millions of patients and reduce overall costs to the healthcare system."

"To succeed, a PBM must lower drug prices and improve the quality of care for its clients and patients. The Congressional Budget Office has estimated that PBMs reduce drug costs by as much as 30 percent. And as validated in a recently released study, Medco and Express Scripts have saved their clients and members up to $87 billion per year in total drug spending, compared to what would have been spent in an unmanaged environment."

"Combined, we can amplify our impact to reduce overall costs by improving the quality of patient care. This will make American business more competitive creating a healthier, more productive workforce, preserving existing jobs, and creating new jobs in the future."

"We all know the future of healthcare belongs to those who deliver more for less. The merger of Medco and Express Scripts is part of that transformation of America's healthcare system."

For more information: http://phx.corporate-ir.net/phoenix.zhtml?c=69641&p=irol-newsArticle&ID=1636984&highlight=

View More Press Releases by Express Scripts

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