AdvancePCS Wins Multi-Year Contract Renewal with the Principal Financial Group; Agreement Covers 1.3 Million Members.Health & Medical Writers IRVING, Texas--(BW HealthWire)--July 11, 2001 AdvancePCS (Nasdaq: ADVP), the nation's leading health improvement company, Wednesday announced it has signed a renewal agreement to provide comprehensive pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. services to 1.3 million members of the Principal Financial Group. "The Principal has been a client for nearly 28 years, and we are pleased that they have elected to continue the effective partnership we have built together," said David D. Halbert, AdvancePCS chairman and chief executive officer. "The Principal is one of the cornerstones of our business. With their strong focus on clients and members, the company has been a leader in applying health improvement approaches to its business, and we are glad we can continue to support them in that process." Under terms of the multi-year contract, AdvancePCS will provide its full range of services, including integrated retail pharmacy network management services, formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. management and comprehensive clinical programs, as well as mail order pharmacy services. "Once again, we selected AdvancePCS because we believe their capabilities and clinical expertise are well suited to meet our diverse needs," said Ray Webster, M.D., second vice president and chief medical officer for The Principal. "AdvancePCS' focus on health improvement is strategically and philosophically aligned with our own approach of managing for the best possible health outcomes while controlling drug expenditures." About The Principal The Principal Financial Group (www.principal.com) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (a). Its flagship and largest member, Principal Life Insurance Co. (The Principal(R))(b), was founded in 1879. A member of the Fortune 500, the Principal Financial Group has $113.0 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (c) and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United States. (a) CFO See Chief Financial Officer. Magazine, April/May 2001, based on total plans served in 2000 by insurance companies, banks and investment firms. (b) "The Principal" is a registered trademark referring to Principal Life Insurance Co., a member of the Principal Financial Group. (c) As of March 31, 2001. About AdvancePCS AdvancePCS (www.advancepcsrx.com) is the nation's largest independent provider of health improvement services, touching the lives of more than 75 million health plan members and managing more than $21 billion annually in prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, spending. The company offers health plans a wide range of health improvement products and services designed to improve the quality of care delivered to health plan members. The company's capabilities include integrated mail service and retail pharmacy networks, innovative clinical services, customized disease management programs, specialty pharmacy, clinical trials and outcomes research, information management, and prescription drug services for the uninsured. AdvancePCS clients include Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. organizations, insurance companies and HMOs, Fortune 500 employers, Taft-Hartley groups, state and local governments, and other health plan sponsors. AdvancePCS is an information technology leader and has developed several online health e-solutions, including www.AdvanceRx.com, one of the country's most comprehensive Internet pharmacies internet pharmacy Online A website that offers prescription drugs from the comfort of home Cons The IP or prescribing physician may not be qualified or licensed to prescribe drugs in all states. See Operation Cure-All, VIPPS. . The company's e-health portal, www.BuildingBetterHealth.com, helps people stay healthy by providing valuable information on health and wellness. Forward-Looking Statements Any statements included in this press release that are not historical facts and that concern predictions of economic performance and management's plans and objectives constitute forward-looking statements under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, factors detailed in AdvancePCS' Securities and Exchange Commission filings. |
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