Caremark Rx, Inc. receives approval by CMS to Offer Medicare PDP in 34 regions; SilverScript One of Only 8 National Plans.NASHVILLE, Tenn. -- Caremark Rx, Inc. (NYSE NYSE See: New York Stock Exchange : CMX CMX Corel Presentation Exchange (file extension) CMX Cisco Mobile Exchange CMX Cloaca Maxima (sewage system of ancient Rome; Finnish rock band) CMX Crisis Management Exercise ) announced today that it has received approval from the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and (CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ) to participate as a 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, plan sponsor (PDP (1) (Plasma Display Panel) See plasma display. (2) (Policy Decision Point) See COPS and XACML. (3) (Programmed Data P ). Caremark will be offering Medicare prescription drug benefits to seniors throughout the country starting next year through its wholly-owned subsidiary, SilverScript Insurance, Inc. "Caremark is pleased to be chosen to be part of the Medicare Part D program," said Mac Crawford, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We believe that this program will allow seniors, who were previously burdened with limited access to affordable medication, to obtain the discounts and services that have been previously available to commercial populations." The Company has been working with its clients in order to help them better understand and prepare for the upcoming benefit. Caremark has developed a comprehensive set of services designed to meet the needs of its clients. The Company will be providing PBM PBM - play by mail. See play by electronic mail. services to many of its managed care clients who will be participating in the program either as a Medicare Advantage Prescription Drug Plan or as a PDP. For employer clients, Caremark will be providing the required support to enable them to receive the subsidies available, as well as providing comprehensive PDP services to those employers who may look for alternative coverage for their retirees. "Caremark has developed the tools and infrastructure, including IT support, pricing scenarios, and contracts that will enable us to provide our clients with the superior level of service they have come to expect," said Mr. Crawford. "The Company looks forward to playing a key role in administering this new benefit for America's seniors while supporting our customer base." About Caremark Rx Caremark Rx, Inc. is a leading pharmaceutical services company, providing through its affiliates comprehensive drug benefit services to over 2,000 health plan sponsors and their plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. throughout the U.S. Caremark's clients include corporate health plans, managed care organizations, insurance companies, unions, government agencies and other funded benefit plans. The Company operates a national retail pharmacy network with over 60,000 participating pharmacies, seven mail service pharmacies, the industry's only FDA-regulated repackaging plant and 21 licensed specialty pharmacies for delivery of advanced medications to individuals with chronic or genetic diseases and disorders. Additional information about Caremark Rx is available on the World Wide Web at www.caremarkrx.com. Forward Looking Statement This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by 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. "Forward-looking statements" contained in this press release include the intent, belief or current expectations of the Company and members of its senior management team with respect to participation in the Medicare Prescription Drug Plan. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release include, but are not limited to, adverse developments with respect to the Company's operating plan and objectives, as well as adverse developments in the healthcare or pharmaceutical industry generally. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004, and the Company's other periodic filings from time to time with the SEC. |
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