CompScript signs 5-year agreement with Pharmacy Gold, Inc. to provide mail order pharmacy services.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--December 3, 1996--CompScript, Inc. (Nasdaq SmallCap Issues: CPRX) today announced that it has signed a five- year agreement with Pharmacy Gold, Inc. to provide mail order pharmacy services to Pharmacy Gold's Prime Therapeutics(SM) clients. The agreement is anticipated to generate $8 - $12 million in revenues for CompScript during 1997 and approximately $20 - $25 million in annual revenues in 1998, with successive annual revenue increases expected thereafter. The agreement commences January 1, 1997. As a result of this agreement, Pharmacy Gold expects to have approximately 500,000 lives in the mail service program by the summer of 1997. "The alliance with CompScript allows Pharmacy Gold to fully integrate mail service into Prime Therapeutics, further improving the per-member-per-month cost of health care by enhancing the delivery of Pharmacy Gold's clinical initiatives," commented John Anderson John Anderson may be: Science:
Brian A. Kahan, Chief Executive Officer of CompScript, Inc., stated, "We are extremely pleased to have been selected by Pharmacy Gold to deliver this vital mail service component of their program. Through the employment of a broad array of clinical pharmacy Clinical pharmacy is the branch of Pharmacy where pharmacists provide patient care that optimizes the use of medication and promotes health, wellness, and disease prevention [1] management strategies, including prospective and retrospective drug therapy evaluation, formularies and tight procedural and operational controls, we will be able to help Pharmacy Gold control its clients' 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, and health care costs while ensuring the safe and accurate mail service delivery of prescriptions to individuals across the country." Prime Therapeutics is a continuum of clinical products affecting the cost and quality of health care for a target population by stressing long-term, managed care solutions. It blends pharmacy, institutional and medical claims to manage overall health care. Prime Therapeutics includes initiatives in patient-specific disease management, physician education, 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 manufacturer contracting. "We are well-prepared to handle the significant increase in business resulting from this agreement," Kahan added. "We have completed a major renovation at our Boca Raton facility to double our leased space and upgrade our technology to a state-of-the-art computer, robotics and automation system. As previously announced, during the first nine months of this year we incurred expenses of more than $1 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development of our mail service and pharmacy benefit management divisions. We believe the benefits of the Pharmacy Gold agreement will manifest themselves in improved purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. which will contribute to increased overall profit margins for CompScript." Pharmacy Gold, Inc., an affiliate of 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. of Minnesota, based in St. Paul, provides pharmacy benefit management services to more than 8 million lives in the U.S. and in U.S. territories. Health and ambulatory pharmacy services include formulary development and management, claims processing, drug utilization review drug utilization review Health insurance A study of drug prescriptions to evaluate appropriateness and cost-effectiveness of drug therapy , and leading edge programs in disease state management, physician education, pharmacoeconomic analysis and health outcomes research. CompScript, Inc. is a comprehensive provider of pharmacy management services to managed care networks, long-term and sub-acute care facilities, home health patients and recipients of managed care. These services include pharmacy benefits management, infusion therapy, mail service and consulting. This press release contains forward looking statements which involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. CONTACT: CompScript, Inc. or The Equity Group Inc. Brian A. Kahan Devin Sullivan, 212/836-9608 Chief Executive Officer Robert Goldstein, 212/371-8660 561/994-8585 or Pharmacy Gold, Inc. Mary Ann McCauley Ketchum Metz McCauley, Inc. 612/513-9805 |
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