Innovatix Announces New Contract With Merck & Co., Inc.; Agreement Offers Special Pricing & Rebates Up To 26% For Long-Term Care Drugs.Business Editors, Health/Medical Writers NEW YORK--(BW HealthWire)--Jan. 2, 2001 Innovatix, the leading national group purchasing organization A group purchasing organization is an entity that leverages the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are actually paid by the vendors. in the alternate care marketplace, announced the roll-out of a new contract with Merck & Co., Inc. The Innovatix membership will now have access to a preferred pricing program on brand-name pharmaceuticals for long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. providers, with rebates up to 26%. Merck products in the rebate program include Vioxx, Fosamax, Pinivil, Prinzide, Cozaar/Hyzaar, Zocor, and Pepcid. "Our long-term care members are pleased to have access to this excellent market share program," explained John P. Sganga, 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. of Innovatix. "There is opportunity here to realize substantial savings on some of top Merck products. We know this agreement will provide added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Established in 1993, Innovatix is a division of GNYHA GNYHA Greater New York Hospital Association Ventures, Inc., a wholly owned, for-profit subsidiary of the Greater New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hospital Association (GNYHA). Innovatix offers alternate care providers cost savings through group purchasing contracts with pharmaceutical, medical/surgical, and office supply manufacturers. The company also founded www.innovatix.com, the first e-commerce site launched by a GPO for alternate care providers. Innovatix's 2,300 members include home I.V. infusion providers, oncologists, long-term care facilities long-term care facility n. See skilled nursing facility. , staff model HMOs, radiologists, and physician groups. Members receive free access to cost savings on more than 10,000 brand name and generic pharmaceutical products, medical/surgical supplies, office supplies, I.V. sets and solutions, and nutritionals. Headquartered at 555 West 57th Street, New York, New York 10019, Innovatix can be reached via phone at 212-246-7100, toll-free at 888-258-3273, email at host@innovatix.com, or on the Web at www.innovatix.com. Merck & Co., Inc., is a leading research-driven pharmaceutical products and services company. Merck discovers, develops, manufactures, and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures. For more information about the company, visit www.merck.com. |
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