History
Express Scripts began in 1986 in St. Louis, Missouri as a result of a joint venture between a retail chain of more than 79 pharmacies (Medicare Glaser Inc.) and Sanus Corp. Health Systems. Express Scripts was purchased by New York Life Insurance Company in 1989 and became a publicly traded company in 1992. In 1994, the company announced a two-for-one stock split and in 1996, established Express Scripts Canada. The same year, the company began the Annual Drug Trend Report and launched the Outcomes Conference.
Through expansion of its client base, product lines and several acquisitions (ValueRx, Diversified Pharmaceutical Services, and National Prescription Administrators (NPA)) Express Scripts currently employs over 13,000. In 1994, the company announced a two-for-one stock split.
Express Scripts purchased ValueRx on April 1, 1998. ValueRx was formed in Detroit, Michigan in 1987 through the merger of Medicost, a small prescription drug claims processor and Health Information Design, a specialty drug utilization review company. The company was purchased by Value Health in 1988. After a series of mergers and acquisitions, ValueRx became the largest Value Health subsidiary, employing 1,400 people across the United States. On February 25, 2002, Express Scripts completed the acquisition of the assets of Phoenix Marketing Group (Holdings), Inc. Phoenix Marketing Group is the largest full-service prescription drug sample fulfillment provider in the United States.
In the first quarter of 2004 Express Scripts acquired CuraScript, Inc, a specialty pharmacy located primarily in Orlando, Florida. Specialty medicines - medication for complex, chronic conditions - are the fastest growing segment of prescription drugs. They are also among the most expensive. CuraScript employs more than 2,500 people and is headquartered in Orlando, Fla. In addition to a dispensing facility in Orlando, it has a network of satellite distribution pharmacies. In November 2010, Express Scripts announced that it had established a comprehensive benefits organization for the specialty space, Specialty Benefit Services, which includes: Pharmacy benefit management, Specialty Pharmacy and Distribution, Medical Benefit Management. Medical benefit management is offered through the company's long-standing subsidiary, Care Continuum.
On October 14, 2005 Express Scripts Completed the Acquisition of Priority Healthcare and now has integrated the line of business with its wholly owned specialty pharmacy subsidiary CuraScript.
In late December 2006, Express Scripts made a proposal to purchase Caremark. Express Scripts lost the race to acquire Caremark to CVS Corporation, which became CVS/Caremark Corporation on March 22, 2007.
In October 2007, Express Scripts acquired ConnectYourCare, and now handles FSA, HRA and HSA accounts for companies such as Suntrust, Zions Bancorp and Allegis.
On April 13, 2009 it was announced that Indianapolis based WellPoint had reached a definitive agreement under which Saint Louis based Express Scripts will acquire WellPoint's NextRx subsidiaries for $4.675 billion4 Express Scripts, the United States third largest PBM, closed the transaction in December 2009.
As of 2010, Express Scripts employed over 13,000 people. The corporate headquarters is located in Cool Valley, Missouri with major North America sites in Albuquerque, NM; East Hanover, NJ; Bensalem, PA; Bloomington, MN; Orlando, FL; New Castle, DE; Farmington Hills, MI; Harrisburg, PA; Pueblo, CO; St. Marys, GA; Tempe, AZ; Troy, NY; Mason, OH; Indianapolis, IN; Oldsmar, FL; West Hills, CA; Washington, DC Mississauga, Ontario; and Montreal, Quebec.
Express Scripts also offers pharmacy benefit management services for workers' compensation insurance programs. The program is accredited by URAC, the nation's largest accrediting body for healthcare. .
Read more about this topic: Express Scripts
Famous quotes containing the word history:
“Like their personal lives, women’s history is fragmented, interrupted; a shadow history of human beings whose existence has been shaped by the efforts and the demands of others.”
—Elizabeth Janeway (b. 1913)
“What is most interesting and valuable in it, however, is not the materials for the history of Pontiac, or Braddock, or the Northwest, which it furnishes; not the annals of the country, but the natural facts, or perennials, which are ever without date. When out of history the truth shall be extracted, it will have shed its dates like withered leaves.”
—Henry David Thoreau (1817–1862)
“The myth of independence from the mother is abandoned in mid- life as women learn new routes around the mother—both the mother without and the mother within. A mid-life daughter may reengage with a mother or put new controls on care and set limits to love. But whatever she does, her child’s history is never finished.”
—Terri Apter (20th century)