Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CVS HEALTH Corp | dp16009_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - CVS HEALTH Corp | dp16009_ex9901.htm |
EXHIBIT
99.2
Contacts:
|
Jon
Sandberg
|
Jeff
Marrazzo
|
|
Corporate
Communications
|
Director,
Business Development
|
|
CVS
Caremark
|
Generation
Health
|
|
401-770-4914
|
201-820-3455
|
|
Nancy
Christal
|
Glen
Silver
|
|
Senior
Vice President
|
Chamberlain
Healthcare Public Relations
|
|
Investor
Relations, CVS Caremark
|
Vice
President, Media Services
|
|
914-722-4704
|
212-884-0646
|
FOR
IMMEDIATE RELEASE
CVS Caremark Increases Investment in
Generation Health
Company strengthens its commitment to
personalized medicine
WOONSOCKET, R.I. and UPPER SADDLE
RIVER, N.J., December 21, 2009—CVS Caremark (NYSE: CVS), the nation’s
largest pharmacy health care provider today said it is taking an increased
ownership interest in Generation Health, Inc., a genetic benefit management
company (GBM). The two companies last month announced a strategic partnership to
expand pharmacogenomic (PGx) clinical and testing services for CVS Caremark
pharmacy benefit management (PBM) clients to improve care for patients who
either are non-responsive to their medications or who have adverse reactions.
The announcement today illustrates CVS Caremark’s intent to further strengthen
its work on applying pharmacogenomic medicine to its benefit management product
suite.
“With
this additional investment in Generation Health we are accelerating our
commitment to personalized medicine and making genomic benefit management an
integral part of our PBM offering,” said Tom Ryan, Chairman, President and CEO
of CVS Caremark. “We believe there will be a growing opportunity to tailor
pharmaceutical treatment to patients based on genetic patterns. This investment
expands our clinical capabilities to improve pharmacy health care and is
consistent with our integrated approach to help save payors and patients time
and money while improving health outcomes.”
The
pharmacogenomic clinical services resulting from the strategic partnership are
expected to be introduced to CVS Caremark’s PBM clients in the second quarter of
2010.
Generation
Health will continue to operate as an independent, separate business from CVS
Caremark offering a full range of GBM services to health care payers. CVS
Caremark will have financial and strategic ties to the company, and will be
represented on its board of directors.
Rick
Schatzberg, a company co-founder, will become Generation Health’s president and
CEO and will serve as a member of the company’s Board of Directors, replacing
Per Lofberg, who was named president of CVS Caremark’s PBM business today.
Lofberg will also continue to serve on Generation Health’s Board of Directors.
Financial details of CVS Caremark’s additional investment in Generation Health
were not disclosed.
About
CVS Caremark
CVS Caremark is the largest provider of
prescriptions in the nation. The Company fills or manages more than 1 billion
prescriptions annually. Through its unmatched breadth of service offerings, CVS
Caremark is transforming the delivery of health care services in the
U.S. The Company is uniquely positioned to
effectively manage costs and improve health care outcomes through its more than
7,000 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services
division (pharmacy benefit management, mail order and specialty pharmacy); its
retail-based
health clinic subsidiary, MinuteClinic;
and its online pharmacy, CVS.com. General information about CVS Caremark is
available through the Investor Relations section of the Company’s Web site, at
cvscaremark.com/investors, as well as through the press room section of the
Company’s Web site, at cvscaremark.com/newsroom.
About
Generation Health
Generation
Health provides a clinical and economic framework for harnessing the burgeoning
field of genomic medicine in pursuit of quality health outcomes. This framework
includes evaluation of clinical evidence to determine clinical utility; cost and
outcome models to support evidence for reimbursement; a Best TestTM
laboratory network to manage the rapid growth of testing costs for payors; data
and analytics to review gaps in care among patients; and outreach programs to
ensure thorough communications between patients, physicians and pharmacists.
Generation Health, a privately owned company, was established in November 2008
with funding from its founders and Highland Capital Partners, one of the
country’s leading venture capital organizations with a strong history and
commitment to innovation in health care and life sciences. General information
about Generation Health is available on the Company’s website, at
www.mygenerationhealth.com.