Express Scripts Holding Co. history, profile and corporate video
Express Scripts Holding Co. is a holding company that operates through its two wholly owned subsidiaries, Express Scripts, Inc. and Medco Health Solutions, Inc. The company provides pharmacy benefit management services and clinics healthcare account administration services in North America. It also offers full range of services to its clients, which include managed care organizations, health insurers, third-party administrators, employers, union-sponsored benefit plans, worker’s compensation plans and government health programs. The company operates its business through two segments: Pharmacy Benefit Management (PBM) and Other Business Operations. The Pharmacy Benefit Management segment provides domestic and Canadian retail network pharmacy management, home delivery pharmacy services, benefit design consultation and drug utilization review. The Other Business Operations segment provides distribution of pharmaceuticals and medical supplies to providers and clinics, scientific evidence to guide the safe, effective and affordable use of medicines. Express Scripts Holding was founded on July 15, 2011 and is headquartered in St. Louis, MO.“
“Express Scripts 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 1993, Express Scripts signed on both FHP International Corp. and Maxicare Health Care and corporate clients Lockheed Corp., Service Merchandise Co., and Ingersoll-Rand Co. In 1994, the company expanded its services by adding workers’ compensation prescription services and reinsurance. 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 Symposium Conference.
In April 1998, Express Scripts Inc. acquired ValueRx, the PBM business of Columbia/HCA Healthcare Corp. The following year, in April 1999, the company purchased Diversified Pharmaceutical Services from SmithKline Beecham Corp for $700 million. That same year, the company purchased stock in [PlanetRx.com]. This partnership offered members options for purchasing prescriptions and over-the-counter health products online.
In 2000, the company had to write off its $165 million relationship with PlanetRx.com when the startup experienced financial difficulties. In 2001, Express Scripts Inc. partnered with Merck-Medco and Advance PSC to form RxHub LLC.
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 Bancorporation and Allegis.However, Express Scripts divested ConnectYourCare in August 2012.
On April 13, 2009 it was announced that Indianapolis based WellPoint had reached a definitive agreement under which Saint Louis based Express Scripts purchased WellPoint’s NextRx subsidiaries for $4.675 billion. Express Scripts, the United States third largest PBM, closed the transaction in December 2009.
In April 2012, Express Scripts completed a $29.1 billion acquisition of Medco Health Solutions. The Federal Trade Commission gave formal approval on April 2, 2012 after an anti-trust investigation. The acquisition positioned Express Scripts Holding Co. as the largest pharmacy benefit manager, filling 1.4 billion annual prescriptions.
Express Scripts has 30,000 employees worldwide. Most employees in the St. Louis area are located in its new 220,000-square-foot building. Two other buildings for employees exist, along with a Technology Innovation Center, which houses a pharmacy. The company plans expansion to add another 1,500 employees over the next five years contingent on state and local tax incentives, with the new building a $56 million project that could start later in 2013, and be completed by early 2015.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “Melanie Streeper Mendez“