Content about Express Scripts

WASHINGTON — The House Judiciary Committee's Subcommittee on Intellectual Property, Competition and the Internet on Thursday morning heard testimony regarding H.R. 1946, "Preserving Our Hometown Independent Pharmacies Act of 2011." Originally introduced by Reps. Tom Marino, R-Pa., and Louie Gahmert, R-Texas, the bill is intended to exempt independent pharmacists from antitrust regulation in an effort to bolster their negotiating powers with pharmacy benefit managers.

WASHINGTON — The Preserve Community Pharmacy Access NOW! coalition — formed in opposition of the proposed Express Scripts-Medco merger — Wednesday afternoon hosted a press conference making a direct appeal to attorneys general to block the ESI-Medco merger in the courts should the Federal Trade Commission approve the merger.

DEERFIELD, Ill. — On the eve of a potential Federal Trade Commission approval of the Express Scripts-Medco merger, Walgreens' underlying fundamentals still are strong, Walgreens president and CEO Greg Wasson told analysts Tuesday morning. It's that underlying strength that has helped Walgreens in the wake of its exit from the Express Scripts pharmacy benefit network, a factor that impacted Walgreens' net earnings by 7 cents per diluted share for its second quarter ended Feb. 29.

The fourth annual National Association of Chain Drug Stores RxImpact Day on Capitol Hill wrapped up March 22 on a high note. With pharmacists and pharmacy students from around the country able to secure more than 350 meetings with members of the U.S.

WHAT IT MEANS AND WHY IT'S IMPORTANT — Former Walgreens' CEO Jeff Rein said profit pressure might cause Walgreens to think differently about acquisitions than it did in the past. The loss of Express Scripts patients (who are incidentally taking their prescriptions to the nearest Walgreens competitor), coupled with a significant generic wave through 2012 — moreso in the back half of the year — potentially could keep Walgreens from posting a profit through fiscal 2012. "Walgreens is in a real poor position here," Rein said.

NEW YORK — Walgreens might be willing to acquire Rite Aid if it can't settle an ongoing contractual dispute with one of the country's largest pharmacy benefit managers, Walgreens' former CEO said in a conference call with investors Monday.

Interviewed by Credit Suisse analyst Edward Kelly, former Walgreens CEO Jeff Rein suggested that Walgreens' board "would have the stomach" to buy Rite Aid if it doesn't reach an agreement with Express Scripts, as buying Rite Aid's nearly 4,700 stores would give Walgreens considerable leverage against the PBM.

ALEXANDRIA, Va. — The National Association of Chain Drug Stores is praising lawmakers in Medco Health Solutions’ home state of New Jersey for delivering what NACDS called “a bold and revealing blow” to the PBM’s proposed merger with Express Scripts.

NEW YORK — A takeover by Walgreens is "highly unlikely," but Rite Aid shares could stay past the $2 mark due to the company's fundamentals, an analyst said Thursday.

DEERFIELD, Ill. — Higher front-end sales for the month of February helped counter-balance lost revenue from Express Scripts prescriptions, Walgreeens reported Monday. Overall, the drug store chain reported a 1.5% sales increase to $5.9 billion.

Shares of Walgreens were up slightly by 8 cents to $32.77 in early morning trading.

WHAT IT MEANS AND WHY IT'S IMPORTANT — "I appreciate the fact that [Walgreens is] trying to do some very good things with respect to clinical offerings and other avenues to try to impact the overall healthcare spectrum. But quite frankly, that hasn't been proven to reduce cost." That was what George Paz, Express Scripts chairman, president and CEO, said Thursday morning about the go-to-market strategy currently being employed by Walgreens. Later that day, Walgreens released these data — contrary to Paz's take on the value of Walgreens.

WASHINGTON — Rep. Louise Slaughter, D-N.Y., has expressed concerns about the proposed merger between pharmacy benefit managers Express Scripts and Medco in a letter to the Federal Trade Commission.

The letter, dated Feb. 6, outlines how Slaughter represents a district that contains 34 independent pharmacies — which employ 364 full-time individuals — that fill more than two million prescriptions every year.

Multibillion-dollar pharmacy benefit management companies are advertising aggressively to try to convince Congress and the Federal Trade Commission to approve a merger between Express Scripts and Medco Health Solutions (“PCMA launches advertising campaign,” Drug Store News, Jan. 17).