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CVS Caremark Increases Investment in Generation Health
Woonsocket, RI and Upper Saddle River, NJ -- Dec. 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.
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 payors. 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 |
Syndicate ![]() ![]() CEORick SchatzbergContact Info600 E. Crescent AvenueSuite 205 Upper Saddle River, New Jersey 07458 Key LinksWebsiteInfo Highland Team Bob Higgins
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